# Block 002 — Real vs nominal

**Status:** ✓ done
**Phase:** Phase 1 (Rates)

## Topic scope

Three-component decomposition of nominal yields: real yield + breakeven inflation + term premium. Fisher vs market decomposition. Term premium magnitude (250bp pre-GFC → -50bp 2020 → +50bp 2023).

## Session history

**Block 002 — Real vs nominal**

**2026-06-22 (Session 2, W26 Mon) — Rates drill:** Three-component decomposition (10y = real + breakeven + term premium) articulated cold. Decomposition arithmetic clean (4.50−2.00=2.50; −50/−20=−30bp trap). Fisher vs market decomposition distinction learned. Status moved Weak → Working.

**Anki cards:** 3 cards in `Macro Study::Phase 1 — Components::Rates`, tagged `session:2026-06-22` — arithmetic ×2, Fisher vs market decomposition. Status: **Working** since 2026-06-22.

See `../session-log.md` for detailed session entries.

See `../session-log.md` for detailed session entries.