It may therefore be tempting to invest in inflation-indexed bonds, which adjust both principal and interest payments to offset the effects of changes in price growth. But the protection against inflation does not prevent a loss of value if real interest rates rise, depressing the value of the bonds.
债券持有者的最大风险是通货膨胀再次上升，推高长期债券利率。历史表明，上升的通货膨胀最终会带来上升的名义利率。因此，这可能促使人们投资于通胀指数债券，这种债券调整本金和利息支付以抵消物价增长变化的影响。但若利率升高抑制了债券的价值，那么通胀保护并不能防止价值损失。