Summary
- This was the highest after-inflation yield for any 9-to-10 year TIPS auctioned since January 2011.
- A yield of 0.934% above inflation is moving the return on a 10-year TIPS back into “more normal” levels after years of yield suppression.
- The inflation breakeven rate was 2.18%, higher than any recent auction. Inflation expectations are rising.
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Treasury Inflation-Protected Securities 
Real and nominal yields tend to move together, higher or lower. In the same direction, but not necessarily by the…