Inflating demand

Municipalities

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Within the next month or so, the US Treasury should begin the first phase of a $60 billion expansion of its Treasury Inflation-Protected Securities (Tips) issuance programme. The imminent auction of five-year Tips will be followed with the launch of a new 20-year note by October at the latest. Investors and hedgers that have been snapping up the Treasury’s existing 10-year Tips will ultimately find the ability to alter the maturity profile of their inflation exposures attractive, though the

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