For the first time in 42 consecutive auctions of this term stretching over seven years, the real yield on a 10-year TIPS went negative Thursday, dropping to -0.47% in a $12 billion Treasury offering.
This is CUSIP 912828Z37 and Thursday's reopening auction created a 9-year, 8-month Treasury Inflation Protected Security with a coupon rate of 0.125%. This TIPS was first auctioned on January 23, when it launched with a real yield of 0.036%, just above negative. Then it was reopened on March 19, in the midst of COVID-19 financial chaos, and returned a stellar