(Bloomberg) -- The pace of U.S. inflation over a 10-year horizon that’s implied by the bond market has surged to the highest level since 2014, with investors wagering on an economic recovery and crude oil prices around their strongest since early 2020.

The yield differential between the nominal 10-year Treasury note and its inflation-protected counterpart -- representing the average rate of increase of the Consumer Price Index needed for an investor to break even -- widened to as much as 2.21%, eclipsing the 2018 high of 2.2078%.

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