Inflation-linked (TIPS)

912810RF7 · 1.375% due February 15, 2044

Original term
30-Year
Maturity
Feb 15, 2044
Coupon
1.375%
Pays
Semi-Annual
Dated
Feb 15, 2014
First coupon
Aug 15, 2014
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$32.84bn
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
2.918%
Index ratio
1.4329
Real duration
15.019 yr
DV01
0.1188
Convexity
253.760
Real clean price
79.031
Accrued (real)
0.097
Real dirty price
79.128
Indexed principal
143.286
Money clean price
113.241

The index ratio is a multiplier, not a percentage: 1.4329 means the principal is worth that many times its original face today. So the real clean price of 79.031 is not what a buyer pays , multiply by the ratio to get 113.241 per 100 of original face.

Against the fitted real curve

Priced 3.5 bp cheap to the real curve on that day, 41.59 cents per 100 of face.

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

Real yield, 3,134 observations

-1%0%1%2%3%4%Feb 28, 2014Sep 9, 2026Feb 28, 2014Real yield1.321%Mar 20, 2014Real yield1.402%Apr 9, 2014Real yield1.294%Apr 30, 2014Real yield1.163%May 20, 2014Real yield1.085%Jun 10, 2014Real yield1.170%Jun 30, 2014Real yield0.993%Jul 21, 2014Real yield0.919%Aug 8, 2014Real yield0.909%Aug 28, 2014Real yield0.817%Sep 19, 2014Real yield1.113%Oct 9, 2014Real yield0.961%Oct 30, 2014Real yield0.963%Nov 20, 2014Real yield1.045%Dec 12, 2014Real yield0.838%Jan 5, 2015Real yield0.714%Jan 26, 2015Real yield0.639%Feb 13, 2015Real yield0.809%Mar 6, 2015Real yield0.858%Mar 26, 2015Real yield0.682%Apr 15, 2015Real yield0.656%May 5, 2015Real yield0.871%May 26, 2015Real yield0.945%Jun 15, 2015Real yield1.121%Jul 6, 2015Real yield1.075%Jul 24, 2015Real yield1.071%Aug 13, 2015Real yield1.085%Sep 2, 2015Real yield1.233%Sep 23, 2015Real yield1.271%Oct 14, 2015Real yield1.208%Nov 3, 2015Real yield1.247%Nov 24, 2015Real yield1.209%Dec 15, 2015Real yield1.336%Jan 6, 2016Real yield1.248%Jan 27, 2016Real yield1.247%Feb 17, 2016Real yield1.189%Mar 8, 2016Real yield1.052%Mar 29, 2016Real yield0.891%Apr 18, 2016Real yield0.893%May 6, 2016Real yield0.910%May 26, 2016Real yield0.919%Jun 16, 2016Real yield0.865%Jul 7, 2016Real yield0.603%Jul 27, 2016Real yield0.655%Aug 16, 2016Real yield0.686%Sep 6, 2016Real yield0.570%Sep 26, 2016Real yield0.623%Oct 17, 2016Real yield0.709%Nov 4, 2016Real yield0.742%Nov 28, 2016Real yield0.970%Dec 16, 2016Real yield1.209%Jan 9, 2017Real