Since the end of 2021, the 10-year yield has risen from ~1.5% to a peak of ~5% in autumn 2023, then stabilized around 4.6%. With a CPI at 3.5%, the real rate is: r = i - π = 4.6% - 3.5% = 1.1% Osaic has already reduced its fixed-income allocation from 40% to…