The spread between the 10-year real yield (TIPS) and the 10-year breakeven inflation rate. A Regime Intelligence computed indicator.
This spread measures the balance between the real cost of money and inflation expectations. When real yields rise faster than breakevens, financial conditions tighten sharply.
Widening spread = real yields dominating, risk-off for growth assets. Narrowing = breakevens dominating, inflation regime. Flipping negative signals unusual monetary conditions.