The US government bond market is signalling that the Federal Reserve will be able to boost interest rates to tame inflation without snuffing out growth in the world’s biggest economy.
Real yields, the returns investors can expect to earn after inflation is taken into account, have jumped sharply in a sign that traders are expecting the US economy to continue expanding in the years to come even as policymakers withdraw stimulus measures to slow intense price growth.
The yield on 30-year Treasury Inflation-Protected Securities (Tips) — a proxy for the real yield on the 30-year Treasury bond — broke above zero on Friday for the first time since June 2021. It closed last year at minus 0.47 per cent, according to Bloomberg data.
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