The U.S. Treasury just announced that its reopening auction of a 5-year TIPS, CUSIP 912828ZJ2, resulted in a real yield to maturity of -0.766%, the lowest for this term at auction since April 2013.
The "real yield to maturity" indicates how this 4-year, 10-month Treasury Inflation-Protected Security will perform against official U.S. inflation. Investors at Thursday's auction were willing to accept a return that will trail inflation by 0.766% over nearly five years.
This same TIPS trades on the secondary market, and it was trading with a higher yield (-0.70%) at around 11:14 a.m. This