For Barclays rate strategist who watched the US presidential candidate debate on Thursday night, the trade is clear: buy inflation-hedging assets in the US bond market. Barclays strategists Michael Pond and Jonathan Hill said in a report that as the possibility of former US President Donald Trump replacing current President Joe Biden in the November 5th election appears to have increased, the market should'consider the significant risk of higher-than-target inflation rates in the coming years.' They wrote that this simple transaction bets that five-year inflation-protected bonds (TIPS) will outperform conventional five-year bonds, causing the yield differential between the two to widen. Barclays predicts that the balance of gains and losses representing the market's implied average inflation rate within the bond maturity will increase from the current 2.25% to around 2.5%.