Global inflation-linked bonds are most typically debts issued by sovereign nations whose nominal interest rate is adjusted, either up or down, by an inflation measure. Despite correcting for inflation, a critical risk faced by fixed-income investors, these instruments typically trade with a lot of volatility. For example, assuming two parties enter into a five-year zero coupon inflation swap with a notional amount of $100 million, 2.4% fixed rate, and the agreed upon inflation index, such as CPI, at 2.0% when the swap is agreed upon. At maturity, CPI is at 2.5%. So the breakeven inflation rate is simply the nominal rate at any given maturity less the real rate at any given maturity. So we subtract those, get a breakeven rate. And we can construct a breakeven curve that I'm showing on the right-hand side of this chart. Now, breakevens, quite importantly, are not equal to inflation expectations.