Here’s another perspective of the chart I posted the other day showing break-evens, the difference between bonds and TIPS. This one is from Martin Enlund and Nordea Markets. It shows the 5 year break-evens along with the Fed’s initiation of different QE programs. As you can see, this isn’t exactly the type of environment that has been consistent with the Fed’s desire to tighten. If anything, the Fed is probably wishing they had more ammo….