Search found 7447 matches

by jeffyscott
Sun Jan 13, 2019 9:12 am
Forum: Investing - Theory, News & General
Topic: Schwab SWSXX going away
Replies: 37
Views: 2609

Re: Schwab SWSXX going away

But if both orders were submitted timely and executed on the same day I don't see why tmcc was charged a night's margin interest; Schwab should be called on that. If I place a transfer out and sell SWVXX the same day I get charged margin interest. IIRC if you buy SWVXX and sell an ETF the same day ...
by jeffyscott
Sun Jan 13, 2019 8:50 am
Forum: Investing - Theory, News & General
Topic: Opinion: Half of investment-grade bonds are only one step away from junk status
Replies: 23
Views: 2383

Re: Opinion: Half of investment-grade bonds are only one step away from junk status

Just buy the, lightly managed, Intermediate investment grade fund (VFIDX) instead, if you don't like the corporate index. Note that by owning BIV, you already own what is basically a combination of that same corporate bond index and a intermediate government bond index in about a 50/50 ratio. So if ...
by jeffyscott
Sat Jan 12, 2019 3:05 pm
Forum: Investing - Theory, News & General
Topic: fed funds rate effect bond funds?
Replies: 8
Views: 330

Re: fed funds rate effect bond funds?

There are three problems, all due to oversimplifications. The first is the Fed only sets the Federal Funds Rate, as you said, the target for overnight loans between creditworthy banks adjusting their bank reserves to conform with regulations. Another is the Fed does not set bond yields at all. A fr...
by jeffyscott
Sat Jan 12, 2019 2:46 pm
Forum: Investing - Theory, News & General
Topic: Schwab SWSXX going away
Replies: 37
Views: 2609

Re: Schwab SWSXX going away

Does Schwab let you trade directly from a "purchased" money market fund, as fidelity does? Or do you have to move funds to the FDIC sweep to cover trades. Fidelity includes the balance in purchased money market in the "cash to trade" balance. Fidelity allows only bank sweep for their new individual ...
by jeffyscott
Sat Jan 12, 2019 8:40 am
Forum: Investing - Theory, News & General
Topic: Rumor mill - Fidelity starting individual HSA's Nov. 15th
Replies: 859
Views: 64730

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

To summarize, I initiated the transfer request on 11/20: 1. Health equity refused first attempt indicated that my money was still invested (Not true sold on 11/20). 2. Health equity refused the transfer request to Fidelity indicating that they would only talk to me. 3. Health equity charged me 2 mo...
by jeffyscott
Fri Jan 11, 2019 10:32 pm
Forum: Investing - Theory, News & General
Topic: Kitces - Retirement Tax Rate Equilibrium
Replies: 23
Views: 3355

Re: Kitces - Retirement Tax Rate Equilibrium

DrGoogle2017 wrote:
Fri Jan 11, 2019 9:16 pm
Thanks for posting the link. I read that single pays a tax rate of 32% at just $157k.
I wouldn't use "just" in association with that figure, but adding the $12K std deduction, puts at $169K.
by jeffyscott
Fri Jan 11, 2019 12:39 pm
Forum: Investing - Theory, News & General
Topic: Should I take $70K LTCG at 0% tax rate or transfer $70K from IRA to Roth @ 12%?
Replies: 21
Views: 1564

Re: Should I take $70K LTCG at 0% tax rate or transfer $70K from IRA to Roth @ 12%?

No kids to leave our money. We've not had to take any withdrawals from our IRA's. We live on approximately $50k after tax per year. We have no debts at all. We also have a low spending rate compared to our assets and pension income. I plan to Roth convert as much as possible at 12%, but not higher....
by jeffyscott
Fri Jan 11, 2019 10:14 am
Forum: Investing - Theory, News & General
Topic: Rumor mill - Fidelity starting individual HSA's Nov. 15th
Replies: 859
Views: 64730

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

So far the only place I can find actual contribution amounts is on the monthly statement, but it doesn't list what year they are for, and I dont want to wait till February to adjust my current years contributions. I have talked/emailed with fidelity and so far they tell me to look at the transfer p...
by jeffyscott
Fri Jan 11, 2019 6:09 am
Forum: Investing - Theory, News & General
Topic: Kitces - Retirement Tax Rate Equilibrium
Replies: 23
Views: 3355

