A hawkish turn by the Federal Reserve is eroding a key support for U.S. stocks, as real yields climb into positive territory for the first time in two years.

Yields on the 10-year Treasury Inflation-Protected Securities (TIPS) — also known as real yields because they subtract projected inflation from the nominal yield on Treasury securities — had been in negative territory since March 2020, when the Federal Reserve slashed interest rates to near zero. That changed on Tuesday, when real yields ticked above zero.

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