Inflation-linked (TIPS)

912810FD5 · 3.625% due April 15, 2028

Original term
30-Year
Maturity
Apr 15, 2028
Coupon
3.625%
Pays
Semi-Annual
Dated
Apr 15, 1998
First coupon
Oct 15, 1998
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$34.52bn
Held stripped
$0.3m
Share stripped
<0.01%

Stripped par is held as separate interest and principal components rather than as whole securities. The Safe Rate indices deliberately do not deduct it, and the whole-market figure is published so that decision can be argued with. Market statistics.

Amount outstanding as reported by Treasury, in its Monthly Statement of the Public Debt. The Safe Rate indices weight on a different figure, float-adjusted original par, and the two are not comparable security by security. For an inflation-linked security the difference is mostly inflation rather than float: Treasury reports what a holder is owed today, which includes the uplift shown as the index ratio above, while the index keeps original par and carries the uplift in the price. The index figures are published per holding.

Inflation-linked measures, September 9, 2026

An inflation-linked security prices off a real curve, so its yield is a real yield, a return above inflation rather than in cash terms, and its principal is indexed. The figures below are in REAL terms unless labeled otherwise.

Real yield
2.241%
Index ratio
2.0647
Real duration
1.527 yr
DV01
0.0158
Convexity
3.142
Real clean price
102.156
Accrued (real)
1.466
Real dirty price
103.622
Indexed principal
206.468
Money clean price
210.920

The index ratio is a multiplier, not a percentage: 2.0647 means the principal is worth that many times its original face today. So the real clean price of 102.156 is not what a buyer pays , multiply by the ratio to get 210.920 per 100 of original face.

Against the fitted real curve

Priced 10.5 bp cheap to the real curve on that day, 16.60 cents per 100 of face.

Not scored against its own history. A linker needs twenty observations before a score means anything.

