Real Yields negative in 2021 a singular event

Despite all the talk about negative yields, if you consider the definition to be treasury rates less change in CPI, 2021 is the first time since 1980 where real yields have been negative. Nine of the 11 cases prior to 2021 resulted in recessions. See Lacey Hunts latest quarterly analysis on page 2. hoisington.com/pdf/HIM2021Q4NP.pdf