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 
The ability to redeem I bonds at book value any time between 1 and 30 years is incredibly special. The…