Real Yield of Treasuries vs. Corporates

T-Bills practically yield nothing and moving out along the curve we see a similar flight to the quality of Treasuries. However, real yields tell a different story (real as in removed the inflation within 5 year inflation swaps). While corporates look awfully cheap if you don't expect the Great Recession, the 2% real yield over five years of Treasuries is the highest figure we've seen in a year and a half.