Inflation-linked (TIPS)

912810QP6 · 2.125% due February 15, 2041

Original term
30-Year
Maturity
Feb 15, 2041
Coupon
2.125%
Pays
Semi-Annual
Dated
Feb 15, 2011
First coupon
Aug 15, 2011
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$36.55bn
Held stripped
$0.0m
Share stripped
0.00%

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
2.731%
Index ratio
1.5249
Real duration
12.224 yr
DV01
0.1136
Convexity
170.855
Real clean price
92.813
Accrued (real)
0.150
Real dirty price
92.963
Indexed principal
152.491
Money clean price
141.531

The index ratio is a multiplier, not a percentage: 1.5249 means the principal is worth that many times its original face today. So the real clean price of 92.813 is not what a buyer pays , multiply by the ratio to get 141.531 per 100 of original face.

Against the fitted real curve

Priced 1.6 bp rich to the real curve on that day, 17.81 cents per 100 of face.

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

Real yield, 3,885 observations

-1%0%1%2%3%Feb 28, 2011Sep 9, 2026Feb 28, 2011Real yield1.962%Mar 23, 2011Real yield1.882%Apr 15, 2011Real yield1.713%May 11, 2011Real yield1.744%Jun 6, 2011Real yield1.795%Jun 29, 2011Real yield1.771%Jul 25, 2011Real yield1.617%Aug 17, 2011Real yield0.964%Sep 12, 2011Real yield0.975%Oct 5, 2011Real yield0.900%Oct 31, 2011Real yield0.850%Nov 25, 2011Real yield0.795%Dec 20, 2011Real yield0.695%Jan 17, 2012Real yield0.676%Feb 9, 2012Real yield0.761%Mar 6, 2012Real yield0.766%Mar 29, 2012Real yield0.817%Apr 23, 2012Real yield0.672%May 16, 2012Real yield0.641%Jun 11, 2012Real yield0.468%Jul 5, 2012Real yield0.452%Jul 30, 2012Real yield0.308%Aug 22, 2012Real yield0.475%Sep 17, 2012Real yield0.375%Oct 11, 2012Real yield0.335%Nov 6, 2012Real yield0.352%Dec 3, 2012Real yield0.246%Dec 27, 2012Real yield0.280%Jan 23, 2013Real yield0.375%Feb 15, 2013Real yield0.542%Mar 13, 2013Real yield0.557%Apr 8, 2013Real yield0.351%May 1, 2013Real yield0.352%May 24, 2013Real yield0.714%Jun 19, 2013Real yield1.196%Jul 15, 2013Real yield1.263%Aug 7, 2013Real yield1.198%Aug 30, 2013Real yield1.400%Sep 25, 2013Real yield1.297%Oct 21, 2013Real yield1.340%Nov 14, 2013Real yield1.437%Dec 10, 2013Real yield1.520%Jan 6, 2014Real yield1.479%Jan 30, 2014Real yield1.304%Feb 25, 2014Real yield1.351%Mar 20, 2014Real yield1.352%Apr 14, 2014Real yield1.153%May 8, 2014Real yield1.075%Jun 3, 2014Real yield1.095%Jun 26, 2014Real yield0.935%Jul 22, 2014Real yield0.862%Aug 14, 2014Real yield0.836%Sep 