The bottom line is that there's really only one good hedge of inflation: TIPS. Investing in a broad commodities index may also offer a partial hedge, as might an investment in REITs, although a much weaker one.
However, these are nowhere near as effective hedges as are TIPS. Finally, short-term bonds offer more protection against inflation than do longer-term bonds. But they, too, aren't very effective at hedging inflation risks. And you have to sacrifice the term premium to obtain that hedge.
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