In a February survey of FX and interest rate sentiment conducted by Bank of America, a majority of respondents (58 per cent) believed that annual rates of PCE inflation, the Fed's preferred inflation measure, could prompt the Fed to raise interest rates. The survey also showed that 12 per cent believed that a five-year/five-year inflation break-even (market-based inflation expectations) above 3 per cent would be a likely trigger for a rate rise.