US 10 year inflation linked bonds (candles) - as you can see this week they broke out to a new high (ie real US yields fell to a new low)
the way economic data is managed - it has the effect of lowering the height of short term moves in cpi/cpe but extends the duration because they focus on 12 month averages not the monthly change.
algo systems and big money allocations likewise key to the shifts in underlying asset relativities - not so much headline reporting
eg the US 10yr nominal is currently ~1.45% yield - and the inflation adjuisted -1.1% - ie pricing 2.6% inflation
whereas if you went by the month on month US CPI inflation was 5.4%
so my current base case is at least 3-4 months of further trend falls in US real yields as the 12 month average CPI used to adjust the inflation linked bond continues to rise
so long as US CPI keeps coming in at 3%+ a month - the average should continue to net up higher
