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NEW YORK, Jan 21 (Reuters) - The U.S. bond market's measures on inflation expectations rose on Wednesday following a surprise interest rate cut from the Bank of Canada and reports that the European Central Bank would embark on a large stimulus plan.
Analysts and traders reckoned these central-bank moves would counter the growing deflation risk from falling oil prices and soft global demand.
The five-year TIPS breakeven rate, which measures investors' short-term inflation expectations, was last at 1.24 percent, up 3.7 basis points from late on Tuesday and the highest in nearly six weeks, according to Tradeweb.
The 10-year TIPS inflation breakeven rate, a gauge of investors' longer-term inflation outlook, was 1.64 percent, up 3.3 basis points from late on Tuesday and the highest in three weeks.
Reporting by Richard Leong; Editing by Alden Bentley