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.

It is true that I could have redeemed it when the rate was 1.9%, and maybe could have earned more…