My Two-for-Tuesday morning train WFH reads: • Inflation Is Stinging Bonds—With One Big Exception : Treasury inflation-protected securities are generating positive returns despite a rough bond market. Barron’s on TIPS finally doing the job they were designed to do. Worth re-reading if you’ve been underweight inflation-linked paper for the last decade. ( Barron’s ) • It’s Boating Season, But Only If You Can Afford Fuel : In normal times, boaters spend their money at marinas, tackle shops and dockside restaurants, keeping local businesses buzzing. This year, they’re spending it all at the pump. ( Businessweek ) • What layoffs hide about the real problem with the job market : The WaPo on a labor market where the headline layoff numbers are tame but hiring has quietly collapsed — the no-fire-no-hire economy. A more useful frame than most takes you’ll see this week. Despite high-profile cuts by companies including Meta and UPS, layoffs are about as low as they’ve been in years.…