HSBC strategist Dhiraj Narula stated in a report that HSBC believes long-term U.S. Treasury Inflation-Protected Securities (TIPS) have investment value. TIPS yields are currently at their highest levels in decades. “The sharp rise in real interest rates in recent weeks contrasts significantly with the sharp drop in inflation breakeven spreads. Although oil prices have risen amid renewed geopolitical tensions in the Middle East, the spread remains at a low level,” the strategist noted. He said t

HSBC strategist Dhiraj Narula stated in a report that HSBC believes long-term U.S. Treasury Inflation-Protected Securities (TIPS) have investment value. TIPS yields are currently at their highest levels in decades. “The sharp rise in real interest rates in recent weeks contrasts significantly with the sharp drop in inflation breakeven spreads. Although oil prices have risen amid renewed geopolitical tensions in the Middle East, the spread remains at a low level,” the strategist noted. He said t

智通财经2026/07/22 15:11

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HSBC strategist Dhiraj Narula stated in a report that HSBC believes long-term US Treasury Inflation-Protected Securities (TIPS) have investment value. TIPS yields are currently at multi-decade highs. “The sharp rise in real interest rates in recent weeks contrasts markedly with the plummet of inflation breakeven spreads. Despite oil prices rising amid renewed geopolitical tensions in the Middle East, the breakeven spread remains low,” the strategist noted. He said the main reason for this is that several Federal Reserve members have delivered more decisive messages regarding price stability, underscoring their commitment to the 2% inflation target.

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