yield0.918%Jan 30, 2017Real yield0.947%Feb 17, 2017Real yield0.934%Mar 10, 2017Real yield1.071%Mar 30, 2017Real yield0.974%Apr 20, 2017Real yield0.922%May 10, 2017Real yield1.060%May 31, 2017Real yield0.929%Jun 20, 2017Real yield0.947%Jul 11, 2017Real yield1.056%Jul 31, 2017Real yield1.007%Aug 18, 2017Real yield0.935%Sep 8, 2017Real yield0.791%Sep 28, 2017Real yield0.927%Oct 19, 2017Real yield0.916%Nov 8, 2017Real yield0.843%Nov 29, 2017Real yield0.886%Dec 19, 2017Real yield0.845%Jan 10, 2018Real yield0.823%Jan 31, 2018Real yield0.791%Feb 21, 2018Real yield1.057%Mar 13, 2018Real yield0.988%Apr 3, 2018Real yield0.913%Apr 23, 2018Real yield0.956%May 11, 2018Real yield0.931%Jun 1, 2018Real yield0.939%Jun 21, 2018Real yield0.925%Jul 12, 2018Real yield0.834%Aug 1, 2018Real yield0.969%Aug 21, 2018Real yield0.904%Sep 11, 2018Real yield0.989%Oct 1, 2018Real yield1.094%Oct 22, 2018Real yield1.265%Nov 9, 2018Real yield1.309%Dec 3, 2018Real yield1.239%Dec 24, 2018Real yield1.162%Jan 15, 2019Real yield1.224%Feb 5, 2019Real yield1.115%Feb 26, 2019Real yield1.057%Mar 18, 2019Real yield1.020%Apr 5, 2019Real yield0.969%Apr 26, 2019Real yield0.914%May 16, 2019Real yield0.934%Jun 6, 2019Real yield0.794%Jun 26, 2019Real yield0.785%Jul 17, 2019Real yield0.744%Aug 6, 2019Real yield0.585%Aug 26, 2019Real yield0.425%Sep 16, 2019Real yield0.584%Oct 4, 2019Real yield0.410%Oct 25, 2019Real yield0.542%Nov 15, 2019Real yield0.572%Dec 6, 2019Real yield0.500%Dec 27, 2019Real yield0.532%Jan 17, 2020Real yield0.495%Feb 7, 2020Real yield0.308%Feb 28, 2020Real yield0.112%Mar 19, 2020Real yield0.872%Apr 8, 2020Real yield-0.023%Apr 29, 2020Real yield-0.189%May 19, 2020Real yield-0.042%Jun 9, 2020Real yield0.056%Jun 29, 2020Real yield-0.166%Jul 20, 2020Real yield-0.289%Aug 7, 2020Real yield-0.419%Aug 27, 2020Real yield-0.284%Sep 17, 2020Real yield-0.342%Oct 7, 2020Real yield-0.272%Oct 28, 2020Real yield-0.332%Nov 18, 2020Real yield-0.295%Dec 9, 2020Real yield-0.372%Dec 30, 2020Real yield-0.408%Jan 21, 2021Real yield-0.387%Feb 10, 2021Real yield-0.347%Mar 3, 2021Real yield-0.004%Mar 23, 2021Real yield-0.026%Apr 12, 2021Real yield0.065%Apr 30, 2021Real yield-0.043%May 20, 2021Real yield-0.040%Jun 10, 2021Real yield-0.228%Jun 30, 2021Real yield-0.261%Jul 21, 2021Real yield-0.311%Aug 10, 2021Real yield-0.343%Aug 30, 2021Real yield-0.399%Sep 20, 2021Real yield-0.390%Oct 8, 2021Real yield-0.261%Oct 29, 2021Real yield-0.311%Nov 