Summary
- The real yield of 1.003% set the coupon rate at 1%, which is favorable for investors.
- The inflation breakeven rate came in at 2.12%, up 28 basis points from a June 2017 auction of a similar term.
- The market reaction has been mild; this TIPS generated weaker demand but the yield was close to estimates.

Definitely. Warsh could feel the pressure of 5 or 6 dissenting votes if he decides to push to hold rates…