Are Inflation-Fighting Bonds on Sale?

The Wall Street Journal

Jason Zweig

Research

3 Pages

The Wall Street Journal examines whether TIPS are unusually attractive as real yields reach 3% amid rising inflation and fiscal concerns. Jason Zweig argues individual TIPS held to maturity can lock in inflation-protected income, while warning that US debt above $40 trillion complicates the traditional “risk-free” Treasury narrative.

Key Takeaways

Real yields stand out: Individual TIPS offered real yields up to 3%, allowing investors holding to maturity to lock inflation-adjusted returns for as long as 20 years.
Fiscal risk rises: Gross US debt surpassed $40 trillion, while net interest costs climbed from 1.3% of GDP in 2016 to 3.2% in 2025.
Treasury yields rise: Conventional Treasury yields are near two-decade highs, while TIPS offer inflation protection that can partially mitigate the risk of fiscal deterioration.
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