Re: Kitces - Retirement Tax Rate Equilibrium

Also, it was not pointed out that married taxpayers will eventually be filing single, and some for many years. In those years the marginal rates would rise considerably because the single tax brackets would more than offset the reduction of income coming from elimination of the lower SS benefit, an...
by jeffyscott
Thu Jan 10, 2019 5:27 pm
Forum: Investing - Theory, News & General
Topic: Reasons to own Vanguard ETFs over Admiral shares?
Replies: 66
Views: 4486

Re: Reasons to own Vanguard ETFs over Admiral shares?

I’m currently using Schwab ETFs at Schwab (rather than Vanguard funds at Vanguard) because I can buy a wider array of asset classes with a smaller amount of funds to get started. Schwab has no minimum on their mutual funds. So unless buying things that they do not offer as a mutual fund or it is a ...
by jeffyscott
Thu Jan 10, 2019 8:39 am
Forum: Personal Consumer Issues
Topic: Opinions on 2019 RAV4 and/or 2019 Santa Fe
Replies: 23
Views: 1791

Re: Opinions on 2019 RAV4 and/or 2019 Santa Fe

I'd have to update myself on the Santa Fe, but isn't it a bigger? Kind of inbetween CRV and Pilot, so maybe compare to Highlander also. Also, don't forget new Passport that now fills gap and might be closer comparison. FWIW, my neighbor who's owned a Santa Fe for about a decade and was happy wound ...
by jeffyscott
Wed Jan 09, 2019 3:45 pm
Forum: Personal Consumer Issues
Topic: Opinions on 2019 RAV4 and/or 2019 Santa Fe
Replies: 23
Views: 1791

Re: Opinions on 2019 RAV4 and/or 2019 Santa Fe

We are in the same boat and feel the specs (mpg, cargo space, safety tech,reliability) of the 2019 RAV4 hybrid are hard to beat. However, its look is polarizing and may not appeal to all. More expensive as well at higher trims. If mpg and premium fuel costs and cargo space are not important I would...
by jeffyscott
Wed Jan 09, 2019 3:24 pm
Forum: Investing - Theory, News & General
Topic: Reasons to own Vanguard ETFs over Admiral shares?
Replies: 66
Views: 4486

Re: Reasons to own Vanguard ETFs over Admiral shares?

Vanguard Admiral shares Mutual Fund pros: - cost less to buy: no bid / ask spread - less "care" needed to guess what limit order to place, etc. - no premium/discount to NAV to worry about (when needing to sell, persistent discount may prevent sale at "fair" price for a while) To me these are the ke...
by jeffyscott
Wed Jan 09, 2019 10:19 am
Forum: Investing - Theory, News & General
Topic: Expense ratios and returns for stock and bond mutual funds
Replies: 6
Views: 727

Re: Expense ratios and returns for stock and bond mutual funds

If you compare investment-grade corporate bond funds only, the low-cost funds should come out ahead. Vanguard Intermediate-Term Corporate Bond Index (available as an ETF VCIT), tracking an index of investment-grade corporate bonds, has above-average returns among corporate-only funds at Morningstar...
by jeffyscott
Wed Jan 09, 2019 8:52 am
Forum: Personal Finance (Not Investing)
Topic: Wisconsin Real Estate Recovery
Replies: 6
Views: 786

Re: Wisconsin Real Estate Recovery

I think she has my other sister and I listed on a small 25k life insurance policy. I was thinking it would be enough to give her a decent burial. Check that, just read the link, the state gets her life insurance as well. Looks like I will be responsible for her burial expenses myself. It’s a long s...
by jeffyscott
Tue Jan 08, 2019 10:01 pm
Forum: Investing - Theory, News & General
Topic: Schwab vs TD Ameritrade on Treasury Fees
Replies: 10
Views: 669

Re: Schwab vs TD Ameritrade on Treasury Fees

Never called Further, but their customer service via email was fine for me when I had a couple questions. Are you aware of this site for HSA information: https://thehsareportcard.com/the-top-10-investor-hsas-1/ There's currently 16 pages of comments on the new fidelity HSA: https://www.bogleheads.or...
by jeffyscott
Tue Jan 08, 2019 5:12 pm
Forum: Investing - Theory, News & General
Topic: Schwab vs TD Ameritrade on Treasury Fees
Replies: 10
Views: 669

