Investors have rushed to snap up inflation-proofed US government bonds in the wake of last week’s Federal Reserve meeting, which analysts say indicated that officials are willing to tolerate higher inflation before tightening monetary policy more aggressively.
The recent recovery of oil prices — a barrel of West Texas Intermediate crude last week rose above the $40 mark for the first time since December — has helped support so-called “Tips”, Treasury bonds that are protected against inflation, but the dovishness of the US central bank has poured more fuel on the rally.
“Just when it seemed like Tips had entered an abyss, they threw a surprise party,” Bank of America Merrill Lynch analysts wrote in a research report.
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