#美国国债 Inflation-Linked Treasury Bonds (TIPS) Anti-Inflation Characteristics

The inflation-protected treasury bonds (TIPS) issued by the Treasury Department adjust their principal based on the CPI index, and interest is calculated based on the adjusted principal, making them suitable for hedging against inflation risk. For example, when the U.S. CPI reached 9% in 2022, although the real yield of TIPS was negative, the nominal return outperformed regular treasury bonds. Investors should note: if there is deflation, the principal will be adjusted downwards (but the maturity guarantee is the original amount), and liquidity is slightly lower than that of regular treasury bonds, with potentially larger bid-ask spreads.