13. Again, to be perfectly correct, the averages should be geometric, whereas in Exhibit 5–1 they are arithmetic.

14. For example, the exhibit assumes that market participants expect the one-year real interest rate two years from today to equal 3.5% and the inflation rate for that year to be 1%. This is not to be confused with the three-year real rate prevailing today and the expectation for inflation over the next three years.