Inflation-linked (TIPS)

912810RW0 · 0.875% due February 15, 2047

Original term
30-Year
Maturity
Feb 15, 2047
Coupon
0.875%
Pays
Semi-Annual
Dated
Feb 15, 2017
First coupon
Aug 15, 2017
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$25.74bn
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
2.990%
Index ratio
1.3834
Real duration
17.989 yr
DV01
0.1222
Convexity
357.705
Real clean price
67.844
Accrued (real)
0.062
Real dirty price
67.906
Indexed principal
138.340
Money clean price
93.855

The index ratio is a multiplier, not a percentage: 1.3834 means the principal is worth that many times its original face today. So the real clean price of 67.844 is not what a buyer pays , multiply by the ratio to get 93.855 per 100 of original face.

Against the fitted real curve

Priced 1.0 bp cheap to the real curve on that day, 11.80 cents per 100 of face.

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

Real yield, 2,386 observations

-1%0%1%2%3%4%Feb 28, 2017Sep 9, 2026Feb 28, 2017Real yield0.866%Mar 14, 2017Real yield1.085%Mar 28, 2017Real yield0.942%Apr 11, 2017Real yield0.912%Apr 26, 2017Real yield0.939%May 10, 2017Real yield1.051%May 24, 2017Real yield0.968%Jun 8, 2017Real yield0.945%Jun 22, 2017Real yield0.875%Jul 7, 2017Real yield1.062%Jul 21, 2017Real yield0.963%Aug 4, 2017Real yield0.973%Aug 18, 2017Real yield0.928%Sep 1, 2017Real yield0.897%Sep 18, 2017Real yield0.861%Oct 2, 2017Real yield0.953%Oct 17, 2017Real yield0.893%Oct 31, 2017Real yield0.921%Nov 14, 2017Real yield0.890%Nov 29, 2017Real yield0.882%Dec 13, 2017Real yield0.793%Dec 28, 2017Real yield0.754%Jan 12, 2018Real yield0.812%Jan 29, 2018Real yield0.812%Feb 12, 2018Real yield1.010%Feb 27, 2018Real yield1.026%Mar 13, 2018Real yield1.002%Mar 27, 2018Real yield0.953%Apr 11, 2018Real yield0.884%Apr 25, 2018Real yield1.032%May 9, 2018Real yield0.974%May 23, 2018Real yield1.027%Jun 7, 2018Real yield0.946%Jun 21, 2018Real yield0.931%Jul 6, 2018Real yield0.812%Jul 20, 2018Real yield0.917%Aug 3, 2018Real yield0.954%Aug 17, 2018Real yield0.922%Aug 31, 2018Real yield0.914%Sep 17, 2018Real yield1.009%Oct 1, 2018Real yield1.095%Oct 16, 2018Real yield1.193%Oct 30, 2018Real yield1.293%Nov 14, 2018Real yield1.302%Nov 29, 2018Real yield1.281%Dec 14, 2018Real yield1.236%Dec 31, 2018Real yield1.220%Jan 15, 2019Real yield1.222%Jan 30, 2019Real yield1.174%Feb 13, 2019Real yield1.151%Feb 28, 2019Real yield1.132%Mar 14, 2019Real yield1.080%Mar 28, 2019Real yield0.945%Apr 11, 2019Real yield0.988%Apr 26, 2019Real yield0.926%May 10, 2019Real yield0.957%May 24, 2019Real