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Breakevens Hit Fresh Highs

US TSYS/TIPS

As NY Fed Pres Williams discusses the negative impact of inflation on people with fixed incomes at an event today, TIPS-implied breakevens hit fresh highs: 5Y +4.7bp at 3.1464%, 10s +2.8bp at 2.7351%.

  • 10Y breakevens now at the highest levels since 2006, breaking through the 2012 high.
  • Nominal yields rising too, with the curve continuing to steepen (2s30s +5.46bp at 143.61bp, 5s30s +3.27bp at 71.31bp)

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