Real yield, 4,508 observations

-2%-1%0%1%2%3%4%Sep 2, 2008Sep 9, 2026Sep 2, 2008Real yield2.174%Sep 29, 2008Real yield2.414%Oct 27, 2008Real yield3.229%Nov 24, 2008Real yield3.460%Dec 22, 2008Real yield2.232%Jan 21, 2009Real yield2.711%Feb 18, 2009Real yield2.405%Mar 17, 2009Real yield2.615%Apr 14, 2009Real yield2.340%May 11, 2009Real yield2.512%Jun 8, 2009Real yield2.573%Jul 6, 2009Real yield2.353%Jul 31, 2009Real yield2.303%Aug 27, 2009Real yield2.216%Sep 24, 2009Real yield2.170%Oct 22, 2009Real yield2.109%Nov 19, 2009Real yield1.875%Dec 17, 2009Real yield1.960%Jan 15, 2010Real yield2.026%Feb 12, 2010Real yield2.140%Mar 12, 2010Real yield2.126%Apr 8, 2010Real yield2.113%May 5, 2010Real yield1.820%Jun 1, 2010Real yield1.818%Jun 28, 2010Real yield1.713%Jul 26, 2010Real yield1.875%Aug 20, 2010Real yield1.622%Sep 17, 2010Real yield1.569%Oct 15, 2010Real yield1.235%Nov 12, 2010Real yield1.371%Dec 10, 2010Real yield1.781%Jan 7, 2011Real yield1.707%Feb 4, 2011Real yield1.985%Mar 4, 2011Real yield1.702%Mar 31, 2011Real yield1.672%Apr 28, 2011Real yield1.509%May 25, 2011Real yield1.525%Jun 22, 2011Real yield1.551%Jul 20, 2011Real yield1.305%Aug 16, 2011Real yield0.704%Sep 13, 2011Real yield0.710%Oct 11, 2011Real yield0.784%Nov 7, 2011Real yield0.429%Dec 6, 2011Real yield0.563%Jan 4, 2012Real yield0.516%Feb 1, 2012Real yield0.311%Feb 29, 2012Real yield0.340%Mar 27, 2012Real yield0.491%Apr 23, 2012Real yield0.293%May 18, 2012Real yield0.116%Jun 15, 2012Real yield0.030%Jul 13, 2012Real yield-0.055%Aug 9, 2012Real yield0.011%Sep 6, 2012Real yield0.002%Oct 3, 2012Real yield-0.214%Nov 1, 2012Real yield-0.194%Nov 30, 2012Real yield-0.223%Dec 28, 2012Real yield-0.197%Jan 28, 2013Real yield-0.051%Feb 25, 2013Real yield-0.065%Mar 22, 2013Real yield-0.054%Apr 19, 2013Real yield-0.187%May 16, 2013Real yield0.033%Jun 13, 2013Real yield0.638%Jul 11, 2013Real yield0.916%Aug 7, 2013Real yield0.750%Sep 4, 2013Real yield1.137%Oct 1, 2013Real yield0.840%Oct 29, 2013Real yield0.764%Nov 26, 2013Real yield0.960%Dec 24, 2013Real yield1.151%Jan 23, 2014Real yield0.935%Feb 20, 2014Real yield0.963%Mar 19, 2014Real yield0.940%Apr 15, 2014Real yield0.792%May 13, 2014Real yield0.713%Jun 10, 2014Real yield0.725%Jul 8, 2014Real yield0.608%Aug 4, 2014Real yield0.535%Aug 29, 2014Real yield0.470%Sep 29, 2014Real yield0.802%Oct 27, 2014Real yield0.627%Nov 25, 2014Real yield0.633%Dec 23, 2014Real yield0.682%Jan 22, 2015Real yield0.458%Feb 19, 2015Real yield0.584%Mar 18, 2015Real yield0.386%Apr 14, 2015Real yield0.325%May 11, 2015Real yield0.613%Jun 8, 2015Real yield0.724%Jul 6, 2015Real yield0.622%Jul 31, 2015Real yield0.630%Aug 27, 2015Real yield0.809%Sep 24, 2015Real yield0.857%Oct 22, 2015Real yield0.777%Nov 19, 2015Real yield0.862%Dec 17, 2015Real yield0.951%Jan 15, 2016Real yield0.889%Feb 12, 2016Real yield0.721%Mar 11, 2016Real yield0.695%Apr 8, 2016Real yield0.373%May 5, 2016Real yield0.361%Jun 2, 2016Real yield0.472%Jun 29, 2016Real yield0.315%Jul 27, 2016Real yield0.302%Aug 23, 2016Real yield0.290%Sep 20, 2016Real yield0.440%Oct 18, 2016Real yield0.329%Nov 15, 2016Real yield0.629%Dec 13, 2016Real yield0.747%Jan 11, 2017Real yield0.598%Feb 8, 2017Real yield0.539%Mar 8, 2017Real yield0.678%Apr 4, 2017Real yield0.524%May 2, 2017Real yield0.526%May 30, 2017Real yield0.505%Jun 26, 2017Real yield0.528%Jul 24, 2017Real yield0.613%Aug 18, 2017Real