yield0.899%Jun 10, 2019Real yield0.834%Jun 24, 2019Real yield0.774%Jul 9, 2019Real yield0.772%Jul 23, 2019Real yield0.782%Aug 6, 2019Real yield0.614%Aug 20, 2019Real yield0.499%Sep 4, 2019Real yield0.404%Sep 18, 2019Real yield0.607%Oct 2, 2019Real yield0.528%Oct 17, 2019Real yield0.601%Oct 31, 2019Real yield0.559%Nov 15, 2019Real yield0.599%Dec 2, 2019Real yield0.548%Dec 16, 2019Real yield0.528%Dec 31, 2019Real yield0.581%Jan 15, 2020Real yield0.441%Jan 30, 2020Real yield0.308%Feb 13, 2020Real yield0.339%Feb 28, 2020Real yield0.126%Mar 13, 2020Real yield0.454%Mar 27, 2020Real yield-0.020%Apr 13, 2020Real yield-0.129%Apr 27, 2020Real yield-0.232%May 11, 2020Real yield-0.035%May 26, 2020Real yield-0.020%Jun 9, 2020Real yield0.055%Jun 23, 2020Real yield-0.128%Jul 8, 2020Real yield-0.178%Jul 22, 2020Real yield-0.308%Aug 5, 2020Real yield-0.439%Aug 19, 2020Real yield-0.316%Sep 2, 2020Real yield-0.391%Sep 17, 2020Real yield-0.315%Oct 1, 2020Real yield-0.329%Oct 16, 2020Real yield-0.320%Oct 30, 2020Real yield-0.223%Nov 16, 2020Real yield-0.218%Dec 1, 2020Real yield-0.301%Dec 15, 2020Real yield-0.350%Dec 30, 2020Real yield-0.355%Jan 14, 2021Real yield-0.251%Jan 29, 2021Real yield-0.308%Feb 12, 2021Real yield-0.201%Mar 1, 2021Real yield0.074%Mar 15, 2021Real yield0.119%Mar 29, 2021Real yield0.074%Apr 12, 2021Real yield0.113%Apr 26, 2021Real yield-0.042%May 10, 2021Real yield-0.059%May 24, 2021Real yield-0.029%Jun 8, 2021Real yield-0.111%Jun 22, 2021Real yield-0.182%Jul 7, 2021Real yield-0.294%Jul 21, 2021Real yield-0.269%Aug 4, 2021Real yield-0.395%Aug 18, 2021Real yield-0.315%Sep 1, 2021Real yield-0.332%Sep 16, 2021Real yield-0.365%Sep 30, 2021Real yield-0.200%Oct 15, 2021Real yield-0.336%Oct 29, 2021Real yield-0.297%Nov 15, 2021Real yield-0.476%Nov 30, 2021Real yield-0.501%Dec 14, 2021Real yield-0.367%Dec 29, 2021Real yield-0.374%Jan 12, 2022Real yield-0.151%Jan 27, 2022Real yield-0.087%Feb 10, 2022Real yield0.136%Feb 25, 2022Real yield0.111%Mar 11, 2022Real yield-0.193%Mar 25, 2022Real yield0.117%Apr 8, 2022Real yield0.337%Apr 25, 2022Real yield0.407%May 9, 2022Real yield0.809%May 23, 2022Real yield0.850%Jun 7, 2022Real yield0.769%Jun 22, 2022Real yield0.995%Jul 7, 2022Real yield1.212%Jul 21, 2022Real yield1.153%Aug 4, 2022Real yield0.954%Aug 18, 2022Real yield1.043%Sep 1, 2022Real yield1.295%Sep 16, 2022Real yield1.486%Sep 30, 2022Real yield2.014%Oct 17, 2022Real yield1.932%Oct 31, 2022Real yield1.908%Nov 15, 2022Real yield1.790%Nov 30, 2022Real yield1.670%Dec 14, 2022Real yield1.535%Dec 29, 2022Real yield1.782%Jan 13, 2023Real