Re: Schwab vs TD Ameritrade on Treasury Fees

Further allows a Schwab account once your balance is over $10K. It was one I was strongly considering for that reason, until Fidelity came out with their free HSA that does not have the hassle of a separate base account. I have not compared for myself, but knowledgeable others here have stated that ...
by jeffyscott
Mon Jan 07, 2019 3:46 pm
Forum: Investing - Theory, News & General
Topic: Why Total Bond Market over CDs?
Replies: 22
Views: 2566

Re: Why Total Bond Market over CDs?

There are threads on this very topic at least weekly. I would suggest you search the archives and read the regular arguments for both sides. There is a good case to be made for both sides. My short take. Bond funds automatically reap the benefit of increasing rates. No. They don't. Nothing you wrot...
by jeffyscott
Mon Jan 07, 2019 2:57 pm
Forum: Investing - Theory, News & General
Topic: Why Total Bond Market over CDs?
Replies: 22
Views: 2566

Re: Why Total Bond Market over CDs?

One reason to prefer bond mutual funds, especially TBM, is that CDs are not available in work plans like a 401k account. Good bond funds frequently are available. This is a big part of it. I have about 800k allocated to fixed income these days. Up until 2018, it was all in the 401(k) by necessity. ...
by jeffyscott
Mon Jan 07, 2019 12:50 pm
Forum: Investing - Theory, News & General
Topic: Prime MM vs 6-month Treasury in IRA
Replies: 94
Views: 10215

Re: Prime MM vs 6-month Treasury in IRA

The Treasury MMKt fund interest should be free of state income taxes. The Fed Money Market Fund has about 50% allocated to Treasury Bills so I assume that the interest from Treasury Bills should be free of state income taxes. Both would be subject to Federal Income Taxes. You have to look further t...
by jeffyscott
Mon Jan 07, 2019 12:14 pm
Forum: Investing - Theory, News & General
Topic: How do you view a savings surplus in retirement?
Replies: 117
Views: 5934

Re: How do you view a savings surplus in retirement?

A 4% rule based on your balance on one particular day seems problematic. You would have gotten a much different result had the day been in March of 2008 vs. March 2009, for example. I think the point that seems to get overlooked is if you have a 95% chance of success (success being an ending balanc...
by jeffyscott
Mon Jan 07, 2019 11:31 am
Forum: Investing - Theory, News & General
Topic: How do you view a savings surplus in retirement?
Replies: 117
Views: 5934

Re: How do you view a savings surplus in retirement?

A 4% rule based on your balance on one particular day seems problematic. You would have gotten a much different result had the day been in March of 2008 vs. March 2009, for example.
by jeffyscott
Mon Jan 07, 2019 10:00 am
Forum: Investing - Theory, News & General
Topic: Why Total Bond Market over CDs?
Replies: 22
Views: 2566

Re: Why Total Bond Market over CDs?

That said, I consider that FDIC-insured CDs are equivalent in risk to Treasuries. Both are backed by the federal government. I would have no hesitation with buying CDs versus Treasuries. Total Bond Market is 65% US government securities. About 26% is corporate A or Baa, which are higher risk and hi...
by jeffyscott
Mon Jan 07, 2019 8:25 am
Forum: Investing - Theory, News & General
Topic: How do you view a savings surplus in retirement?
Replies: 117
Views: 5934

Re: How do you view a savings surplus in retirement?

(I'm not one of those people who find it impossible to spend more money; I can always find relatives to help out or families in my community that need help or poor but hardworking kids that need scholarships or charities to donate to or whatever even if there's nothing more I want to spend on for m...
by jeffyscott
Sun Jan 06, 2019 11:52 am
Forum: Investing - Theory, News & General
Topic: How do you view a savings surplus in retirement?
Replies: 117
Views: 5934

Re: How do you view a savings surplus in retirement?

