The real yield on 30-year Treasury Inflation-Protected Securities: what the longest TIPS guarantees above inflation for three decades. The series starts in February 2010 because the Treasury discontinued the original long TIPS after 2001 and reintroduced the 30-year that month. Updated daily from the Treasury's par real yield curve.
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A retirement income floor is mostly long bonds. In a thirty-year ladder, more than half the money sits in rungs beyond year fifteen, and every one of those rungs is priced off this curve segment. A half-point move in the 30-year real yield changes the cost of a long ladder more than a full-point move in the 5-year does.
The long real yield also went negative in 2020 and 2021, something close to unprecedented for a thirty-year inflation-protected claim: buyers accepted a guaranteed thirty-year loss of purchasing power. The reversal since makes the same commitment pay meaningfully above inflation, which is the entire case for locking a ladder now rather than waiting. New 30-year TIPS are auctioned each February with an August reopening.
See the 10-year real yield and breakeven history, the 5-year series, or price a full ladder at today's curve in the calculator.