TIPS

Does the rate of return for TIPS match that of inflation?

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I would like to test an all TIPS portfolio. In ESPlanner "Inflation Indexed Government Bonds" a.k.a "TIPS" show a mean return of 2.99% in the Monte Carlo section. The benefit of TIPS is supposed to be they hedge against high inflation: the kind forecast in Kotlikoff & Burns book "The Coming Generational Storm". My question is if the return of TIPS in ESPlanner matches the inflation rate. If not, and they hold at 2.99% their benefit will not be shown in a high inflation scenario.

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