If I had a relatively small surplus of say 25% as in your example, I would view it as a cushion. It would have never dawned on me to consider 25% a relatively small cushion, maybe 5%-10%, but I would view 25% as substantial so can you help me to understand your perspective. It's small because it co...
by jeffyscott
Sun Jan 06, 2019 8:37 am
Forum: Investing - Theory, News & General
Topic: Expense ratios and returns for stock and bond mutual funds
Replies: 6
Views: 727

Re: Expense ratios and returns for stock and bond mutual funds

I would think that US stock funds that are charging 1.5%+ must be broker sold "C" shares, where 1% of that is compensating the broker? In any case, 1.5% seems like an insanely high dividing line between "high" and "low" fee funds. The asset weighted average for active funds is about 1/2 that: https:...
by jeffyscott
Sun Jan 06, 2019 8:10 am
Forum: Investing - Theory, News & General
Topic: RAFI Fundamental v. FTSE RAFI v. Russell RAFI
Replies: 5
Views: 500

Re: RAFI Fundamental v. FTSE RAFI v. Russell RAFI

You could compare the Invesco and Schwab funds to see if there is a difference in actual results, since Invesco follows FTSE and Schwab Russell. https://www.researchaffiliates.com/en_us/how-to-invest/mutual-funds-etfs.html#!/?location=north-america I recall seeing something about the Schwab funds di...
by jeffyscott
Sun Jan 06, 2019 7:40 am
Forum: Investing - Theory, News & General
Topic: Vanguard Managed Payout Fund significantly overweights international stocks
Replies: 13
Views: 1117

Re: Vanguard Managed Payout Fund significantly overweights international stocks

i did the same for VASFX too using: http://portfolios.morningstar.com/fund/summary?t=VASFX And now we have: US Stocks: 30.02% International Stocks: 33.42% Still overweights international but not as significant. And all of the overweighting is due to EM i guess. Why not just look directly at the pag...
by jeffyscott
Sun Jan 06, 2019 7:13 am
Forum: Investing - Theory, News & General
Topic: Avoid rebalancing between risky assets. Let bulls run.
Replies: 33
Views: 2768

Re: Avoid rebalancing between risky assets. Let bulls run.

Were the "bands" based on absolute percentage or percentage of the particular asset? IOW, does 10% band mean US range can be 50-70% and foreign 30-50%, or does it mean US would be maintained at 54-66% and foreign at 36-44%?
by jeffyscott
Sat Jan 05, 2019 12:42 pm
Forum: Personal Finance (Not Investing)
Topic: Schwab to Vanguard ?
Replies: 32
Views: 2163

Re: Schwab to Vanguard ?

Thanks for all the great feedback. After thinking though this a bit more, I might just stay with Schwab for now. Ask Schwab for some free trades. I know of a few people who asked and received. They want to keep you happy. +1. Nothing wrong with switching to Vanguard, but you should be able to get 3...
by jeffyscott
Sat Jan 05, 2019 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Schwab to Vanguard ?
Replies: 32
Views: 2163

Re: Schwab to Vanguard ?

VTI/BND is a good combo, but in reality I am going to have a very hard time psychologically selling bonds that are up and buy stocks that are down to re-balance back to 60/40, hence my reasoning for moving to one fund (VBIAX). I know myself and I'm not going to be buying and selling to re-balance. ...
by jeffyscott
Sat Jan 05, 2019 7:23 am
Forum: Investing - Theory, News & General
Topic: Was it a mistake to move into PenFed 5-year CDs a year ago?
Replies: 61
Views: 8672

Re: Was it a mistake to move into PenFed 5-year CDs a year a

<snip> ... if it was a mistake I wish I could make the same mistake again this year (5 Yr. / 3%). :sharebeer :thumbsup :thumbsup :thumbsup :sharebeer Looking at it as what was a choice between a 5 year, 3% CD vs. about a 1.7% 5 year Treasury in Jan 2014, you can make about the same mistake today (o...
by jeffyscott
Fri Jan 04, 2019 10:10 pm
Forum: Investing - Theory, News & General
Topic: How to compare CD to Bond fund
Replies: 14
Views: 1059

Re: How to compare CD to Bond fund

Thesaints wrote:
Fri Jan 04, 2019 9:42 pm
So, corporate bonds it is!
Corporate bonds + CDs vs. corporate bonds + treasuries, would be an appropriate comparison.
by jeffyscott
Fri Jan 04, 2019 9:40 pm
Forum: Investing - Theory, News & General
Topic: How to compare CD to Bond fund
Replies: 14
Views: 1059

Re: How to compare CD to Bond fund

Thesaints wrote:
Fri Jan 04, 2019 9:03 pm
jeffyscott wrote:
Fri Jan 04, 2019 9:01 pm
The way I look at it is that about 50% of VBILX is treasuries. A 5 year treasury yields about 2.5%...
The fund's YTM is 3.4%, however...

