(Bloomberg) -- The yield on U.S. Treasuries designed to protect investors against price increases over the coming decade rose above zero for the first time in over two years. 

The rate on 10-year Treasury inflation-protected securities rose over one basis point to 0.008%. 

It’s a breathtaking turnaround for so-called real yields, which traded below minus 1% as recently as March when the war in Ukraine fanned inflation expectations, as measured by breakevens. The reversal has been driven by a hawkish Federal Reserve signaling it will raise interest rates swiftly to damp price pressures.

Inflation-adjusted yields have been in negative territory for about two years now, providing a key pillar of support for stocks. Rising real yields eat into the positive backdrop for risk assets, threatening equity valuations and their relative attraction to bonds.

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