yield0.549%Sep 15, 2017Real yield0.473%Oct 13, 2017Real yield0.546%Nov 9, 2017Real yield0.545%Dec 7, 2017Real yield0.576%Jan 5, 2018Real yield0.526%Feb 2, 2018Real yield0.736%Mar 2, 2018Real yield0.754%Mar 29, 2018Real yield0.715%Apr 26, 2018Real yield0.841%May 23, 2018Real yield0.879%Jun 20, 2018Real yield0.829%Jul 18, 2018Real yield0.810%Aug 14, 2018Real yield0.851%Sep 11, 2018Real yield0.913%Oct 9, 2018Real yield1.091%Nov 5, 2018Real yield1.196%Dec 4, 2018Real yield1.037%Jan 3, 2019Real yield0.945%Jan 31, 2019Real yield0.807%Feb 28, 2019Real yield0.809%Mar 27, 2019Real yield0.576%Apr 24, 2019Real yield0.582%May 21, 2019Real yield0.615%Jun 18, 2019Real yield0.443%Jul 16, 2019Real yield0.359%Aug 12, 2019Real yield0.109%Sep 9, 2019Real yield0.157%Oct 4, 2019Real yield0.128%Nov 1, 2019Real yield0.221%Dec 2, 2019Real yield0.262%Dec 30, 2019Real yield0.215%Jan 28, 2020Real yield0.041%Feb 25, 2020Real yield-0.170%Mar 23, 2020Real yield0.234%Apr 20, 2020Real yield-0.111%May 15, 2020Real yield-0.326%Jun 12, 2020Real yield-0.497%Jul 10, 2020Real yield-0.775%Aug 6, 2020Real yield-1.092%Sep 2, 2020Real yield-1.171%Sep 30, 2020Real yield-1.067%Oct 28, 2020Real yield-1.039%Nov 25, 2020Real yield-1.018%Dec 23, 2020Real yield-1.224%Jan 22, 2021Real yield-1.358%Feb 19, 2021Real yield-1.217%Mar 18, 2021Real yield-1.062%Apr 14, 2021Real yield-1.178%May 11, 2021Real yield-1.451%Jun 8, 2021Real yield-1.348%Jul 6, 2021Real yield-1.357%Aug 2, 2021Real yield-1.657%Aug 27, 2021Real yield-1.515%Sep 24, 2021Real yield-1.296%Oct 22, 2021Real yield-1.383%Nov 19, 2021Real yield-1.554%Dec 17, 2021Real yield-1.254%Jan 14, 2022Real yield-1.003%Feb 11, 2022Real yield-0.788%Mar 11, 2022Real yield-1.267%Apr 7, 2022Real yield-0.321%May 5, 2022Real yield-0.045%Jun 2, 2022Real yield0.146%Jun 30, 2022Real yield0.630%Jul 28, 2022Real yield0.157%Aug 24, 2022Real yield0.507%Sep 21, 2022Real yield1.338%Oct 19, 2022Real yield1.965%Nov 16, 2022Real yield1.654%Dec 14, 2022Real yield1.547%Jan 12, 2023Real yield1.489%Feb 9, 2023Real yield1.550%Mar 9, 2023Real yield1.888%Apr 5, 2023Real yield1.124%May 2, 2023Real yield1.316%May 30, 2023Real yield1.764%Jun 27, 2023Real yield1.972%Jul 25, 2023Real yield1.974%Aug 21, 2023Real yield2.278%Sep 18, 2023Real yield2.223%Oct 16, 2023Real yield2.472%Nov 10, 2023Real yield2.527%Dec 8, 2023Real yield2.287%Jan 8, 2024Real yield1.945%Feb 5, 2024Real yield2.022%Mar 4, 2024Real yield1.941%Mar 29, 2024Real yield1.982%Apr 25, 2024Real yield2.364%May 22, 2024Real yield2.260%Jun 20, 2024Real yield2.192%Jul 18, 2024Real yield2.054%Aug 14, 2024Real yield1.862%Sep 11, 2024Real yield1.636%Oct 8, 2024Real yield1.721%Nov 5, 2024Real yield1.963%Dec 4, 2024Real yield1.805%Jan 2, 2025Real yield2.031%Jan 30, 2025Real yield1.770%Feb 27, 2025Real yield1.440%Mar 26, 2025Real yield1.420%Apr 22, 2025Real yield1.338%May 19, 2025Real yield1.420%Jun 16, 2025Real yield1.550%Jul 15, 2025Real yield1.325%Aug 11, 2025Real yield1.161%Sep 8, 2025Real yield0.917%Oct 3, 2025Real yield1.083%Oct 31, 2025Real yield1.245%Dec 1, 2025Real yield1.312%Dec 29, 2025Real yield1.413%Jan 27, 2026Real yield1.170%Feb 24, 2026Real yield1.057%Mar 23, 2026Real yield1.117%Apr 17, 2026Real yield1.028%May 14, 2026Real yield1.115%Jun 11, 2026Real yield1.601%Jul 10, 2026Real yield2.255%Aug 6, 2026Real yield2.520%Sep 2, 2026Real yield2.315%Sep 9, 2026Real yield2.241%