9, 2014Real yield0.928%Oct 3, 2014Real yield1.000%Oct 29, 2014Real yield0.920%Nov 25, 2014Real yield0.915%Dec 19, 2014Real yield0.808%Jan 15, 2015Real yield0.573%Feb 10, 2015Real yield0.702%Mar 6, 2015Real yield0.818%Mar 31, 2015Real yield0.658%Apr 23, 2015Real yield0.636%May 18, 2015Real yield0.983%Jun 11, 2015Real yield1.126%Jul 7, 2015Real yield0.994%Jul 30, 2015Real yield1.019%Aug 24, 2015Real yield1.037%Sep 17, 2015Real yield1.229%Oct 13, 2015Real yield1.186%Nov 5, 2015Real yield1.244%Dec 2, 2015Real yield1.136%Dec 28, 2015Real yield1.233%Jan 22, 2016Real yield1.276%Feb 17, 2016Real yield1.154%Mar 11, 2016Real yield1.090%Apr 6, 2016Real yield0.831%Apr 29, 2016Real yield0.810%May 24, 2016Real yield0.900%Jun 17, 2016Real yield0.855%Jul 13, 2016Real yield0.592%Aug 5, 2016Real yield0.651%Aug 30, 2016Real yield0.605%Sep 23, 2016Real yield0.582%Oct 19, 2016Real yield0.681%Nov 14, 2016Real yield0.957%Dec 8, 2016Real yield0.976%Jan 4, 2017Real yield0.948%Jan 30, 2017Real yield0.926%Feb 23, 2017Real yield0.864%Mar 20, 2017Real yield0.947%Apr 12, 2017Real yield0.832%May 8, 2017Real yield0.989%Jun 1, 2017Real yield0.858%Jun 26, 2017Real yield0.813%Jul 20, 2017Real yield0.930%Aug 14, 2017Real yield0.893%Sep 7, 2017Real yield0.737%Oct 2, 2017Real yield0.891%Oct 26, 2017Real yield0.933%Nov 20, 2017Real yield0.798%Dec 14, 2017Real yield0.724%Jan 10, 2018Real yield0.774%Feb 5, 2018Real yield0.840%Mar 1, 2018Real yield0.887%Mar 26, 2018Real yield0.923%Apr 19, 2018Real yield0.854%May 14, 2018Real yield0.908%Jun 7, 2018Real yield0.897%Jul 2, 2018Real yield0.817%Jul 26, 2018Real yield0.940%Aug 20, 2018Real yield0.872%Sep 13, 2018Real yield0.969%Oct 9, 2018Real yield1.184%Nov 1, 2018Real yield1.308%Nov 28, 2018Real yield1.324%Dec 24, 2018Real yield1.136%Jan 18, 2019Real yield1.192%Feb 13, 2019Real yield1.101%Mar 11, 2019Real yield1.043%Apr 3, 2019Real yield0.933%Apr 29, 2019Real yield0.893%May 22, 2019Real yield0.872%Jun 17, 2019Real yield0.786%Jul 11, 2019Real yield0.713%Aug 5, 2019Real yield0.555%Aug 28, 2019Real yield0.238%Sep 23, 2019Real yield0.415%Oct 17, 2019Real yield0.517%Nov 12, 2019Real yield0.550%Dec 6, 2019Real yield0.460%Jan 2, 2020Real yield0.451%Jan 28, 2020Real yield0.300%Feb 21, 2020Real yield0.142%Mar 17, 2020Real yield0.773%Apr 9, 2020Real yield-0.083%May 5, 2020Real yield-0.118%May 29, 2020Real yield-0.104%Jun 23, 2020Real yield-0.197%Jul 17, 2020Real yield-0.342%Aug 11, 2020Real yield-0.465%Sep 3, 2020Real yield-0.517%Sep 29, 