The yield on the 10-year Treasury Note is closely-watched because it is the benchmark for mortgage rates in the United States.
The question of the day is this: What is the real yield?

Nominal 10-Year T-Note yield vs. CPIU since 1962
Here are the charts, with data from January 1962 through April 30, 2007. Enjoy.

Real 10-Year T-Note yield since 1962

Real 10-Year T-Note yield since 2000
How to: Subtract the 12-month change in the (non-seasonally adjusted, 1967=100, all items, INcluding food and energy) consumer price index, all urban consumers (CPI-U) from the nominal CBOE 10-year Treasury Note yield ($TNX), and presto, we have a back-of-the-envelope calculation of the real 10-year yield.