Inflation remains higher than market expectations, but the gap is narrowing

Inflation remains higher than market expectations, but the gap has gradually narrowed since May 2026. This indicator compares real CPI inflation with a 10-year breakeven interest rate. The positives mean that inflation is still unexpectedly driving the market, but the recent decline suggests that pressure is gradually diminishing. Historically, significant changes in this gap have had a significant impact on liquidity, risk assets, standard 500 and bitcoin. Macro-trends that deserve close attention。