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Inflation-indexed securities |
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| The Treasury tilted its issuance toward longer-term and inflation-indexed securities somewhat, and announced semiannual issuance of a twenty-year inflation-protected bond beginning in July and a five-year inflation-protected note beginning in October. Treasury began issuing inflation-indexed securities in early 1997. The other shows that the implied real return on Treasury inflation-indexed securities has fallen over the past few years even though projected budget deficits have increased. |
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