Inflation-linked (TIPS)

912810RR1 · 1% due February 15, 2046

Original term
30-Year
Maturity
Feb 15, 2046
Coupon
1.000%
Pays
Semi-Annual
Dated
Feb 15, 2016
First coupon
Aug 15, 2016
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$28.55bn
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
2.979%
Index ratio
1.4094
Real duration
17.011 yr
DV01
0.1208
Convexity
321.418
Real clean price
70.969
Accrued (real)
0.071
Real dirty price
71.039
Indexed principal
140.937
Money clean price
100.021

The index ratio is a multiplier, not a percentage: 1.4094 means the principal is worth that many times its original face today. So the real clean price of 70.969 is not what a buyer pays , multiply by the ratio to get 100.021 per 100 of original face.

Against the fitted real curve

Priced 2.6 bp cheap to the real curve on that day, 31.50 cents per 100 of face.

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

Real yield, 2,636 observations

-1%0%1%2%3%4%Feb 29, 2016Sep 9, 2026Feb 29, 2016Real yield1.002%Mar 15, 2016Real yield1.111%Mar 31, 2016Real yield0.830%Apr 15, 2016Real yield0.841%May 2, 2016Real yield0.885%May 17, 2016Real yield0.797%Jun 2, 2016Real yield0.883%Jun 17, 2016Real yield0.852%Jul 5, 2016Real yield0.557%Jul 20, 2016Real yield0.674%Aug 4, 2016Real yield0.622%Aug 19, 2016Real yield0.630%Sep 6, 2016Real yield0.538%Sep 21, 2016Real yield0.686%Oct 6, 2016Real yield0.682%Oct 24, 2016Real yield0.685%Nov 8, 2016Real yield0.731%Nov 25, 2016Real yield0.931%Dec 12, 2016Real yield1.044%Dec 28, 2016Real yield1.021%Jan 13, 2017Real yield0.894%Jan 31, 2017Real yield0.927%Feb 15, 2017Real yield0.930%Mar 3, 2017Real yield0.965%Mar 20, 2017Real yield1.005%Apr 4, 2017Real yield0.931%Apr 20, 2017Real yield0.924%May 5, 2017Real yield1.020%May 22, 2017Real yield0.956%Jun 7, 2017Real yield0.941%Jun 22, 2017Real yield0.885%Jul 10, 2017Real yield1.085%Jul 25, 2017Real yield1.042%Aug 9, 2017Real yield0.934%Aug 24, 2017Real yield0.937%Sep 11, 2017Real yield0.849%Sep 26, 2017Real yield0.883%Oct 12, 2017Real yield0.910%Oct 27, 2017Real yield0.975%Nov 13, 2017Real yield0.916%Nov 29, 2017Real yield0.892%Dec 14, 2017Real yield0.782%Jan 2, 2018Real yield0.776%Jan 18, 2018Real yield0.815%Feb 2, 2018Real yield0.903%Feb 20, 2018Real yield1.014%Mar 7, 2018Real yield1.030%Mar 22, 2018Real yield0.973%Apr 9, 2018Real yield0.920%Apr 24, 2018Real yield1.015%May 9, 2018Real yield0.976%May 24, 2018Real yield1.009%Jun 11, 2018Real yield0.972%Jun 26, 2018Real yield0.908%Jul 12, 2018Real yield0.844%Jul 27, 2018Real yield0.955%Aug 13, 2018Real yield0.930%Aug 