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If one is convinced that the secular tide on inflation has turned, TIPS might still be cheap on a longer-term basis.
From a directional perspective, whether or not inflation is higher or lower than the breakeven inflation rate is the most important question.
A recession triggered by the various shocks hitting in 2022 seems to provide the main downside risk to inflation over the next five years. Otherwise, it does seem that it will take time for inflation to cool.