Key points
US 10-year nominal yield = real yield (TIPS) + inflation expectations (breakeven), 2020-2026 ｜ Nominal at 5.11%, with breakevens confined to a ~40bp range near 2.34%
Image source: @DualityResearch
2026-09-25
US 10-Year Nominal Yield Rises to 5.11%, Driven by Real Yields While Breakevens Stay Near 2.3%