Summary

• The Treasury will reopen CUSIP 912828ZZ6 on Thursday, creating a 9-year, 8-month TIPS.
• The current market for this TIPS shows it with a real yield (after inflation) to maturity of -0.85% and a price of about $109.85 for $100 of par value.
• The inflation breakeven rate is currently about 1.74%, which looks fair.

The U.S. Treasury will reopen CUSIP 912828ZZ6 at auction Thursday, creating a 9-year, 8-month Treasury Inflation-Protected Security. Although market conditions have improved slightly for a TIPS of this term, I don’t think many small-scale investors are going to find it attractive.

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