yield1.567%Jan 30, 2023Real yield1.506%Feb 13, 2023Real yield1.629%Feb 28, 2023Real yield1.693%Mar 14, 2023Real yield1.602%Mar 28, 2023Real yield1.609%Apr 11, 2023Real yield1.492%Apr 25, 2023Real yield1.523%May 9, 2023Real yield1.701%May 23, 2023Real yield1.729%Jun 7, 2023Real yield1.791%Jun 22, 2023Real yield1.714%Jul 7, 2023Real yield1.877%Jul 21, 2023Real yield1.716%Aug 4, 2023Real yield1.964%Aug 18, 2023Real yield2.173%Sep 1, 2023Real yield2.114%Sep 18, 2023Real yield2.126%Oct 2, 2023Real yield2.493%Oct 17, 2023Real yield2.572%Oct 31, 2023Real yield2.620%Nov 14, 2023Real yield2.359%Nov 29, 2023Real yield2.268%Dec 13, 2023Real yield2.115%Dec 28, 2023Real yield1.956%Jan 12, 2024Real yield2.047%Jan 29, 2024Real yield2.117%Feb 12, 2024Real yield2.200%Feb 27, 2024Real yield2.222%Mar 12, 2024Real yield2.117%Mar 26, 2024Real yield2.206%Apr 9, 2024Real yield2.246%Apr 23, 2024Real yield2.442%May 7, 2024Real yield2.334%May 21, 2024Real yield2.263%Jun 5, 2024Real yield2.171%Jun 20, 2024Real yield2.167%Jul 5, 2024Real yield2.210%Jul 19, 2024Real yield2.196%Aug 2, 2024Real yield2.071%Aug 16, 2024Real yield2.088%Aug 30, 2024Real yield2.066%Sep 16, 2024Real yield1.857%Sep 30, 2024Real yield1.981%Oct 15, 2024Real yield2.072%Oct 29, 2024Real yield2.252%Nov 13, 2024Real yield2.345%Nov 27, 2024Real yield2.242%Dec 12, 2024Real yield2.314%Dec 27, 2024Real yield2.530%Jan 13, 2025Real yield2.632%Jan 28, 2025Real yield2.414%Feb 11, 2025Real yield2.366%Feb 26, 2025Real yield2.222%Mar 12, 2025Real yield2.363%Mar 26, 2025Real yield2.395%Apr 9, 2025Real yield2.515%Apr 23, 2025Real yield2.601%May 7, 2025Real yield2.545%May 21, 2025Real yield2.758%Jun 5, 2025Real yield2.614%Jun 20, 2025Real yield2.604%Jul 7, 2025Real yield2.630%Jul 21, 2025Real yield2.598%Aug 4, 2025Real yield2.530%Aug 18, 2025Real yield2.666%Sep 2, 2025Real yield2.651%Sep 16, 2025Real yield2.382%Sep 30, 2025Real yield2.460%Oct 15, 2025Real yield2.391%Oct 29, 2025Real yield2.347%Nov 13, 2025Real yield2.447%Nov 28, 2025Real yield2.462%Dec 12, 2025Real yield2.595%Dec 29, 2025Real yield2.577%Jan 13, 2026Real yield2.559%Jan 28, 2026Real yield2.553%Feb 11, 2026Real yield2.528%Feb 26, 2026Real yield2.410%Mar 12, 2026Real yield2.617%Mar 26, 2026Real yield2.703%Apr 9, 2026Real yield2.656%Apr 23, 2026Real yield2.638%May 7, 2026Real yield2.679%May 21, 2026Real yield2.805%Jun 5, 2026Real yield2.753%Jun 22, 2026Real yield2.771%Jul 7, 2026Real yield2.870%Jul 21, 2026Real yield2.954%Aug 4, 2026Real yield3.001%Aug 18, 2026Real yield3.056%Sep 1, 2026Real yield2.998%Sep 9, 2026Real yield2.990%

