Summary
- The after-inflation yield was the lowest for any 9- to 10-year TIPS auction since January 2018.
- The inflation breakeven rate came in at 1.94%, a fair number that indicates this TIPS is neither cheap nor expensive versus a nominal Treasury.
- Looking for a better option for inflation protection? Consider U.S. Series I Savings Bonds, purchased through April 30.
Read my full analysis on SeekingAlpha.com

Treasury Direct has been so insecure that using it was inadvisable, this solves that. The transition brings ID proofing and…