19, 2021Real yield-0.531%Dec 10, 2021Real yield-0.372%Dec 31, 2021Real yield-0.445%Jan 21, 2022Real yield-0.112%Feb 10, 2022Real yield0.113%Mar 3, 2022Real yield-0.128%Mar 23, 2022Real yield-0.012%Apr 12, 2022Real yield0.390%May 3, 2022Real yield0.610%May 23, 2022Real yield0.852%Jun 13, 2022Real yield1.097%Jul 5, 2022Real yield1.101%Jul 25, 2022Real yield1.049%Aug 12, 2022Real yield1.064%Sep 1, 2022Real yield1.286%Sep 22, 2022Real yield1.616%Oct 13, 2022Real yield2.004%Nov 2, 2022Real yield1.864%Nov 23, 2022Real yield1.659%Dec 14, 2022Real yield1.540%Jan 5, 2023Real yield1.684%Jan 26, 2023Real yield1.389%Feb 15, 2023Real yield1.654%Mar 8, 2023Real yield1.736%Mar 28, 2023Real yield1.610%Apr 17, 2023Real yield1.616%May 5, 2023Real yield1.609%May 25, 2023Real yield1.767%Jun 15, 2023Real yield1.710%Jul 7, 2023Real yield1.890%Jul 27, 2023Real yield1.879%Aug 16, 2023Real yield2.160%Sep 6, 2023Real yield2.151%Sep 26, 2023Real yield2.406%Oct 17, 2023Real yield2.587%Nov 6, 2023Real yield2.443%Nov 27, 2023Real yield2.346%Dec 15, 2023Real yield1.917%Jan 8, 2024Real yield2.074%Jan 29, 2024Real yield2.092%Feb 16, 2024Real yield2.210%Mar 8, 2024Real yield2.054%Mar 28, 2024Real yield2.134%Apr 17, 2024Real yield2.426%May 7, 2024Real yield2.323%May 28, 2024Real yield2.363%Jun 17, 2024Real yield2.190%Jul 9, 2024Real yield2.235%Jul 29, 2024Real yield2.178%Aug 16, 2024Real yield2.072%Sep 6, 2024Real yield1.974%Sep 26, 2024Real yield1.938%Oct 17, 2024Real yield2.079%Nov 6, 2024Real yield2.237%Nov 27, 2024Real yield2.211%Dec 18, 2024Real yield2.386%Jan 9, 2025Real yield2.590%Jan 30, 2025Real yield2.369%Feb 20, 2025Real yield2.322%Mar 12, 2025Real yield2.311%Apr 1, 2025Real yield2.200%Apr 21, 2025Real yield2.630%May 9, 2025Real yield2.515%May 30, 2025Real yield2.518%Jun 20, 2025Real yield2.519%Jul 11, 2025Real yield2.562%Jul 31, 2025Real yield2.511%Aug 20, 2025Real yield2.540%Sep 10, 2025Real yield2.322%Sep 30, 2025Real yield2.356%Oct 21, 2025Real yield2.217%Nov 10, 2025Real yield2.352%Dec 2, 2025Real yield2.418%Dec 22, 2025Real yield2.510%Jan 13, 2026Real yield2.452%Feb 3, 2026Real yield2.483%Feb 24, 2026Real yield2.338%Mar 16, 2026Real yield2.482%Apr 3, 2026Real yield2.551%Apr 23, 2026Real yield2.515%May 13, 2026Real yield2.611%Jun 3, 2026Real yield2.614%Jun 24, 2026Real yield2.638%Jul 15, 2026Real yield2.824%Aug 4, 2026Real yield2.919%Aug 24, 2026Real yield2.899%Sep 9, 2026Real yield2.918%

