Summary
- The after-inflation yield came in right on target, based on pre-auction trading in this TIPS on the secondary market.
- The inflation breakeven rate was a moderate 1.92%. This TIPS seems fairly priced versus a nominal 30-year Treasury.
- Long-term real yields haven’t risen in 2017, even as short-term yields are up about 25 basis points.
Treasury Inflation-Protected Securities 
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