28, 2018Real yield0.909%Sep 13, 2018Real yield0.987%Sep 28, 2018Real yield1.043%Oct 16, 2018Real yield1.195%Oct 31, 2018Real yield1.314%Nov 16, 2018Real yield1.260%Dec 4, 2018Real yield1.167%Dec 20, 2018Real yield1.166%Jan 8, 2019Real yield1.159%Jan 24, 2019Real yield1.210%Feb 8, 2019Real yield1.110%Feb 26, 2019Real yield1.067%Mar 13, 2019Real yield1.074%Mar 28, 2019Real yield0.949%Apr 12, 2019Real yield1.008%Apr 30, 2019Real yield0.951%May 15, 2019Real yield0.934%May 31, 2019Real yield0.759%Jun 17, 2019Real yield0.884%Jul 2, 2019Real yield0.810%Jul 18, 2019Real yield0.764%Aug 2, 2019Real yield0.709%Aug 19, 2019Real yield0.511%Sep 4, 2019Real yield0.404%Sep 19, 2019Real yield0.579%Oct 4, 2019Real yield0.437%Oct 22, 2019Real yield0.583%Nov 6, 2019Real yield0.549%Nov 22, 2019Real yield0.490%Dec 10, 2019Real yield0.500%Dec 26, 2019Real yield0.539%Jan 13, 2020Real yield0.479%Jan 29, 2020Real yield0.326%Feb 13, 2020Real yield0.340%Mar 2, 2020Real yield0.122%Mar 17, 2020Real yield0.733%Apr 1, 2020Real yield0.074%Apr 17, 2020Real yield-0.016%May 4, 2020Real yield-0.102%May 19, 2020Real yield-0.048%Jun 4, 2020Real yield0.073%Jun 19, 2020Real yield-0.077%Jul 7, 2020Real yield-0.206%Jul 22, 2020Real yield-0.301%Aug 6, 2020Real yield-0.437%Aug 21, 2020Real yield-0.324%Sep 8, 2020Real yield-0.335%Sep 23, 2020Real yield-0.297%Oct 8, 2020Real yield-0.281%Oct 26, 2020Real yield-0.272%Nov 10, 2020Real yield-0.166%Nov 27, 2020Real yield-0.329%Dec 14, 2020Real yield-0.347%Dec 30, 2020Real yield-0.354%Jan 15, 2021Real yield-0.281%Feb 2, 2021Real yield-0.307%Feb 18, 2021Real yield-0.104%Mar 5, 2021Real yield0.079%Mar 22, 2021Real yield0.063%Apr 6, 2021Real yield0.089%Apr 21, 2021Real yield0.005%May 6, 2021Real yield-0.048%May 21, 2021Real yield0.002%Jun 8, 2021Real yield-0.114%Jun 23, 2021Real yield-0.179%Jul 9, 2021Real yield-0.242%Jul 26, 2021Real yield-0.381%Aug 10, 2021Real yield-0.304%Aug 25, 2021Real yield-0.284%Sep 10, 2021Real yield-0.365%Sep 27, 2021Real yield-0.268%Oct 13, 2021Real yield-0.327%Oct 28, 2021Real yield-0.369%Nov 15, 2021Real yield-0.473%Dec 1, 2021Real yield-0.480%Dec 16, 2021Real yield-0.333%Jan 3, 2022Real yield-0.342%Jan 19, 2022Real yield-0.016%Feb 3, 2022Real yield0.021%Feb 18, 2022Real yield0.149%Mar 8, 2022Real yield-0.281%Mar 23, 2022Real yield0.004%Apr 7, 2022Real yield0.328%Apr 25, 2022Real yield0.424%May 10, 2022Real yield0.837%May 25, 2022Real yield0.837%Jun 10, 2022Real yield0.886%Jun 28, 2022Real yield1.151%Jul 14, 2022Real yield1.141%Jul 29, 2022Real yield0.871%Aug 15, 2022Real yield1.083%Aug 30, 