The real – after inflation – yield on US Treasuries is NEGATIVE all the way down the maturity yield curve.
As I write, the 30 year T-Bond is listed at 2.14%. The May CPI came in at 0.2% – in line with the recent trend – showing the CPI rising at a 2.4% annual rate. So a 2.14% yield and a 2.4% CPI indicates a negative real yield of -0.26% per year. Over the 30 year life of a T-Bond, an “investor” would be guaranteed to lose about 7.5% of his capital!