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The 10-year nominal Treasury yield minus the 10-year breakeven inflation rate. The canonical "real yield" that equity, gold, and long-bond markets actually price against. Daily, 2003-present (limited by the TIPS market history that T10YIE depends on).

Why it matters: Real yields are arguably the single most important macro number for asset prices. Gold trades almost mechanically inverse to real yields. Equity multiples have a strong inverse relationship with real yields (low real yields = "TINA" supports high P/E). Long-duration assets in general — growth stocks, REITs, long bonds — get the most direct hit when real yields move. When you read commentary about "the 10Y backing up" or "the bond market repricing," real yield is usually what matters more than nominal.

How to read it: Long-run normal range is roughly 1-3%. Negative real yields (the entire post-2020 era through 2022) are historically rare and create a structural support for risk assets — investors *must* take risk to keep up with inflation. Real yields above 2% start to put pressure on equity multiples and gold. The transition through zero has been one of the most consequential macro events of the 2020s.

Caveats: T10YIE is a market-implied measure, not actual realized inflation — it embeds an inflation risk premium that varies over time. Also, TIPS-market liquidity issues can briefly distort breakevens (most famously March 2020). Cross-check against survey-based inflation expectations (Michigan, NY Fed) when the TIPS market looks dislocated.