Our alternative bias-corrected estimates of the expectations component fell quite substantially, dropping by about 3 percentage points. This decline is very much in line with the reduction in inflation expectations. In addition, it implies that lower expectations of real interest rates also played a role, contributing about 1 percentage point to the decline. That is, the bias-corrected estimates are consistent with the view that lower long-run inflation expectations played an important role in driving down long-term yields over the past 20 years, along with some additional reduction from expectations of lower long-term real interest rates. From an economic perspective, the bias-corrected estimates are therefore quite plausible.