Price history

4,508 trading days to Sep 9, 2026

100110120130140150160170Sep 2, 2008Sep 9, 2026Sep 2, 2008Close123.063Sep 29, 2008Close118.781Oct 27, 2008Close105.688Nov 24, 2008Close102.313Dec 22, 2008Close121.750Jan 21, 2009Close113.625Feb 18, 2009Close118.625Mar 17, 2009Close115.094Apr 14, 2009Close119.625May 11, 2009Close116.688Jun 8, 2009Close115.625Jul 6, 2009Close119.219Jul 31, 2009Close120.000Aug 27, 2009Close121.406Sep 24, 2009Close122.125Oct 22, 2009Close123.094Nov 19, 2009Close127.125Dec 17, 2009Close125.531Jan 15, 2010Close124.281Feb 12, 2010Close122.250Mar 12, 2010Close122.406Apr 8, 2010Close122.563May 5, 2010Close127.531Jun 1, 2010Close127.469Jun 28, 2010Close129.219Jul 26, 2010Close126.281Aug 20, 2010Close130.625Sep 17, 2010Close131.469Oct 15, 2010Close137.500Nov 12, 2010Close134.813Dec 10, 2010Close127.406Jan 7, 2011Close128.563Feb 4, 2011Close123.781Mar 4, 2011Close128.438Mar 31, 2011Close128.844Apr 28, 2011Close131.563May 25, 2011Close131.156Jun 22, 2011Close130.594Jul 20, 2011Close134.781Aug 16, 2011Close145.844Sep 13, 2011Close145.531Oct 11, 2011Close143.906Nov 7, 2011Close150.656Dec 6, 2011Close147.781Jan 4, 2012Close148.469Feb 1, 2012Close152.313Feb 29, 2012Close151.500Mar 27, 2012Close148.313Apr 23, 2012Close151.969May 18, 2012Close155.281Jun 15, 2012Close156.750Jul 13, 2012Close158.219Aug 9, 2012Close156.625Sep 6, 2012Close156.531Oct 3, 2012Close160.656Nov 1, 2012Close159.938Nov 30, 2012Close160.188Dec 28, 2012Close159.344Jan 28, 2013Close156.125Feb 25, 2013Close156.125Mar 22, 2013Close155.625Apr 19, 2013Close157.938May 16, 2013Close153.438Jun 13, 2013Close142.219Jul 11, 2013Close137.313Aug 7, 2013Close139.906Sep 4, 2013Close133.406Oct 1, 2013Close138.031Oct 29, 2013Close139.094Nov 26, 2013Close135.719Dec 24, 2013Close132.531Jan 23, 2014Close135.750Feb 20, 2014Close135.125Mar 19, 2014Close135.313Apr 15, 2014Close137.469May 13, 2014Close138.531Jun 10, 2014Close138.125Jul 8, 2014Close139.781Aug 4, 2014Close140.750Aug 29, 2014Close141.563Sep 29, 2014Close136.156Oct 27, 2014Close138.656Nov 25, 2014Close138.344Dec 23, 2014Close137.375Jan 22, 2015Close140.594Feb 19, 2015Close138.438Mar 18, 2015Close141.250Apr 14, 2015Close141.969May 11, 2015Close137.375Jun 8, 2015Close135.531Jul 6, 2015Close136.813Jul 31, 2015Close136.500Aug 27, 2015Close133.750Sep 24, 2015Close132.875Oct 22, 2015Close133.813Nov 19, 2015Close132.438Dec 17, 2015Close131.031Jan 15, 2016Close131.656Feb 12, 2016Close133.750Mar 11, 2016Close133.906Apr 8, 2016Close138.156May 5, 2016Close138.125Jun 2, 2016Close136.344Jun 29, 2016Close138.281Jul 27, 2016Close138.219Aug 23, 2016Close138.156Sep 20, 2016Close135.875Oct 18, 2016Close137.125Nov 15, 2016Close132.938Dec 13, 2016Close131.219Jan 11, 2017Close132.906Feb 8, 2017Close133.438Mar 8, 2017Close131.469Apr 4, 2017Close133.188May 2, 2017Close132.938May 30, 2017Close132.969Jun 26, 2017Close132.469Jul 24, 2017Close131.219Aug 18, 2017Close131.781Sep 15, 2017Close132.469Oct 13, 2017Close131.375Nov 9, 2017Close131.156Dec 7, 2017Close130.594Jan 5, 2018Close130.938Feb 2, 2018Close128.313Mar 2, 2018Close127.906Mar 29, 2018Close128.156Apr 26, 2018Close126.563May 23, 2018Close125.969Jun 20, 2018Close126.313Jul 18, 2018Close126.313Aug 14, 2018Close125.688Sep 11, 2018Close124.844Oct 9, 2018Close122.844Nov 5, 2018Close121.625Dec 4, 2018Close123.031Jan 3, 2019Close123.750Jan 31, 2019Close124.938Feb 28, 2019Close124.719Mar 27, 2019Close126.844Apr 24, 2019Close126.563May 21, 2019Close126.031Jun 18, 2019Close127.500Jul 16, 2019Close128.094Aug 12, 2019Close130.344Sep 9, 2019Close129.594Oct 4, 2019Close129.625Nov 1, 2019Close128.469Dec 2, 2019Close127.813Dec 30, 2019Close128.000Jan 28, 2020Close129.375Feb 25, 2020Close131.094Mar 23, 