Inflation-protected bonds still lose when real yields rise
Buyers of inflation-protected bonds think they have bought safety from inflation. They have also bought duration, and real yields can move against them.
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TIPTLT
Stock
TIP
TIP
Delayed
Notes mentioning TIP
3Short-dated bonds reward patience when the next move is a cut
The front-end pricing I track against the likely path of policy.
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SHYTLT
Real yields are the honest measure of how tight policy is
The real yield levels I think separate tight from neutral.
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TIPTLT