Salient to Investors:

Dan Mulholland at BNY Mellon sees Fed policies as inflationary, resulting in the long end of the curve losing sponsorship.

The yield gap between 10-year notes and TIPS –  called the 10-year break-even rate – increased to as high as 2.54 percent, the highest since May 2011 and versus an average of 2.16 percentage points over the past decade.

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