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ProShares UltraPro Short 10 Year TIPS/TSY Spread seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) the daily performance of the Dow Jones Credit Suisse 10-Year Inflation Breakeven Index.
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Country: United States
Wednesday, Jul 313:31 PM
Wednesday, Jul 313:31 PM| Comment!
- TIPS (TIP +0.6%) turn from lower on the session to a sizable gain following the FOMC statement where the committee brought previous dissenter Jim Bullard on board by noting inflation below the 2% objective could pose a risk to the economy.
- The 10-year TIPS yield is down to 0.42% from 0.48% earlier, the 30-year down to 1.34% from 1.4%.
- TIPS, of course, become more valuable as inflation rises as their principal moves alongside.
Saturday, Jun 229:30 AMIt's "total capitulation" in fixed income (AGG, BND), says BAML's Michael Hartnett. The "blood bath" includes the largest-ever three-week rush of bond-fund redemptions, $2.6B leaving (2nd largest outflow ever) the Emerging Markets Bond ETF (EMB), and mortgage-backed securities (MBB), municipal bonds (MUB), and TIPS (TIP) funds each now showing net outflows for 2013. |Saturday, Jun 229:30 AM| 47 Comments
Wednesday, Jun 124:26 PMAdd TIPS (TIP) to the list of safe-havens proving to be anything but as this sort of inflation-protection doesn't work when rates rise but inflation doesn't. The rout has sent the yield on 10-year TIPS into positive territory for the first time since Dec. 2011, reports Carolyn Cui. Investors have pulled $7.2B out of TIPS ETFs this year, already more than the $5.2B inflow for all 2012. |Wednesday, Jun 124:26 PM| 3 Comments
Tuesday, Jun 44:42 PMMore Gundlach (previous): "I really dislike TIPS (TIP) and have really disliked them recently." There's no inflation, which makes them a lousy investment, he says, but even if you think there's going to be inflation, why not wait and buy them at a far lower price. |Tuesday, Jun 44:42 PM| Comment!
Thursday, May 303:39 PMState Street launches the SPDR 1-10 Year TIPS ETF (TIPX), set to track the Barclays 1-10 Year Government Inflation-linked Bond Index. It appears similar in structure to another State Street TIPS fund (IPE), but with an expense ratio 3.5 bps lower at 0.15%. Also launched is the SPDR S&P Global Dividend ETF (WDIV), set to track the S&P Global Dividend Aristocrats Index. It has a cost of 0.40% and joins competitors DEW and LVL, each of those with coming with slightly higher costs. |Thursday, May 303:39 PM| 1 Comment
Wednesday, May 153:40 PMMore from Gundlach: Not concerned about inflation, he calls TIPS (TIP) "pretty bad" investments and says he'll be a buyer if the 10-year (TLT) yield bounces back to 2% (off 3 bps today to 1.94%). As for the inevitable Apple (AAPL -3.3%) question - he prefers the common stock to the just-issued bonds. Warren Buffett says he prays for stocks he owns to go down in price - it allows him and company repurchase programs to buy at better prices. Is Apple putting money to work the last couple of days? |Wednesday, May 153:40 PM| 15 Comments
Friday, Apr 263:26 PMTIPS have mostly rebounded from a recent selloff, but Barclays spots an opportunity at the short-end of the curve. Some 1-year notes are expected to fall in price next week when they fall out of the Barclays U.S. TIPS Index (which must drop them when less than a year to maturity). The ensuing forced selling by funds such as the TIP could create a bargain price for buyers. |Friday, Apr 263:26 PM| Comment!
Friday, Apr 1912:48 PMBill Gross takes advantage of the recent selloff in TIPS (TIP) to add to his holdings, noting the break-even rate for longer-dated paper has fallen to 2.35% (if inflation comes in above this number, TIPS outperform Treasurys). Yesterday's Treasury auction of TIPS was a mess, with one trader calling the action a "get me out" trade. Gross is getting in. |Friday, Apr 1912:48 PM| 1 Comment
Monday, Apr 151:42 PMGold isn't the only inflation hedge losing fans as funds owning TIPS have seen 3 straight months of outflows, according to Morningstar, the first such streak since 2008. At current levels, 5-year TIPS (TIP) would break even only if inflation rises more than 2.18% annually. "We just don't see (it)," says formerly bullish strategist Dan Heckman, whose fund has been a seller of late. |Monday, Apr 151:42 PM| 1 Comment
Friday, Jan 253:24 PMInflation-protected securities have duration as well. Today's selloff in Treasurys (TLT -1.5%) is also taking a bite out of TIPS (TIP -0.5%). Meanwhile, Morningstar launches its Real Asset Index which will hold a portfolio of TIPS, REITs, and commodity stocks and futures. Perhaps an ETF will soon be launched to track it. |Friday, Jan 253:24 PM| Comment!
Wednesday, Dec 192012, 3:27 PMBill Gross (BOND) is "lightening positions" in MBS after they've been a big winner for his funds this year (interesting: the MBB has actually declined since the Fed began QE∞). He's also cutting back on his holdings of corporate paper (LQD). Expecting the Fed to eventually produce higher inflation, he's added to his holdings of TIPS (TIP), while cutting back on non-inflation protected Treasurys. |Wednesday, Dec 192012, 3:27 PM| 3 Comments
Wednesday, Dec 122012, 4:36 PMTreasurys have a tough day following the Fed's decision to pour on the liquidity, the price on the 10-year note falling nearly half a point following the FOMC announcement. Inflation-protected securities continue to be a (relatively) excellent place to hide out, with TIP -0.3% against TLT's 1.2% decline. No inflation worries? TIPS have outperformed Treasurys of a similar maturity by a wide margin this year. |Wednesday, Dec 122012, 4:36 PM| Comment!
Thursday, Dec 62012, 11:28 AMNo inflation? It's another record-high for the TIPS Bond Fund (TIP) as inflation-protected securities continue to outperform Treasurys of a similar maturity (a run stretching back to Sept. 2011). Thus far this year, TIP has posted a total return of better than 8%. |Thursday, Dec 62012, 11:28 AM| 1 Comment
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Wednesday, Oct 172012, 9:12 AM
Thursday, Sep 202012, 1:23 PMInvestors grudgingly pay up for inflation protection, the Treasury selling $13B in 56-month TIPS at -0.75% - the 5th consecutive auction of negative yields. Bid-to-cover ratio of 2.35 vs. a recent average of 2.78; direct bidders took down 7.6% vs a recent 15.6%, indirect bidders 43.8% vs. a recent 39%. On-the-run TIPS take a bit of a tumble after the weakish results. TIP -0.2%. |Thursday, Sep 202012, 1:23 PM| Comment!