Price history

2,386 trading days to Sep 9, 2026

6080100120140Feb 28, 2017Sep 9, 2026Feb 28, 2017Close100.250Mar 14, 2017Close94.656Mar 28, 2017Close98.250Apr 11, 2017Close99.031Apr 26, 2017Close98.344May 10, 2017Close95.500May 24, 2017Close97.594Jun 8, 2017Close98.188Jun 22, 2017Close100.000Jul 7, 2017Close95.250Jul 21, 2017Close97.750Aug 4, 2017Close97.500Aug 18, 2017Close98.625Sep 1, 2017Close99.438Sep 18, 2017Close100.375Oct 2, 2017Close98.000Oct 17, 2017Close99.531Oct 31, 2017Close98.813Nov 14, 2017Close99.625Nov 29, 2017Close99.813Dec 13, 2017Close102.125Dec 28, 2017Close103.156Jan 12, 2018Close101.625Jan 29, 2018Close101.625Feb 12, 2018Close96.625Feb 27, 2018Close96.219Mar 13, 2018Close96.813Mar 27, 2018Close98.031Apr 11, 2018Close99.781Apr 25, 2018Close96.094May 9, 2018Close97.531May 23, 2018Close96.219Jun 7, 2018Close98.219Jun 21, 2018Close98.594Jul 6, 2018Close101.594Jul 20, 2018Close98.938Aug 3, 2018Close98.031Aug 17, 2018Close98.813Aug 31, 2018Close99.031Sep 17, 2018Close96.688Oct 1, 2018Close94.656Oct 16, 2018Close92.375Oct 30, 2018Close90.125Nov 14, 2018Close89.938Nov 29, 2018Close90.406Dec 14, 2018Close91.438Dec 31, 2018Close91.813Jan 15, 2019Close91.781Jan 30, 2019Close92.875Feb 13, 2019Close93.406Feb 28, 2019Close93.844Mar 14, 2019Close95.063Mar 28, 2019Close98.281Apr 11, 2019Close97.250Apr 26, 2019Close98.750May 10, 2019Close98.000May 24, 2019Close99.406Jun 10, 2019Close101.000Jun 24, 2019Close102.500Jul 9, 2019Close102.563Jul 23, 2019Close102.313Aug 6, 2019Close106.594Aug 20, 2019Close109.656Sep 4, 2019Close112.219Sep 18, 2019Close106.750Oct 2, 2019Close108.844Oct 17, 2019Close106.906Oct 31, 2019Close108.000Nov 15, 2019Close106.938Dec 2, 2019Close108.250Dec 16, 2019Close108.781Dec 31, 2019Close107.375Jan 15, 2020Close111.063Jan 30, 2020Close114.688Feb 13, 2020Close113.813Feb 28, 2020Close119.844Mar 13, 2020Close110.656Mar 27, 2020Close124.125Apr 13, 2020Close127.438Apr 27, 2020Close130.625May 11, 2020Close124.469May 26, 2020Close123.969Jun 9, 2020Close121.719Jun 23, 2020Close127.188Jul 8, 2020Close128.688Jul 22, 2020Close132.781Aug 5, 2020Close137.000Aug 19, 2020Close132.938Sep 2, 2020Close135.313Sep 17, 2020Close132.781Oct 1, 2020Close133.188Oct 16, 2020Close132.844Oct 30, 2020Close129.750Nov 16, 2020Close129.531Dec 1, 2020Close132.094Dec 15, 2020Close133.594Dec 30, 2020Close133.688Jan 14, 2021Close130.375Jan 29, 2021Close132.094Feb 12, 2021Close128.719Mar 1, 2021Close120.594Mar 15, 2021Close119.281Mar 29, 2021Close120.531Apr 12, 2021Close119.406Apr 26, 2021Close123.781May 10, 2021Close124.250May 24, 2021Close123.344Jun 8, 2021Close125.688Jun 22, 2021Close127.750Jul 7, 2021Close131.125Jul 21, 2021Close130.313Aug 4, 2021Close134.156Aug 18, 2021Close131.594Sep 1, 2021Close132.094Sep 16, 2021Close133.063Sep 30, 2021Close128.000Oct 15, 2021Close132.031Oct 29, 2021Close130.813Nov 15, 2021Close136.281Nov 30, 2021Close137.031Dec 14, 2021Close132.781Dec 29, 2021Close132.938Jan 12, 2022Close126.250Jan 27, 2022Close124.375Feb 10, 2022Close118.156Feb 25, 2022Close118.813Mar 11, 2022Close127.281Mar 25, 2022Close118.594Apr 8, 2022Close112.813Apr 25, 2022Close111.031May 9, 2022Close101.469May 23, 2022Close100.563Jun 7, 2022Close102.375Jun 22, 2022Close97.375Jul 7, 2022Close92.844Jul 21, 2022Close94.063Aug 4, 2022Close98.281Aug 18, 2022Close96.375Sep 1, 2022Close91.219Sep 