Federal Reserve policy makers have shrugged off a steady stream of disappointing economic data, raising overnight borrowing costs this week and maintaining their forecast for another tightening and initial moves to roll back quantitative easing later this year.

But investors took note of weaker-than-expected indicators coming in on Wednesday and Thursday, including readings on retail sales, consumer price, import prices and industrial production. As the Financial Times reports, the 10-year US breakeven rate, a gauge of inflation expectations, fell to its lowest level since November 4, before the presidential election.

“Obviously, the Fed is once again calling the recent weakness transitory but when we look at the scope of recent economic data weakness, we start to pray a bit harder,” Leuthold Group, was quoted by the FT as saying in a note to clients.