From FRED Economic Data, download the 5-year monthly TIPS and Treasury yields from 2003M1.

a) Display the 5-year-ahead inflation expectations (i.e., break-even inflation) using the data on TIPS and Treasury at a monthly frequency (use monthly average data). b) On average, how large are the inflation expectations of market participants? Do they change over time? How are they related to the inflation target by the Fed? Are inflation expectations well anchored? c) What does your exercise tell us about inflation expectations during the global financial crisis? Did the economy truly expect such an outcome? Explain it in detail. d) What happens to market inflation expectations since the Russian invasion of Ukraine and why? e) In the latest FOMC meeting, what was the main monetary policy decision of the Fed? What was the rationale for the Fed to take such an action?