16, 2022Close87.531Sep 30, 2022Close78.156Oct 17, 2022Close79.563Oct 31, 2022Close80.000Nov 15, 2022Close82.063Nov 30, 2022Close84.219Dec 14, 2022Close86.719Dec 29, 2022Close82.281Jan 13, 2023Close86.156Jan 30, 2023Close87.313Feb 13, 2023Close85.063Feb 28, 2023Close83.938Mar 14, 2023Close85.594Mar 28, 2023Close85.500Apr 11, 2023Close87.656Apr 25, 2023Close87.094May 9, 2023Close83.906May 23, 2023Close83.438Jun 7, 2023Close82.375Jun 22, 2023Close83.750Jul 7, 2023Close80.969Jul 21, 2023Close83.750Aug 4, 2023Close79.563Aug 18, 2023Close76.219Sep 1, 2023Close77.188Sep 18, 2023Close77.031Oct 2, 2023Close71.469Oct 17, 2023Close70.375Oct 31, 2023Close69.719Nov 14, 2023Close73.563Nov 29, 2023Close74.969Dec 13, 2023Close77.375Dec 28, 2023Close79.969Jan 12, 2024Close78.531Jan 29, 2024Close77.438Feb 12, 2024Close76.188Feb 27, 2024Close75.875Mar 12, 2024Close77.531Mar 26, 2024Close76.188Apr 9, 2024Close75.594Apr 23, 2024Close72.719May 7, 2024Close74.344May 21, 2024Close75.438Jun 5, 2024Close76.875Jun 20, 2024Close76.969Jul 5, 2024Close76.344Jul 19, 2024Close76.594Aug 2, 2024Close78.563Aug 16, 2024Close78.313Aug 30, 2024Close78.688Sep 16, 2024Close82.063Sep 30, 2024Close80.094Oct 15, 2024Close78.688Oct 29, 2024Close75.969Nov 13, 2024Close74.625Nov 27, 2024Close76.188Dec 12, 2024Close75.156Dec 27, 2024Close72.094Jan 13, 2025Close70.719Jan 28, 2025Close73.813Feb 11, 2025Close74.531Feb 26, 2025Close76.688Mar 12, 2025Close74.656Mar 26, 2025Close74.219Apr 9, 2025Close72.563Apr 23, 2025Close71.406May 7, 2025Close72.219May 21, 2025Close69.375Jun 5, 2025Close71.344Jun 20, 2025Close71.531Jul 7, 2025Close71.219Jul 21, 2025Close71.688Aug 4, 2025Close72.656Aug 18, 2025Close70.844Sep 2, 2025Close71.094Sep 16, 2025Close74.844Sep 30, 2025Close73.781Oct 15, 2025Close74.781Oct 29, 2025Close75.438Nov 13, 2025Close74.063Nov 28, 2025Close73.906Dec 12, 2025Close72.125Dec 29, 2025Close72.406Jan 13, 2026Close72.688Jan 28, 2026Close72.813Feb 11, 2026Close73.188Feb 26, 2026Close74.844Mar 12, 2026Close72.063Mar 26, 2026Close70.969Apr 9, 2026Close71.625Apr 23, 2026Close71.906May 7, 2026Close71.406May 21, 2026Close69.813Jun 5, 2026Close70.531Jun 22, 2026Close70.344Jul 7, 2026Close69.125Jul 21, 2026Close68.125Aug 4, 2026Close67.594Aug 18, 2026Close66.969Sep 1, 2026Close67.719Sep 9, 2026Close67.844
The most recent 20 trading days of prices for 912810RW0.
DateBidOfferClose
Sep 9, 202667.70367.62567.844
Sep 8, 202668.25068.18868.125
Sep 4, 202668.04767.96968.063
Sep 3, 202668.34468.28168.031
Sep 2, 202667.84467.78167.813
Sep 1, 202667.84467.78167.719
Aug 31, 202667.59467.53167.656
Aug 28, 202668.56368.50068.031
Aug 27, 202668.64168.59468.531
Aug 26, 202668.54768.50068.531
Aug 25, 202668.54768.46968.563
Aug 24, 202668.15668.09467.906
Aug 21, 202667.78167.71967.469
Aug 20, 202667.70367.65668.094
Aug 19, 202668.15668.09468.125
Aug 18, 202666.81366.75066.969
Aug 17, 202666.93866.87566.563
Aug 14, 202667.15667.09467.281
Aug 13, 202667.75067.68867.594
Aug 12, 202667.46967.40667.281

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 912810RW0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 16, 2017Feb 28, 2017New issue$7.0bn$8.0bn2.25x0.923%
Jun 22, 2017Jun 30, 2017Reopening$5.0bn$5.6bn2.83x0.880%
Oct 19, 2017Oct 31, 2017Reopening$5.0bn$5.1bn2.64x0.908%

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.