2022Real yield1.102%Sep 15, 2022Real yield1.430%Sep 30, 2022Real yield2.040%Oct 18, 2022Real yield1.979%Nov 2, 2022Real yield1.856%Nov 18, 2022Real yield1.860%Dec 6, 2022Real yield1.394%Dec 21, 2022Real yield1.654%Jan 9, 2023Real yield1.542%Jan 25, 2023Real yield1.446%Feb 9, 2023Real yield1.577%Feb 27, 2023Real yield1.730%Mar 14, 2023Real yield1.601%Mar 29, 2023Real yield1.609%Apr 13, 2023Real yield1.508%Apr 28, 2023Real yield1.604%May 15, 2023Real yield1.664%May 31, 2023Real yield1.708%Jun 15, 2023Real yield1.707%Jul 3, 2023Real yield1.709%Jul 19, 2023Real yield1.710%Aug 3, 2023Real yield2.088%Aug 18, 2023Real yield2.171%Sep 5, 2023Real yield2.169%Sep 20, 2023Real yield2.143%Oct 5, 2023Real yield2.585%Oct 23, 2023Real yield2.639%Nov 7, 2023Real yield2.363%Nov 22, 2023Real yield2.321%Dec 8, 2023Real yield2.173%Dec 26, 2023Real yield2.002%Jan 11, 2024Real yield2.079%Jan 29, 2024Real yield2.111%Feb 13, 2024Real yield2.256%Feb 29, 2024Real yield2.163%Mar 15, 2024Real yield2.233%Apr 1, 2024Real yield2.244%Apr 16, 2024Real yield2.476%May 1, 2024Real yield2.446%May 16, 2024Real yield2.254%Jun 3, 2024Real yield2.253%Jun 18, 2024Real yield2.149%Jul 5, 2024Real yield2.211%Jul 22, 2024Real yield2.226%Aug 6, 2024Real yield2.070%Aug 21, 2024Real yield1.991%Sep 6, 2024Real yield1.995%Sep 23, 2024Real yield1.935%Oct 8, 2024Real yield2.085%Oct 24, 2024Real yield2.193%Nov 8, 2024Real yield2.193%Nov 26, 2024Real yield2.278%Dec 12, 2024Real yield2.319%Dec 30, 2024Real yield2.516%Jan 15, 2025Real yield2.557%Jan 31, 2025Real yield2.448%Feb 18, 2025Real yield2.404%Mar 5, 2025Real yield2.288%Mar 20, 2025Real yield2.291%Apr 4, 2025Real yield2.241%Apr 21, 2025Real yield2.688%May 6, 2025Real yield2.543%May 21, 2025Real yield2.730%Jun 6, 2025Real yield2.658%Jun 24, 2025Real yield2.552%Jul 10, 2025Real yield2.555%Jul 25, 2025Real yield2.567%Aug 11, 2025Real yield2.529%Aug 26, 2025Real yield2.575%Sep 11, 2025Real yield2.367%Sep 26, 2025Real yield2.466%Oct 14, 2025Real yield2.350%Oct 29, 2025Real yield2.325%Nov 14, 2025Real yield2.457%Dec 2, 2025Real yield2.487%Dec 17, 2025Real yield2.571%Jan 5, 2026Real yield2.567%Jan 21, 2026Real yield2.552%Feb 5, 2026Real yield2.538%Feb 23, 2026Real yield2.431%Mar 10, 2026Real yield2.516%Mar 25, 2026Real yield2.659%Apr 9, 2026Real yield2.633%Apr 24, 2026Real yield2.608%May 11, 2026Real yield2.674%May 27, 2026Real yield2.704%Jun 11, 2026Real yield2.717%Jun 29, 2026Real yield2.684%Jul 15, 2026Real yield2.899%Jul 30, 2026Real yield3.028%Aug 14, 2026Real yield3.022%Aug 31, 2026Real yield2.992%Sep 9, 2026Real yield2.979%

