By the way, I don’t know if you noticed, but I think I was wrong above. If the inflation rate heats up people will probably pay a premium in the after market for these bonds, so the -.55% would be made up in an inflationary environment and the buyers of the bonds could do better in return than the official inflation rate.
The problem with these inflation protected bonds is that the seller declares what the inflation rate is. Right now they’re saying 1% but by all other yardsticks it’s around 10%. Lots of room for hanky panky there.