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Bond sell off continues as 10-year break-even rate reaches 2.76%

Break-evens are the difference between the yield on Treasury inflation protected securities — or the so-called real yield — and the yield on a similarly maturing Treasury note.

Because interest payments on Tips are adjusted for inflation, the break-even rate signals how traders and investors predict inflation will move in the future. 

FT 12 November 2021


U.S. consumer sentiment hits pandemic low as inflation expectations hit 13-year high


Yields on inflation-protected bonds maturing over the next couple of years are strongly negative, implying that investors expect rapid price rises in the near term. 

But longer-term market expectations of inflation have remained stable.

Krugman NYT 11 November 2021

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