Today’s Chart of the Day from J.P. Morgan shows the history of the 10-year Treasury yield and the “real” yield, which is what you have left after you subtract inflation. Even with the current rate of 3.8% as of mid-June 2023, when you subtract the current inflation of 4%, your “real” return is still -0.2%. Sadly, even though this number is improving, the real yield on bonds has been nearly zero or negative for the last 10 years.