The Federal Reserve has cut its federal funds rate by 100 basis points since September 17th. This adjustment has influenced Treasury and mortgage-backed securities (MBS) rates. Notably, the 10-Year TIPS yield, which averaged 2.06% from December 2003 to December 2007, has now returned to a similar level in December 2024. This convergence suggests a stabilization in long-term inflation expectations. The data excludes periods of financial crisis, the subsequent decade, and the 2020-2022 Covid period, providing a clearer picture of the current economic environment.
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