I guess I'll take just the other half, then :greedy . That must have YTM of something like 4.3%.
by jeffyscott
Fri Jan 04, 2019 9:23 pm
Forum: Investing - Theory, News & General
Topic: Change 529 beneficiary from parent to child - tax consequences?
Replies: 1
Views: 239

Re: Change 529 beneficiary from parent to child - tax consequences?

Why not transfer to a different state's plan (one without an obnoxious fee like that) and then change the beneficiary in the new state's plan? There's no gift tax at $15,000, it's just a reporting requirement and counts toward the lifetime limit of ~$∞ and if you don't perceive that limit as I do, j...
by jeffyscott
Fri Jan 04, 2019 9:01 pm
Forum: Investing - Theory, News & General
Topic: How to compare CD to Bond fund
Replies: 14
Views: 1059

Re: How to compare CD to Bond fund

The way I look at it is that about 50% of VBILX is treasuries. A 5 year treasury yields about 2.5% and that is not something I'd choose over a 5 year 3.4% CD. Most other treasuries are also featuring yields that seem to be a poor bargain to me, particularly in tax deferred. But others choose treasur...
by jeffyscott
Fri Jan 04, 2019 6:43 pm
Forum: Investing - Theory, News & General
Topic: TIPS yield curve inverted at short end
Replies: 125
Views: 7497

Re: TIPS yield curve inverted at short end

I took a look at the bid/ask spread for the 1-3 year range yesterday and even using the large quantity sell price and small quantity buy price to figure annual cost, it did not look to be problematic. Annual cost, based on dividing spread by years to maturity, ranged from 0.01% to 0.08%, with spread...
by jeffyscott
Fri Jan 04, 2019 11:48 am
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 1434
Views: 236744

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

It could be the latter one expired, or it could be that they just didn't update the page, as these two https://us.etrade.com/what-we-offer/how-it-works/brokerage https://us.etrade.com/what-we-offer/how-it-works/retirement say 12/31/2019 now, but said 12/31/2018 yesterday. They sure make it confusin...
by jeffyscott
Fri Jan 04, 2019 10:01 am
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 1434
Views: 236744

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

For an IRA, are there any better offers at the $50K+ level than the $225 from ME? https://www.merrilledge.com/offers/900offer Since this one includes additions to existing accounts, I thought I would ask Schwab to match and just add to my current account there, if they will do so. Compare these two...
by jeffyscott
Fri Jan 04, 2019 9:13 am
Forum: Investing - Theory, News & General
Topic: 10yr treasury < Fed Funds rate
Replies: 6
Views: 1126

Re: 10yr treasury < Fed Funds rate

I wish bond yields would quit declining. They were finally starting to look decent a few months ago. It looks like the 10 year is still above the federal funds rate but the 5 and 7 are not. I was about to say TIPS are still >1% real, then I looked and saw that they just dropped to 0.88% for 5, 7, a...
by jeffyscott
Fri Jan 04, 2019 7:07 am
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 1434
Views: 236744

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

For an IRA, are there any better offers at the $50K+ level than the $225 from ME?

https://www.merrilledge.com/offers/900offer

Since this one includes additions to existing accounts, I thought I would ask Schwab to match and just add to my current account there, if they will do so.
by jeffyscott
Thu Jan 03, 2019 12:52 pm
Forum: Investing - Theory, News & General
Topic: TIPS yield curve inverted at short end
Replies: 125
Views: 7497