2020Close127.063Apr 20, 2020Close129.969May 15, 2020Close131.688Jun 12, 2020Close132.969Jul 10, 2020Close135.250Aug 6, 2020Close137.938Sep 2, 2020Close138.313Sep 30, 2020Close136.938Oct 28, 2020Close136.281Nov 25, 2020Close135.688Dec 23, 2020Close137.188Jan 22, 2021Close137.938Feb 19, 2021Close136.250Mar 18, 2021Close134.531Apr 14, 2021Close135.156May 11, 2021Close137.125Jun 8, 2021Close135.813Jul 6, 2021Close135.469Aug 2, 2021Close137.594Aug 27, 2021Close135.969Sep 24, 2021Close133.750Oct 22, 2021Close134.031Nov 19, 2021Close134.969Dec 17, 2021Close132.188Jan 14, 2022Close129.875Feb 11, 2022Close127.938Mar 11, 2022Close131.063Apr 7, 2022Close124.000May 5, 2022Close121.844Jun 2, 2022Close120.313Jun 30, 2022Close117.000Jul 28, 2022Close119.719Aug 24, 2022Close117.313Sep 21, 2022Close112.219Oct 19, 2022Close108.594Nov 16, 2022Close110.156Dec 14, 2022Close110.594Jan 12, 2023Close110.750Feb 9, 2023Close110.281Mar 9, 2023Close108.406Apr 5, 2023Close112.188May 2, 2023Close111.031May 30, 2023Close108.656Jun 27, 2023Close107.531Jul 25, 2023Close107.406Aug 21, 2023Close105.906Sep 18, 2023Close106.063Oct 16, 2023Close104.875Nov 10, 2023Close104.563Dec 8, 2023Close105.500Jan 8, 2024Close106.844Feb 5, 2024Close106.406Mar 4, 2024Close106.625Mar 29, 2024Close106.344Apr 25, 2024Close104.750May 22, 2024Close105.063Jun 20, 2024Close105.219Jul 18, 2024Close105.625Aug 14, 2024Close106.219Sep 11, 2024Close106.906Oct 8, 2024Close106.469Nov 5, 2024Close105.500Dec 4, 2024Close105.906Jan 2, 2025Close105.031Jan 30, 2025Close105.750Feb 27, 2025Close106.656Mar 26, 2025Close106.563Apr 22, 2025Close106.656May 19, 2025Close106.250Jun 16, 2025Close105.719Jul 15, 2025Close106.188Aug 11, 2025Close106.469Sep 8, 2025Close106.938Oct 3, 2025Close106.313Oct 31, 2025Close105.719Dec 1, 2025Close105.375Dec 29, 2025Close104.969Jan 27, 2026Close105.344Feb 24, 2026Close105.406Mar 23, 2026Close105.094Apr 17, 2026Close105.094May 14, 2026Close104.750Jun 11, 2026Close103.656Jul 10, 2026Close102.344Aug 6, 2026Close101.813Sep 2, 2026Close102.063Sep 9, 2026Close102.156
The most recent 20 trading days of prices for 912810FD5.
DateBidOfferClose
Sep 9, 2026102.203102.156102.156
Sep 8, 2026102.172102.125102.156
Sep 4, 2026102.109102.063102.094
Sep 3, 2026102.203102.156102.125
Sep 2, 2026102.109102.063102.063
Sep 1, 2026102.063102.031102.031
Aug 31, 2026102.047102.000102.000
Aug 28, 2026102.047102.000101.938
Aug 27, 2026102.219102.188102.156
Aug 26, 2026102.172102.125102.156
Aug 25, 2026102.219102.156102.188
Aug 24, 2026102.203102.156102.125
Aug 21, 2026102.203102.156102.188
Aug 20, 2026102.172102.125102.188
Aug 19, 2026102.109102.063102.063
Aug 18, 2026102.078102.031102.031
Aug 17, 2026102.047102.000102.000
Aug 14, 2026102.047102.000102.000
Aug 13, 2026102.047102.000101.969
Aug 12, 2026102.016101.969101.938

Prices are per 100 of face, from Treasury's own end-of-day file. A dash in the bid or offer column means none was posted that day.

2 auctions

A CUSIP can be auctioned more than once: Treasury reopens an existing security rather than issuing a new one, so the same bond is sold again at whatever yield the market then wants.

Auction history for 912810FD5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 8, 1998Apr 15, 1998New issue$8.0bn$8.4bn–3.740%
Jul 8, 1998Jul 15, 1998Reopening$8.0bn$8.4bn–3.680%

The curve this was priced against →

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

Safe Rate™, Safe Rate Indices™ and the Safe Rate US Treasury Index™ are trademarks of Safe Rate, claimed through use in commerce and not registered. Third-party marks are the property of their owners, which are not affiliated with and do not endorse this data.

Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.