Summary
- The coupon rate was set at 0.875%, so buyers got it at a discounted price of about $98.76 for $100 of value.
- The inflation breakeven rate came in at 2.13%, higher than recent auctions.
- Market reaction to the auction looks mild, but did the yield come in higher than expected?
Treasury Inflation-Protected Securities 
I've been trying to understand how a TIP fund is supposed to protect principle compared to owning until maturity a…