Goldman Sachs Group Inc. is recommending investors buy inflation-linked debt as price pressures are set to rise with the Federal Reserve’s tightening cycle on hold.

The Fed’s pivot to a patient policy-setting stance and signals that officials plan to end their balance-sheet unwind later this year have already lifted the outlook for inflation as seen in prices for Treasury Inflation-Protected Securities, or TIPS. The spread between yields on nominal U.S. government bonds and similar-maturity TIPS due in five years rose Thursday to 1.88 percentage points, the most since November.

“We think that breakevens are still an attractive long,” Goldman strategist William Marshall wrote in a note to clients Thursday. “A patient Fed, improving risk sentiment and a less pessimistic outlook on global growth relative to the start of the year should all be supportive of owning them.”

Marshall’s analysis showed that intrayear seasonal effects that can trigger swings in breakevens don’t present any headwinds to owning the securities currently. The TIPS market is “fairly efficient” in pricing seasonality, he said.