Inflation Expectations: Higher inflation expectations generally push TIPS prices down, as the fixed coupon payments become less attractive relative to the increasing principal, and vice versa.

Real Interest Rates: Rising real interest rates (nominal interest rates minus inflation expectations) typically decrease TIPS prices, as investors demand a higher yield to compensate for the opportunity cost of holding TIPS, and vice versa.

Treasury Yields: Changes in overall Treasury yields can impact TIPS prices. When Treasury yields rise, TIPS prices may fall to maintain a competitive yield, and vice versa.

Economic Growth: Stronger economic growth might lead to higher inflation expectations and potentially lower TIPS prices, while weaker growth might decrease inflation expectations and support TIPS prices.

Supply and Demand: The relative supply of and demand for TIPS can directly influence their prices. Increased demand pushes prices up, while increased supply pushes prices down.

Federal Reserve Policy: Actions and statements by the Federal Reserve regarding monetary policy, particularly interest rate adjustments and quantitative easing, can significantly affect inflation expectations and real interest rates, thus impacting TIPS prices.

Geopolitical Events: Global events, especially those that could disrupt supply chains or affect commodity prices (like oil), can influence inflation expectations and thereby impact TIPS prices.