Investment products designed as a means to protect potential investors from the risk of changes in inflation, by linking cash flows (principal & interest) to the associated consumer price index (CPI). While protecting against inflationary movements, the bond still provides investment exposure to movements in credit (issuer) quality or changes in interest rates. Treasury Inflation-Protected Securities (TIPS), issued by the FED and tied to the US CPI index, are well-known examples of this investment vehicle.