Price history

2,636 trading days to Sep 9, 2026

6080100120140160Feb 29, 2016Sep 9, 2026Feb 29, 2016Close99.938Mar 15, 2016Close97.188Mar 31, 2016Close104.500Apr 15, 2016Close104.188May 2, 2016Close103.000May 17, 2016Close105.375Jun 2, 2016Close103.063Jun 17, 2016Close103.875Jul 5, 2016Close112.063Jul 20, 2016Close108.719Aug 4, 2016Close110.188Aug 19, 2016Close109.938Sep 6, 2016Close112.563Sep 21, 2016Close108.344Oct 6, 2016Close108.438Oct 24, 2016Close108.344Nov 8, 2016Close107.063Nov 25, 2016Close101.750Dec 12, 2016Close98.906Dec 28, 2016Close99.469Jan 13, 2017Close102.719Jan 31, 2017Close101.844Feb 15, 2017Close101.781Mar 3, 2017Close100.875Mar 20, 2017Close99.875Apr 4, 2017Close101.750Apr 20, 2017Close101.906May 5, 2017Close99.500May 22, 2017Close101.094Jun 7, 2017Close101.469Jun 22, 2017Close102.906Jul 10, 2017Close97.906Jul 25, 2017Close98.969Aug 9, 2017Close101.656Aug 24, 2017Close101.563Sep 11, 2017Close103.813Sep 26, 2017Close102.938Oct 12, 2017Close102.250Oct 27, 2017Close100.625Nov 13, 2017Close102.094Nov 29, 2017Close102.688Dec 14, 2017Close105.500Jan 2, 2018Close105.656Jan 18, 2018Close104.625Feb 2, 2018Close102.406Feb 20, 2018Close99.656Mar 7, 2018Close99.281Mar 22, 2018Close100.656Apr 9, 2018Close101.969Apr 24, 2018Close99.625May 9, 2018Close100.594May 24, 2018Close99.781Jun 11, 2018Close100.688Jun 26, 2018Close102.250Jul 12, 2018Close103.844Jul 27, 2018Close101.094Aug 13, 2018Close101.688Aug 28, 2018Close102.219Sep 13, 2018Close100.313Sep 28, 2018Close98.969Oct 16, 2018Close95.469Oct 31, 2018Close92.813Nov 16, 2018Close94.031Dec 4, 2018Close96.125Dec 20, 2018Close96.156Jan 8, 2019Close96.313Jan 24, 2019Close95.156Feb 8, 2019Close97.438Feb 26, 2019Close98.438Mar 13, 2019Close98.281Mar 28, 2019Close101.219Apr 12, 2019Close99.813Apr 30, 2019Close101.156May 15, 2019Close101.563May 31, 2019Close105.813Jun 17, 2019Close102.750Jul 2, 2019Close104.531Jul 18, 2019Close105.656Aug 2, 2019Close107.031Aug 19, 2019Close112.094Sep 4, 2019Close114.938Sep 19, 2019Close110.281Oct 4, 2019Close114.000Oct 22, 2019Close110.156Nov 6, 2019Close111.031Nov 22, 2019Close112.531Dec 10, 2019Close112.250Dec 26, 2019Close111.219Jan 13, 2020Close112.750Jan 29, 2020Close116.813Feb 13, 2020Close116.406Mar 2, 2020Close122.438Mar 17, 2020Close106.281Apr 1, 2020Close123.719Apr 17, 2020Close126.281May 4, 2020Close128.781May 19, 2020Close127.156Jun 4, 2020Close123.594Jun 19, 2020Close127.906Jul 7, 2020Close131.719Jul 22, 2020Close134.594Aug 6, 2020Close138.844Aug 21, 2020Close135.188Sep 8, 2020Close135.469Sep 23, 2020Close134.219Oct 8, 2020Close133.688Oct 26, 2020Close133.344Nov 10, 2020Close130.094Nov 27, 2020Close134.969Dec 14, 2020Close135.469Dec 30, 2020Close135.625Jan 15, 2021Close133.313Feb 2, 2021Close134.031Feb 18, 2021Close127.969Mar 5, 2021Close122.750Mar 22, 2021Close123.156Apr 6, 2021Close122.406Apr 21, 2021Close124.688May 6, 2021Close126.125May 21, 2021Close124.688Jun 8, 2021Close127.906Jun 23, 2021Close129.719Jul 9, 2021Close131.500Jul 26, 2021Close135.594Aug 10, 2021Close133.219Aug 25, 2021Close132.563Sep 10, 2021Close134.906Sep 27, 2021Close131.969Oct 13, 2021Close133.656Oct 28, 2021Close134.844Nov 15, 2021Close137.906Dec 1, 2021Close138.031Dec 16, 2021Close133.563Jan 3, 2022Close133.750Jan 19, 2022Close124.500Feb 3, 2022Close123.469Feb 18, 2022Close120.031Mar 8, 2022Close131.750Mar 23, 2022Close123.781Apr 