• Investors had to pay a big premium for this TIPS, about $100.86 for $99.97 of value, after the January inflation adjustment.
• The inflation breakeven rate came in at 1.68%, slightly lower than looked likely last week. Still, inflation fears seem to be rising.
• Real yields could continue falling, but an investment at real yields this low is not attractive.

The U.S. Treasury’s auction Thursday of $14 billion in a new 10-year Treasury Inflation-Protected Security generated a real yield to maturity of just 0.036%, the lowest yield on an auction of this term since May 2013.

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