After A Surreal Surge, This 10-Year TIPS Is Now Depressingly Normal


  • The Treasury will reopen a 10-year TIPS at auction on Thursday, with the real yield to maturity expected to be well below zero.
  • This TIPS — CUSIP 912828Z37 — had an amazing reopening auction in March, just as Treasury yields were surging.
  • It’s not an attractive investment for small-scale investors, but the inflation breakeven rate of about 1.18% will make it appealing to big-money investors.

The U.S. Treasury will offer $12 billion in a reopened 10-year Treasury Inflation-Protected Security — CUSIP 912828Z37 — at auction Thursday, in an event that will reveal just how depressing the TIPS market has become.

Read my full analysis on

Tips auction history


About Tipswatch

Author of blog, David Enna is a long-time journalist based in Charlotte, N.C. A past winner of two Society of American Business Editors and Writers awards, he has written on real estate and home finance, and was a founding editor of The Charlotte Observer's website.
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