2020Real yield-0.493%Oct 23, 2020Real yield-0.390%Nov 18, 2020Real yield-0.393%Dec 14, 2020Real yield-0.511%Jan 8, 2021Real yield-0.389%Feb 3, 2021Real yield-0.483%Mar 1, 2021Real yield-0.112%Mar 24, 2021Real yield-0.182%Apr 16, 2021Real yield-0.187%May 11, 2021Real yield-0.226%Jun 4, 2021Real yield-0.284%Jun 29, 2021Real yield-0.337%Jul 23, 2021Real yield-0.493%Aug 17, 2021Real yield-0.482%Sep 10, 2021Real yield-0.545%Oct 5, 2021Real yield-0.426%Oct 29, 2021Real yield-0.470%Nov 24, 2021Real yield-0.529%Dec 20, 2021Real yield-0.485%Jan 13, 2022Real yield-0.279%Feb 8, 2022Real yield-0.047%Mar 4, 2022Real yield-0.301%Mar 29, 2022Real yield-0.022%Apr 22, 2022Real yield0.297%May 17, 2022Real yield0.687%Jun 10, 2022Real yield0.732%Jul 7, 2022Real yield1.128%Aug 1, 2022Real yield0.688%Aug 24, 2022Real yield0.986%Sep 19, 2022Real yield1.402%Oct 13, 2022Real yield1.912%Nov 7, 2022Real yield1.978%Dec 2, 2022Real yield1.326%Dec 28, 2022Real yield1.779%Jan 24, 2023Real yield1.396%Feb 16, 2023Real yield1.640%Mar 14, 2023Real yield1.584%Apr 6, 2023Real yield1.353%May 1, 2023Real yield1.618%May 24, 2023Real yield1.644%Jun 20, 2023Real yield1.601%Jul 14, 2023Real yield1.706%Aug 8, 2023Real yield1.885%Aug 31, 2023Real yield1.955%Sep 26, 2023Real yield2.349%Oct 20, 2023Real yield2.621%Nov 14, 2023Real yield2.292%Dec 8, 2023Real yield2.101%Jan 4, 2024Real yield1.978%Jan 30, 2024Real yield2.018%Feb 23, 2024Real yield2.068%Mar 19, 2024Real yield2.140%Apr 11, 2024Real yield2.271%May 6, 2024Real yield2.253%May 30, 2024Real yield2.272%Jun 25, 2024Real yield2.063%Jul 19, 2024Real yield2.062%Aug 13, 2024Real yield1.930%Sep 6, 2024Real yield1.863%Oct 1, 2024Real yield1.748%Oct 25, 2024Real yield2.093%Nov 20, 2024Real yield2.194%Dec 16, 2024Real yield2.222%Jan 10, 2025Real yield2.495%Feb 5, 2025Real yield2.127%Mar 3, 2025Real yield1.978%Mar 26, 2025Real yield2.183%Apr 18, 2025Real yield2.382%May 13, 2025Real yield2.427%Jun 6, 2025Real yield2.480%Jul 2, 2025Real yield2.309%Jul 28, 2025Real yield2.352%Aug 20, 2025Real yield2.350%Sep 15, 2025Real yield2.061%Oct 8, 2025Real yield2.120%Nov 3, 2025Real yield2.144%Nov 28, 2025Real yield2.156%Dec 23, 2025Real yield2.289%Jan 20, 2026Real yield2.320%Feb 12, 2026Real yield2.118%Mar 10, 2026Real yield2.201%Apr 2, 2026Real yield2.327%Apr 27, 2026Real yield2.308%May 20, 2026Real yield2.473%Jun 15, 2026Real yield2.430%Jul 10, 2026Real yield2.598%Aug 4, 2026Real yield2.706%Aug 27, 2026Real yield2.642%Sep 9, 2026Real yield2.731%

