which they had said "non-seasonally adjusted" consumer price index for all the real ners.
Dumb bond question — if TIPS index to the NSA CPI does that mean that TIPS prices also have a seasonal fluctuation to offset the predictable seasonal variation in coupons?
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This sounds horrendous for (a) building a curve (b) any kind of relative value (c) trying to interpret breakevens. I get why the notes are designed like that but it must make trading them a pain in the ass.
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