It appears so. Here’s a graph of the S&P 500 versus the 10-year inflation premium (the 10-year T-bond yield minus the 10-year TIPs yield). Since 2008, these two series have been waltzing partners.
There’s no reason to expect a long-term relationship to last. After all, we’re comparing a price index to a yield. But, for whatever reason, whatever causes investors to expect m...