Price history

3,134 trading days to Sep 9, 2026

6080100120140160Feb 28, 2014Sep 9, 2026Feb 28, 2014Close101.344Mar 20, 2014Close99.344Apr 9, 2014Close102.000Apr 30, 2014Close105.313May 20, 2014Close107.344Jun 10, 2014Close105.125Jun 30, 2014Close109.781Jul 21, 2014Close111.781Aug 8, 2014Close112.031Aug 28, 2014Close114.594Sep 19, 2014Close106.563Oct 9, 2014Close110.563Oct 30, 2014Close110.500Nov 20, 2014Close108.281Dec 12, 2014Close113.875Jan 5, 2015Close117.344Jan 26, 2015Close119.500Feb 13, 2015Close114.594Mar 6, 2015Close113.219Mar 26, 2015Close118.156Apr 15, 2015Close118.875May 5, 2015Close112.813May 26, 2015Close110.781Jun 15, 2015Close106.219Jul 6, 2015Close107.375Jul 24, 2015Close107.469Aug 13, 2015Close107.094Sep 2, 2015Close103.406Sep 23, 2015Close102.469Oct 14, 2015Close104.000Nov 3, 2015Close103.031Nov 24, 2015Close103.969Dec 15, 2015Close100.906Jan 6, 2016Close103.000Jan 27, 2016Close103.031Feb 17, 2016Close104.406Mar 8, 2016Close107.813Mar 29, 2016Close111.938Apr 18, 2016Close111.844May 6, 2016Close111.375May 26, 2016Close111.125Jun 16, 2016Close112.531Jul 7, 2016Close119.594Jul 27, 2016Close118.125Aug 16, 2016Close117.250Sep 6, 2016Close120.406Sep 26, 2016Close118.906Oct 17, 2016Close116.531Nov 4, 2016Close115.594Nov 28, 2016Close109.656Dec 16, 2016Close103.844Jan 9, 2017Close110.938Jan 30, 2017Close110.188Feb 17, 2017Close110.500Mar 10, 2017Close107.094Mar 30, 2017Close109.469Apr 20, 2017Close110.750May 10, 2017Close107.313May 31, 2017Close110.531Jun 20, 2017Close110.063Jul 11, 2017Close107.375Jul 31, 2017Close108.563Aug 18, 2017Close110.313Sep 8, 2017Close113.906Sep 28, 2017Close110.469Oct 19, 2017Close110.719Nov 8, 2017Close112.500Nov 29, 2017Close111.406Dec 19, 2017Close112.406Jan 10, 2018Close112.938Jan 31, 2018Close113.719Feb 21, 2018Close107.219Mar 13, 2018Close108.844Apr 3, 2018Close110.625Apr 23, 2018Close109.563May 11, 2018Close110.156Jun 1, 2018Close109.938Jun 21, 2018Close110.250Jul 12, 2018Close112.438Aug 1, 2018Close109.156Aug 21, 2018Close110.688Sep 11, 2018Close108.656Oct 1, 2018Close106.219Oct 22, 2018Close102.375Nov 9, 2018Close101.406Dec 3, 2018Close102.938Dec 24, 2018Close104.625Jan 15, 2019Close103.250Feb 5, 2019Close105.656Feb 26, 2019Close106.969Mar 18, 2019Close107.781Apr 5, 2019Close108.938Apr 26, 2019Close110.219May 16, 2019Close109.719Jun 6, 2019Close113.000Jun 26, 2019Close113.188Jul 17, 2019Close114.156Aug 6, 2019Close118.031Aug 26, 2019Close122.063Sep 16, 2019Close117.969Oct 4, 2019Close122.344Oct 25, 2019Close118.938Nov 15, 2019Close118.156Dec 6, 2019Close119.906Dec 27, 2019Close119.063Jan 17, 2020Close119.938Feb 7, 2020Close124.688Feb 28, 2020Close129.844Mar 19, 2020Close110.844Apr 8, 2020Close133.438Apr 29, 2020Close138.094May 19, 2020Close133.813Jun 9, 2020Close131.031Jun 29, 2020Close137.156Jul 20, 2020Close140.625Aug 7, 2020Close144.375Aug 27, 2020Close140.281Sep 17, 2020Close141.875Oct 7, 2020Close139.750Oct 28, 2020Close141.375Nov 18, 2020Close140.188Dec 9, 2020Close142.344Dec 30, 2020Close143.281Jan 21, 2021Close142.563Feb 10, 2021Close141.281Mar 3, 2021Close131.656Mar 23, 2021Close132.188Apr 12, 2021Close129.688Apr 30, 2021Close132.469May 20, 2021Close132.313Jun 10, 2021Close137.344Jun 30, 2021Close138.156Jul 21, 2021Close139.438Aug 