Summary
- The after-inflation yield of 0.370% was the highest in two years for any 4- to 5-year TIPS auction.
- Reaction to the auction looks positive, with the TIP ETF rising minutes after the close, indicating higher demand.
- The inflation breakeven rate came in at 1.87%, a bit higher than recent trends. This is another indication of good demand for this issue.
The recent hacking of FBI agent personnel files should have us all very concerned. If that can't be protected, what…