Summary
- The after-inflation yields on TIPS have been rising sharply over the last month.
- But TIPS are out-performing the overall bond market, with yields rising at a slower pace.
- A rise in the 10-year inflation-breakeven rate indicates that investors are pricing in higher inflation, and also that TIPS are getting more expensive versus nominal Treasurys.
The after-inflation yield on a 10-year TIPS is rising again today and is up more than 30 basis points since October 1. Will that be enough to make Thursday’s 10-year TIPS reopening attractive?
Treasury Inflation-Protected Securities 
Absolutely. TIPS are a big-money investment. Non-competitive bids make up a tiny share of auction purchases.