7, 2022Close115.406Apr 25, 2022Close113.031May 10, 2022Close103.500May 25, 2022Close103.500Jun 10, 2022Close102.438Jun 28, 2022Close96.875Jul 14, 2022Close97.094Jul 29, 2022Close102.750Aug 15, 2022Close98.281Aug 30, 2022Close97.906Sep 15, 2022Close91.469Sep 30, 2022Close80.750Oct 18, 2022Close81.781Nov 2, 2022Close83.875Nov 18, 2022Close83.844Dec 6, 2022Close92.219Dec 21, 2022Close87.469Jan 9, 2023Close89.500Jan 25, 2023Close91.281Feb 9, 2023Close88.906Feb 27, 2023Close86.219Mar 14, 2023Close88.500Mar 29, 2023Close88.375Apr 13, 2023Close90.219Apr 28, 2023Close88.500May 15, 2023Close87.469May 31, 2023Close86.719Jun 15, 2023Close86.750Jul 3, 2023Close86.750Jul 19, 2023Close86.750Aug 3, 2023Close80.531Aug 18, 2023Close79.250Sep 5, 2023Close79.313Sep 20, 2023Close79.750Oct 5, 2023Close73.219Oct 23, 2023Close72.500Nov 7, 2023Close76.500Nov 22, 2023Close77.156Dec 8, 2023Close79.438Dec 26, 2023Close82.156Jan 11, 2024Close80.969Jan 29, 2024Close80.500Feb 13, 2024Close78.313Feb 29, 2024Close79.750Mar 15, 2024Close78.719Apr 1, 2024Close78.594Apr 16, 2024Close75.219May 1, 2024Close75.688May 16, 2024Close78.531Jun 3, 2024Close78.594Jun 18, 2024Close80.188Jul 5, 2024Close79.281Jul 22, 2024Close79.094Aug 6, 2024Close81.500Aug 21, 2024Close82.750Sep 6, 2024Close82.719Sep 23, 2024Close83.688Oct 8, 2024Close81.375Oct 24, 2024Close79.781Nov 8, 2024Close79.813Nov 26, 2024Close78.594Dec 12, 2024Close78.031Dec 30, 2024Close75.281Jan 15, 2025Close74.750Jan 31, 2025Close76.313Feb 18, 2025Close76.969Mar 5, 2025Close78.656Mar 20, 2025Close78.656Apr 4, 2025Close79.406Apr 21, 2025Close73.219May 6, 2025Close75.219May 21, 2025Close72.750Jun 6, 2025Close73.750Jun 24, 2025Close75.219Jul 10, 2025Close75.219Jul 25, 2025Close75.094Aug 11, 2025Close75.656Aug 26, 2025Close75.063Sep 11, 2025Close77.969Sep 26, 2025Close76.625Oct 14, 2025Close78.281Oct 29, 2025Close78.656Nov 14, 2025Close76.875Dec 2, 2025Close76.500Dec 17, 2025Close75.406Jan 5, 2026Close75.500Jan 21, 2026Close75.750Feb 5, 2026Close75.969Feb 23, 2026Close77.469Mar 10, 2026Close76.344Mar 25, 2026Close74.500Apr 9, 2026Close74.875Apr 24, 2026Close75.250May 11, 2026Close74.438May 27, 2026Close74.094Jun 11, 2026Close73.969Jun 29, 2026Close74.438Jul 15, 2026Close71.781Jul 30, 2026Close70.250Aug 14, 2026Close70.375Aug 31, 2026Close70.781Sep 9, 2026Close70.969
The most recent 20 trading days of prices for 912810RR1.
DateBidOfferClose
Sep 9, 202670.82870.75070.969
Sep 8, 202671.35971.28171.219
Sep 4, 202671.20371.12571.156
Sep 3, 202671.46971.40671.156
Sep 2, 202670.95370.90670.906
Sep 1, 202670.95370.87570.844
Aug 31, 202670.70370.65670.781
Aug 28, 202671.65671.59471.156
Aug 27, 202671.75071.68871.625
Aug 26, 202671.65671.59471.656
Aug 25, 202671.65671.59471.656
Aug 24, 202671.25071.18871.031
Aug 21, 202670.89170.81370.594
Aug 20, 202670.81370.75071.219
Aug 19, 202671.28171.21971.250
Aug 18, 202669.96969.90670.094
Aug 17, 202670.06370.00069.688
Aug 14, 202670.28170.21970.375
Aug 13, 202670.84470.78170.719
Aug 12, 202670.57870.50070.375

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 912810RR1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 18, 2016Feb 29, 2016New issue$7.0bn$9.3bn2.11x1.120%
Jun 22, 2016Jun 30, 2016Reopening$5.0bn$5.7bn2.69x0.905%
Oct 20, 2016Oct 31, 2016Reopening$5.0bn$5.3bn2.28x0.666%

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.