Summary
- The coupon rate was set at 0.375%, so buyers got this TIPS at a discount.
- The inflation breakeven rate came in at 1.76%, which is attractive.
- Market reaction to the auction is trending negative, with yields rising and the TIP ETF falling after the auction’s close.
Treasury Inflation-Protected Securities 
This discussion raises in my mind what is the optimal amount of inflation bonds to hold in a diversified bond…