The United States Treasury sells both nominal interest yielding notes and Treasury inflation-protected securities whose realized interest payments are indexed to inflation. Current yields-to-maturity on the two types of instruments are shown below. Utilizing the Fisher effect, identify the five-on-five breakeven inflation rate, i.e., the expected average annual inflation for the the five-year period starting five years from today . \begin{tabular}{l} \hline 1.9% \\ \hline 2.2% \\ \hline 2.5% \end{tabular} The Financial Times reports the following 10-year yields on government bonds for the following nations, each rated AA or better by international credit ratings agencies. Under the international Fisher effect, what is the most likely explanation for the yield differences among these bonds? Differences in credit ratings reflecting risk of default over the next ten years. Differences in expected inflation over the next ten years Differences in national taxation systems. The Financial Times reports the following yields to maturity on the 10-year obligations of governments of the listed countries. What best explains the differences in these yields? Differences in credit ratings reflecting risk of default over the next five years. Differences in expected rates of inflation and currency values over the next five years