An investor who is worried about inflation can buy treasury inflation protected securities TIPS issued by the US government. TIPS protects investor against inflation by adjusting the principle value of the bonds by changes in the consumer price index, CPI. That's a proxy for inflation. TIPS pay fixed interest rate, but the actual coupon payment varies because it's multiplied by the bonds face value. And as I said, that face value will move with inflation. TIPS can maturities of five, 10, or 30 years, and although the face value declines in period of deflation at the maturity holders receive the greater of the adjusted principle or the original principle amount. So at maturity, investors are protected against deflation. Here's a look at how we calculate TIPS coupons. In the first scenario here we see that CPI is down. That means that the face value of these bonds will be decreasing. The interest percentage is fixed, but the payment decreases because the principle has decreased. So the coupons take a hit on deflation. In the second scenario, we see that CPI is up there is inflation. The face value of these bonds will then increase. The interest percentage is fixed, but the payment would increase because the principle has also increased.