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Clamor for U.S. Inflation-Linked Bonds Slows Before CPI Report

Hedging against the risk of inflation is no longer a bargain in the bond market.

Demand at Thursday’s $13 billion auction of U.S. Treasury Inflation-Protected Securities, or TIPS, declined from the previous sale in March. The offering attracted the lowest demand since September 2014, when oil prices were collapsing, bringing down a key measure of bond-market inflation forecasts along with them.