Summary
- Short-term TIPS have attractive real yields, at least compared with longer maturities.
- Watch out for volatility in the Treasury market next week in the days leading up to the auction.
- The current inflation breakeven rate is about 1.81%, not cheap. This TIPS is fairly priced versus a nominal Treasury.

Looks like another good opportunity to build on the bond ladder portion of a portfolio for the middle-aged and trust…