Deutsche Bank pointed out that long-term inflation expectations remain stable.

Jin10 data reported on April 2nd that concerns about tariffs have pushed up market-based inflation expectations for the next year. However, analysts at Deutsche Bank pointed out that these expectations remain well-anchored in the longer term, indicating that many investors believe the impact of tariffs may only be temporary. From the perspective of the CPI swap market, the one-year inflation expectation is at a very high level compared to the past few years, around 3%. However, inflation expectations for the mid-2026 to mid-2027 period are only at 60% of recent levels. Compared to the levels since 2023, inflation expectations for the late 2020s and early 2030s have hardly risen.