The figure shows a clear secular decline in long-term bond yields and that long-run inflation expectations also fell more or less steadily from about 4% in 1990 to 2% in 2012. Our measure of inflation uncertainty also fell substantially from 1990 to 2000, but rose after the 2001 recession and spiked during the recent financial crisis (see Leduc, Rudebusch, and Weidner, 2009).