Investors worried about rising prices for everything from consumer goods to raw materials have poured into inflation-protected American government debt, propelling its returns above other major types of US bonds this year.
While anxieties over a burst of inflation have buffeted the $22tn Treasury market — resulting in big losses during the first quarter before a partial rebound — Treasury inflation-protected securities, known as Tips, have been a winning bet.
Tips, which are government bonds that compensate investors for rising prices, have generated returns including interest payments of 3.9 per cent in 2021, according to a Barclays index that tracks the Tips market.
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