obama to ask for debt limit hike says treasury, page-19

Year on year US inflation is way above the 3.4% you posted.

Just check shadowstats.com

PS: Your average US citizen is being totally ripped off with the close to zero bank "interest" they receive on any savings they have, thanks to desperate manipulation of the bond market to keep interest rates low.

It's only a matter of time before this bond bubble collapses imo.