Price history

3,885 trading days to Sep 9, 2026

90100110120130140150160Feb 28, 2011Sep 9, 2026Feb 28, 2011Close103.688Mar 23, 2011Close105.531Apr 15, 2011Close109.594May 11, 2011Close108.813Jun 6, 2011Close107.563Jun 29, 2011Close108.125Jul 25, 2011Close111.906Aug 17, 2011Close129.750Sep 12, 2011Close129.344Oct 5, 2011Close131.531Oct 31, 2011Close133.000Nov 25, 2011Close134.625Dec 20, 2011Close137.688Jan 17, 2012Close138.188Feb 9, 2012Close135.438Mar 6, 2012Close135.219Mar 29, 2012Close133.594Apr 23, 2012Close138.000May 16, 2012Close138.906Jun 11, 2012Close144.406Jul 5, 2012Close144.844Jul 30, 2012Close149.625Aug 22, 2012Close143.906Sep 17, 2012Close147.125Oct 11, 2012Close148.375Nov 6, 2012Close147.688Dec 3, 2012Close151.156Dec 27, 2012Close149.875Jan 23, 2013Close146.563Feb 15, 2013Close141.063Mar 13, 2013Close140.500Apr 8, 2013Close147.031May 1, 2013Close146.906May 24, 2013Close135.438Jun 19, 2013Close121.813Jul 15, 2013Close120.031Aug 7, 2013Close121.688Aug 30, 2013Close116.469Sep 25, 2013Close119.031Oct 21, 2013Close117.906Nov 14, 2013Close115.469Dec 10, 2013Close113.438Jan 6, 2014Close114.375Jan 30, 2014Close118.656Feb 25, 2014Close117.438Mar 20, 2014Close117.375Apr 14, 2014Close122.375May 8, 2014Close124.375Jun 3, 2014Close123.781Jun 26, 2014Close128.000Jul 22, 2014Close129.938Aug 14, 2014Close130.594Sep 9, 2014Close128.000Oct 3, 2014Close126.000Oct 29, 2014Close128.094Nov 25, 2014Close128.156Dec 19, 2014Close131.000Jan 15, 2015Close137.563Feb 10, 2015Close133.781Mar 6, 2015Close130.500Mar 31, 2015Close134.844Apr 23, 2015Close135.406May 18, 2015Close125.906Jun 11, 2015Close122.219Jul 7, 2015Close125.500Jul 30, 2015Close124.813Aug 24, 2015Close124.313Sep 17, 2015Close119.500Oct 13, 2015Close120.500Nov 5, 2015Close119.063Dec 2, 2015Close121.625Dec 28, 2015Close119.219Jan 22, 2016Close118.156Feb 17, 2016Close121.031Mar 11, 2016Close122.531Apr 6, 2016Close129.000Apr 29, 2016Close129.469May 24, 2016Close127.094Jun 17, 2016Close128.188Jul 13, 2016Close135.031Aug 5, 2016Close133.344Aug 30, 2016Close134.500Sep 23, 2016Close135.031Oct 19, 2016Close132.313Nov 14, 2016Close125.219Dec 8, 2016Close124.688Jan 4, 2017Close125.313Jan 30, 2017Close125.781Feb 23, 2017Close127.250Mar 20, 2017Close125.156Apr 12, 2017Close127.906May 8, 2017Close124.000Jun 1, 2017Close127.125Jun 26, 2017Close128.156Jul 20, 2017Close125.250Aug 14, 2017Close126.063Sep 7, 2017Close129.813Oct 2, 2017Close125.969Oct 26, 2017Close124.906Nov 20, 2017Close128.094Dec 14, 2017Close129.844Jan 10, 2018Close128.531Feb 5, 2018Close126.844Mar 1, 2018Close125.656Mar 26, 2018Close124.750Apr 19, 2018Close126.313May 14, 2018Close124.969Jun 7, 2018Close125.156Jul 2, 2018Close126.969Jul 26, 2018Close124.031Aug 20, 2018Close125.531Sep 13, 2018Close123.250Oct 9, 2018Close118.438Nov 1, 2018Close115.750Nov 28, 2018Close115.375Dec 24, 2018Close119.313Jan 18, 2019Close118.063Feb 13, 2019Close119.969Mar 11, 2019Close121.156Apr 3, 2019Close123.531Apr 29, 2019Close124.344May 22, 2019Close124.750Jun 17, 2019Close126.625Jul 11, 2019Close128.219Aug 5, 2019Close131.813Aug 28, 2019Close139.469Sep 23, 2019Close134.969Oct 17, 2019Close132.438Nov 12, 2019Close131.563Dec 6, 2019Close133.563Jan 2, 2020Close133.688Jan 28, 2020Close137.188Feb 21, 2020Close140.969Mar 17, 2020Close126.063Apr 9, 2020Close146.438May 