Real vs. Nominal Yield
The 10-year nominal Treasury yield decomposed into its real (10-year TIPS) yield and the implied inflation breakeven. Real yields are the true cost of capital and the dominant driver of valuations for long-duration assets (tech, gold, growth). A rising nominal yield driven by real rates is a very different signal than one driven by inflation expectations.
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| Date | Real | Nominal | Breakeven |
|---|---|---|---|
| 2026-09-24 | 2.85 | 5.18 | 2.33 |
| 2026-09-23 | 2.76 | 5.11 | 2.35 |
| 2026-09-22 | 2.63 | 4.96 | 2.33 |
| 2026-09-21 | 2.62 | 4.96 | 2.34 |
| 2026-09-18 | 2.68 | 5.01 | 2.33 |
| 2026-09-17 | 2.61 | 4.94 | 2.33 |
| 2026-09-16 | 2.68 | 5.01 | 2.33 |
| 2026-09-15 | 2.62 | 5 | 2.38 |
| 2026-09-14 | 2.6 | 4.97 | 2.37 |
| 2026-09-11 | 2.6 | 4.96 | 2.36 |
| 2026-09-10 | 2.55 | 4.95 | 2.4 |
| 2026-09-09 | 2.46 | 4.83 | 2.37 |
| 2026-09-08 | 2.43 | 4.8 | 2.37 |
| 2026-09-04 | 2.43 | 4.78 | 2.35 |
| 2026-09-03 | 2.42 | 4.77 | 2.35 |
| 2026-09-02 | 2.45 | 4.79 | 2.34 |
| 2026-09-01 | 2.44 | 4.79 | 2.35 |
| 2026-08-31 | 2.44 | 4.75 | 2.31 |
| 2026-08-28 | 2.42 | 4.73 | 2.31 |
| 2026-08-27 | 2.34 | 4.67 | 2.33 |
Source: Akyla · akyla.ai