The Cleveland Federal Reserve Bank yesterday reported its "latest estimate of 10-year expected inflation is 1.53 percent. In other words, the public currently expects the inflation rate to be less than 2 percent on average over the next decade (see chart above)."
The chart (which I can't get to show up properly so just follow this link) shows that 10-year expected inflation has been falling for quite some time. It is now quite a ways below the 2 percent rate that the Federal Reserve has officially said is consistent with its legal mandate to pursue price stability and maximum employment.