5, 2020Close147.188May 29, 2020Close146.656Jun 23, 2020Close148.938Jul 17, 2020Close152.625Aug 11, 2020Close155.813Sep 3, 2020Close157.063Sep 29, 2020Close156.188Oct 23, 2020Close153.188Nov 18, 2020Close153.094Dec 14, 2020Close156.063Jan 8, 2021Close152.594Feb 3, 2021Close154.906Mar 1, 2021Close145.156Mar 24, 2021Close146.750Apr 16, 2021Close146.719May 11, 2021Close147.531Jun 4, 2021Close148.813Jun 29, 2021Close150.000Jul 23, 2021Close153.813Aug 17, 2021Close153.344Sep 10, 2021Close154.781Oct 5, 2021Close151.531Oct 29, 2021Close152.469Nov 24, 2021Close153.781Dec 20, 2021Close152.438Jan 13, 2022Close147.156Feb 8, 2022Close141.500Mar 4, 2022Close147.344Mar 29, 2022Close140.625Apr 22, 2022Close133.406May 17, 2022Close125.250Jun 10, 2022Close124.281Jul 7, 2022Close116.688Aug 1, 2022Close124.969Aug 24, 2022Close119.188Sep 19, 2022Close111.688Oct 13, 2022Close103.281Nov 7, 2022Close102.250Dec 2, 2022Close112.875Dec 28, 2022Close105.344Jan 24, 2023Close111.594Feb 16, 2023Close107.531Mar 14, 2023Close108.406Apr 6, 2023Close112.219May 1, 2023Close107.813May 24, 2023Close107.375Jun 20, 2023Close108.031Jul 14, 2023Close106.344Aug 8, 2023Close103.563Aug 31, 2023Close102.500Sep 26, 2023Close96.813Oct 20, 2023Close93.125Nov 14, 2023Close97.625Dec 8, 2023Close100.344Jan 4, 2024Close102.125Jan 30, 2024Close101.531Feb 23, 2024Close100.813Mar 19, 2024Close99.781Apr 11, 2024Close97.969May 6, 2024Close98.219May 30, 2024Close97.969Jun 25, 2024Close100.875Jul 19, 2024Close100.875Aug 13, 2024Close102.750Sep 6, 2024Close103.688Oct 1, 2024Close105.344Oct 25, 2024Close100.438Nov 20, 2024Close99.063Dec 16, 2024Close98.688Jan 10, 2025Close95.125Feb 5, 2025Close99.969Mar 3, 2025Close102.000Mar 26, 2025Close99.219Apr 18, 2025Close96.625May 13, 2025Close96.063Jun 6, 2025Close95.406Jul 2, 2025Close97.594Jul 28, 2025Close97.063Aug 20, 2025Close97.094Sep 15, 2025Close100.844Oct 8, 2025Close100.063Nov 3, 2025Close99.750Nov 28, 2025Close99.594Dec 23, 2025Close97.906Jan 20, 2026Close97.531Feb 12, 2026Close100.094Mar 10, 2026Close99.031Apr 2, 2026Close97.469Apr 27, 2026Close97.719May 20, 2026Close95.719Jun 15, 2026Close96.250Jul 10, 2026Close94.281Aug 4, 2026Close93.063Aug 27, 2026Close93.813Sep 9, 2026Close92.813
The most recent 20 trading days of prices for 912810QP6.
DateBidOfferClose
Sep 9, 202692.68892.59492.813
Sep 8, 202693.20393.12593.063
Sep 4, 202693.07893.00093.063
Sep 3, 202693.43893.37593.125
Sep 2, 202692.96992.90692.906
Sep 1, 202693.01692.93892.875
Aug 31, 202692.87592.81392.938
Aug 28, 202693.68893.62593.188
Aug 27, 202693.96993.90693.813
Aug 26, 202693.87593.81393.844
Aug 25, 202693.92293.84493.938
Aug 24, 202693.54793.46993.313
Aug 21, 202693.23493.15692.969
Aug 20, 202693.25093.18893.563
Aug 19, 202693.65693.59493.594
Aug 18, 202692.54792.46992.656
Aug 17, 202692.59492.53192.281
Aug 14, 202692.76692.68892.813
Aug 13, 202693.26693.18893.125
Aug 12, 202692.98492.90692.781

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.

3 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 912810QP6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 17, 2011Feb 28, 2011New issue$9.0bn$9.5bn2.54x2.190%
Jun 23, 2011Jun 30, 2011Reopening$7.0bn$7.2bn3.02x1.744%
Oct 20, 2011Oct 31, 2011Reopening$7.0bn$7.3bn3.06x0.999%

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.