[jyl]

[Edit: following comment refers to traditional fixed rate bonds, not TIPS.]

Why will fixed rate bonds be good investments in a high inflation environment, if that is what you expect?

The coupon payment is fixed, so it is worth less in real dollars (the classic misery of living on a fixed income in a high inflation period).

And high inflation usually means interest rates rise. Rising interest rates mean bond values decline. So not only is your fixed coupon payments not keeping up with inflation, but you are taking capital losses on the bond.

I don't pretend to be a bond expert - not my field - but I'd have to hear a pretty good argument to make me think fixed rate bonds are a good place to be if you think future inflation will be high.