If Stephen Miran gets his way and the Fed starts cutting 50 bps at every meeting, TIPS would get awfully attractive. The US just reopened 9-year, 10-month TIPS and sold them with a yield of 1.734% (plus inflation).

That was a big tail of 4.6 basis points but comes after a significant rally in TIPS, as the most-recent auctionwas 1.985%. The bid-to-cover at 2.020x was light compared to the past six auctions at 2.36x on average.