Re: TIPS yield curve inverted at short end

Thanks, I guess as a worst case, I could look at the full spread as the maximum potential cost difference? As long as that is not more than about 0.05-0.06% per year remaining to maturity, they're not costing more than the funds. I'll think about buying at auction if yields get a bit higher. Until t...
by jeffyscott
Thu Jan 03, 2019 9:53 am
Forum: Investing - Theory, News & General
Topic: TIPS yield curve inverted at short end
Replies: 125
Views: 7497

Re: TIPS yield curve inverted at short end

Would it be reasonable to assume that the brokerage quotes that I see for large quantities (150) is what a fund, such as VTAPX would pay when buying TIPS? I looked at quotes for the TIPS with 1-3 years to maturity to an annualized expense to compare to the fund. Just looking at this because it is mo...
by jeffyscott
Wed Jan 02, 2019 4:47 pm
Forum: Investing - Theory, News & General
Topic: TIPS yield curve inverted at short end
Replies: 125
Views: 7497

Re: TIPS yield curve inverted at short end

I am mostly seeing these short-termers as more hassle to evaluate than they are worth. A 3.5% APY for a $10k investment is just about two Starbucks per week. :D I'm doing this mostly for the education with money that otherwise would sit in a MM fund in an IRA at Vanguard. Same idea here, more or le...
by jeffyscott
Wed Jan 02, 2019 1:42 pm
Forum: Investing - Theory, News & General
Topic: TIPS yield curve inverted at short end
Replies: 125
Views: 7497

Re: TIPS yield curve inverted at short end

Doc wrote:
Wed Jan 02, 2019 12:37 pm
jeffyscott wrote:
Wed Jan 02, 2019 12:23 pm
I am mostly seeing these short-termers as more hassle to evaluate than they are worth.
A 3.5% APY for a $10k investment is just about two Starbucks per week. :D
But if there is runaway inflation in the next couple months... :moneybag :wink:
by jeffyscott
Wed Jan 02, 2019 12:23 pm
Forum: Investing - Theory, News & General
Topic: TIPS yield curve inverted at short end
Replies: 125
Views: 7497

Re: TIPS yield curve inverted at short end

Inflation factor for April 2019 is not known. The latest known inflation factor is for Feb 1, 2019. February not April? What's a few months when I get 2018 and 2019 confused? :oops: I bought a few of the April 2019 ones today, I had chunk of funds to invest due to HSA transfer and wanted some of th...
by jeffyscott
Wed Jan 02, 2019 11:19 am
Forum: Investing - Theory, News & General
Topic: TIPS yield curve inverted at short end
Replies: 125
Views: 7497

Re: TIPS yield curve inverted at short end

This seems to make a lot of sense. The higher bid/ask spreads for the shortest maturities also might be supporting this notion: higher risk -> lower demand -> lower liquidity -> higher bid/ask spread. This may be the answer to my basic question. If the inflation factor for the April 2019 is known w...
by jeffyscott
Tue Jan 01, 2019 8:32 am
Forum: Personal Consumer Issues
Topic: Car purchase. Need to consider seat height.
Replies: 32
Views: 26275

Re: Car purchase. Need to consider seat height.

FWIW, we had same issue as lamplighter with Sonata rental many years ago. Recently happened to be test driving a different Hyundai model (with no passenger seat height adjustment) and mentioned this past experience with Sonata. The salesman said that they started including passenger seat height adju...
by jeffyscott
Mon Dec 31, 2018 3:40 pm
Forum: Investing - Theory, News & General
Topic: TIPS yield curve inverted at short end
Replies: 125
Views: 7497

Re: TIPS yield curve inverted at short end

I want to expand on the idea that maybe short term TIPS are riskier than nominal over short time frames. (This does not apply to the shortest ones, where the inflation factor at maturity is known and they have become essentially a nominal.) I just did a search at Schwab: Maturity Jan 2019 to Decemb...
by jeffyscott
Mon Dec 31, 2018 12:13 pm
Forum: Investing - Theory, News & General
Topic: TIPS yield curve inverted at short end
Replies: 125
Views: 7497

Re: TIPS yield curve inverted at short end

I want to expand on the idea that maybe short term TIPS are riskier than nominal over short time frames. (This does not apply to the shortest ones, where the inflation factor at maturity is known and they have become essentially a nominal.) Perhaps, even if we knew with certainty that inflation over...