5-Year Treasury Inflation-Protected Securities (TIPS)

Returns the yield on 5-year TIPS, which are Treasury securities indexed to inflation. The yield represents the real (inflation-adjusted) return.

Data Source

Federal Reserve Statistical Release H.15 - Selected Interest Rates.

Usage Notes

  • No parameters required
  • Returns yield as a percentage
  • Data updated daily
  • Represents real (inflation-adjusted) yield

Understanding TIPS Yields

TIPS Yield Interpretation
Positive Real return above inflation
Negative Real return below inflation
Rising Market expects tighter policy / higher real rates
Falling Market expects easier policy / lower real rates

Breakeven Inflation

The difference between nominal Treasury yields and TIPS yields equals the market's inflation expectation (breakeven inflation).

Examples

=TreasuryInflationProtectedSecurities5y()
5-year TIPS yield (%)

When to Use

  • Analyzing real interest rates
  • Calculating breakeven inflation expectations
  • Building fixed income dashboards
  • Inflation-protected investment analysis

When NOT to Use

Scenario Use Instead
Need 10-year TIPS TreasuryInflationProtectedSecurities10y()
Need corporate bond yields CorporateBondIndexAA()
Need Fed funds rate FederalFundsRate()

Common Issues & FAQ

Q: Why are TIPS yields sometimes negative? A: Negative TIPS yields mean investors accept a return below inflation for the safety of Treasury securities.

Q: How do I calculate breakeven inflation? A: Breakeven inflation = Nominal Treasury yield - TIPS yield (for same maturity).

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