Summary
- 10-year TIPS yields have been holding under 0.50% even as the Federal Reserve raises short-term rates.
- The inflation breakeven rate dipped to 1.95%, under the 2.00% mark where it had been riding for most of 2017. Inflation expectations are stable right now.
- Buyers at today’s reopening got this TIPS at a slight discount and a slightly higher yield than at the originating auction in January.
Treasury Inflation-Protected Securities 
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