US real yields have collapsed since shortly after The Fed hiked rates, with today’s decline erasing the entire post-election Trumpflation surge in TIPS yields.

As Bloomberg reports, so-called real yields hit an intermediate peak the day after the Federal Reserve’s December interest-rate increase, and have since proceeded to grind lower amid rising doubts that President Donald Trump’s suite of policies will be as pro-growth as initially thought.

Still, it’s probably nothing…