The Barclays 5-year/5-year forward breakeven inflation rate is currently at 2.89 percent, roughly stable since September 2012 but getting close to the peak of readings since January 2011.

(Note: The breakeven inflation rate is a measure of expected inflation derived from "nominal" Treasury securities and their "real" counterparts—inflation-protected TIPS securities.)

Barclays 5-year/5-year forward breakeven inflation rate, percent