Real yields (TIPS). The true discount rate for long-duration equities and the competitor to gold.
What to watch: 10-year TIPS yield. It arrives continuous, and the effect typically lasts months.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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What moves it
Dials it feeds
This factor is one input to a composite reading on the Analytics page.