10, 2021Close140.250Aug 30, 2021Close141.719Sep 20, 2021Close141.344Oct 8, 2021Close137.656Oct 29, 2021Close138.938Nov 19, 2021Close145.031Dec 10, 2021Close140.406Dec 31, 2021Close142.344Jan 21, 2022Close133.219Feb 10, 2022Close127.438Mar 3, 2022Close133.469Mar 23, 2022Close130.406Apr 12, 2022Close120.594May 3, 2022Close115.594May 23, 2022Close110.344Jun 13, 2022Close105.344Jul 5, 2022Close105.250Jul 25, 2022Close106.281Aug 12, 2022Close105.969Sep 1, 2022Close101.656Sep 22, 2022Close95.656Oct 13, 2022Close89.125Nov 2, 2022Close91.438Nov 23, 2022Close94.938Dec 14, 2022Close97.031Jan 5, 2023Close94.531Jan 26, 2023Close99.750Feb 15, 2023Close95.063Mar 8, 2023Close93.688Mar 28, 2023Close95.844Apr 17, 2023Close95.750May 5, 2023Close95.875May 25, 2023Close93.219Jun 15, 2023Close94.188Jul 7, 2023Close91.250Jul 27, 2023Close91.438Aug 16, 2023Close87.063Sep 6, 2023Close87.219Sep 26, 2023Close83.469Oct 17, 2023Close80.938Nov 6, 2023Close83.000Nov 27, 2023Close84.438Dec 15, 2023Close90.969Jan 8, 2024Close88.563Jan 29, 2024Close88.313Feb 16, 2024Close86.563Mar 8, 2024Close88.938Mar 28, 2024Close87.750Apr 17, 2024Close83.531May 7, 2024Close85.031May 28, 2024Close84.500Jun 17, 2024Close87.031Jul 9, 2024Close86.406Jul 29, 2024Close87.281Aug 16, 2024Close88.875Sep 6, 2024Close90.375Sep 26, 2024Close90.938Oct 17, 2024Close88.844Nov 6, 2024Close86.563Nov 27, 2024Close86.969Dec 18, 2024Close84.531Jan 9, 2025Close81.781Jan 30, 2025Close84.844Feb 20, 2025Close85.531Mar 12, 2025Close85.719Apr 1, 2025Close87.313Apr 21, 2025Close81.469May 9, 2025Close83.031May 30, 2025Close83.031Jun 20, 2025Close83.063Jul 11, 2025Close82.531Jul 31, 2025Close83.250Aug 20, 2025Close82.906Sep 10, 2025Close85.875Sep 30, 2025Close85.438Oct 21, 2025Close87.375Nov 10, 2025Close85.563Dec 2, 2025Close84.719Dec 22, 2025Close83.531Jan 13, 2026Close84.344Feb 3, 2026Close83.969Feb 24, 2026Close85.938Mar 16, 2026Close84.063Apr 3, 2026Close83.219Apr 23, 2026Close83.719May 13, 2026Close82.531Jun 3, 2026Close82.531Jun 24, 2026Close82.281Jul 15, 2026Close80.031Aug 4, 2026Close78.938Aug 24, 2026Close79.219Sep 9, 2026Close79.031
The most recent 20 trading days of prices for 912810RF7.
DateBidOfferClose
Sep 9, 202678.90678.81379.031
Sep 8, 202679.42279.34479.281
Sep 4, 202679.26679.18879.250
Sep 3, 202679.56379.50079.250
Sep 2, 202679.06379.00079.000
Sep 1, 202679.06379.00078.938
Aug 31, 202678.82878.78178.906
Aug 28, 202679.73479.65679.250
Aug 27, 202679.89179.84479.781
Aug 26, 202679.81379.75079.781
Aug 25, 202679.82879.75079.844
Aug 24, 202679.45379.40679.219
Aug 21, 202679.12579.06378.781
Aug 20, 202679.06379.00079.406
Aug 19, 202679.50079.43879.469
Aug 18, 202678.25078.18878.375
Aug 17, 202678.31378.25078.000
Aug 14, 202678.53178.46978.594
Aug 13, 202679.09479.03178.938
Aug 12, 202678.81378.75078.625

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 912810RF7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 20, 2014Feb 28, 2014New issue$9.0bn$9.0bn2.34x1.495%
Jun 19, 2014Jun 30, 2014Reopening$7.0bn$7.0bn2.76x1.116%
Oct 23, 2014Oct 31, 2014Reopening$7.0bn$7.0bn2.29x0.985%

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.

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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.