The latest TIPS spreads are disheartening, not because there’s inflation on the horizon. Oh no, no, no. It’s more like the opposite, -1.03 on the 5 year. Yikes!

Have a look for yourself:

Sorry to disappoint the all the Chicken Littles out there about inflation, but this COVID depression just might be hanging around for a while, or morph into something entirely new of an ominous nominal sort.

It was just the post before last that I complimented the Fed too… Oh well. I guess I can’t win them all.