Summary
- In its five-month auction history, CUSIP 912828Z37 showed remarkable volatility, with a swing of 115 basis points from March to May.
- Today’s real yield of -0.47% was the lowest at auction for any 9- to 10-year TIPS since March 2013.
- Negative real yields are the new normal and will continue as long as the Federal Reserve continues interventions into the bond market.
For the first time in 42 consecutive auctions of this term stretching over seven years, the real yield on a 10-year TIPS went negative Thursday, dropping to -0.47% in a $12 billion Treasury offering.
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Treasury Inflation-Protected Securities 
Yes, in this case it was $10,000. I will add to that longer-term position if I see the opportunity. Of…