Read Treasury inflation compensation

1. Understand the market spread

Inflation compensation, often called breakeven inflation, is the nominal Treasury yield minus the TIPS real yield at a comparable maturity. The spread also reflects inflation risk and relative TIPS liquidity. It is an imperfect proxy for inflation expectations; this view does not estimate those premiums or turn the spread into a forecast of future CPI.

Datisto calculates its own named difference of the two original Treasury par quotations. It is not a retrieved FRED observation, a fitted zero-coupon forward rate, a subtraction of current CPI or the realised return of a bond investment. The original nominal and real source families remain separately identifiable.

2. Pair the exact day and maturity

The calculation uses 5Y, 10Y and 30Y, the three maturities present in both admitted families. Each cell pairs only its exact source day and maturity. There is no nearest-day substitution, forward fill or interpolation. The real 7Y and 20Y points have no matching series in the selected nominal eight and do not become additional breakeven points.

The initial retained sources contain 197 nominal days through 14 October 2026 and 198 real days through 15 October. Their union produces 594 day-and-maturity cells: 591 available pairs and three unavailable cells on 15 October because that nominal day is absent. The latest complete comparison is therefore 14 October; choosing 15 October keeps the genuine gap visible.

3. Read percentage points and basis points

Subtract the two original percent quotations directly. A nominal 5.00 and real 2.64 give 2.36 percentage points, equal to 236 basis points. One percentage point is 100 basis points. This is a difference, not a percentage change or another annualisation. Exact integer arithmetic preserves the source hundredths without calculation rounding.

A negative or zero difference remains a signed result or an actual zero. A missing, withheld or unusable original point produces an unavailable cell with a reason. It never becomes zero. The complete original query retains all eight nominal and all five real series, including the seven maturities unused in these three paired calculations.

4. Inspect both source clocks and originals

A matching source day does not mean both responses were captured together. The retained nominal response was captured on 15 October and the real response on 16 October, each with its own full original checksum and timestamp. Individual publication and revision clocks remain unknown. A midnight UTC coordinate identifies the source day without asserting an intraday observation or first publication.

Open Value Passport from a paired cell to inspect the calculation and both original point proofs in one verified read. On a gap day, the available real original can still be inspected and the absent nominal input stays explicit. The seven unused source series retain their ordinary raw point passports. Current access to both datasets is checked again.

5. Preserve the complete analysis

The initial full result has 2566 original source rows and 594 analytical cells. CSV preserves the analytical rows and both endpoint identities, original values, units, capture clocks and evidence hashes. JSON also retains every original row from all thirteen series and the full derived document. Switching the visible day, unit or history range does not narrow the original saved or downloaded result.