Inflation-linked (TIPS)

912810SG4 · 1% due February 15, 2049

Original term
30-Year
Maturity
Feb 15, 2049
Coupon
1.000%
Pays
Semi-Annual
Dated
Feb 15, 2019
First coupon
Aug 15, 2019
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$19.96bn
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
2.999%
Index ratio
1.3271
Real duration
19.187 yr
DV01
0.1297
Convexity
413.891
Real clean price
67.531
Accrued (real)
0.071
Real dirty price
67.602
Indexed principal
132.709
Money clean price
89.620

The index ratio is a multiplier, not a percentage: 1.3271 means the principal is worth that many times its original face today. So the real clean price of 67.531 is not what a buyer pays , multiply by the ratio to get 89.620 per 100 of original face.

Against the fitted real curve

Priced 1.1 bp rich to the real curve on that day, 13.79 cents per 100 of face.

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

Real yield, 1,886 observations

-1%0%1%2%3%4%Feb 28, 2019Sep 9, 2026Feb 28, 2019Real yield1.113%Mar 12, 2019Real yield1.060%Mar 22, 2019Real yield0.909%Apr 3, 2019Real yield0.989%Apr 15, 2019Real yield0.990%Apr 26, 2019Real yield0.918%May 8, 2019Real yield0.987%May 20, 2019Real yield0.948%May 31, 2019Real yield0.744%Jun 12, 2019Real yield0.827%Jun 24, 2019Real yield0.762%Jul 5, 2019Real yield0.782%Jul 17, 2019Real yield0.751%Jul 29, 2019Real yield0.783%Aug 8, 2019Real yield0.542%Aug 20, 2019Real yield0.477%Aug 30, 2019Real yield0.347%Sep 12, 2019Real yield0.580%Sep 24, 2019Real yield0.452%Oct 4, 2019Real yield0.427%Oct 17, 2019Real yield0.587%Oct 29, 2019Real yield0.643%Nov 8, 2019Real yield0.625%Nov 21, 2019Real yield0.510%Dec 4, 2019Real yield0.468%Dec 16, 2019Real yield0.523%Dec 27, 2019Real yield0.541%Jan 9, 2020Real yield0.517%Jan 22, 2020Real yield0.440%Feb 3, 2020Real yield0.295%Feb 13, 2020Real yield0.335%Feb 26, 2020Real yield0.193%Mar 9, 2020Real yield-0.180%Mar 19, 2020Real yield0.820%Mar 31, 2020Real yield0.153%Apr 13, 2020Real yield-0.130%Apr 23, 2020Real yield-0.184%May 5, 2020Real yield-0.119%May 15, 2020Real yield-0.109%May 28, 2020Real yield-0.053%Jun 9, 2020Real yield0.046%Jun 19, 2020Real yield-0.087%Jul 1, 2020Real yield-0.146%Jul 14, 2020Real yield-0.242%Jul 24, 2020Real yield-0.363%Aug 5, 2020Real yield-0.445%Aug 17, 2020Real yield-0.277%Aug 27, 2020Real yield-0.260%Sep 9, 2020Real yield-0.333%Sep 21, 2020Real yield-0.298%Oct 1, 2020Real yield-0.334%Oct 14, 2020Real yield-0.328%Oct 26, 2020Real yield-0.277%Nov 5, 2020Real yield-0.292%Nov 18, 2020Real yield-0.243%Dec 1, 2020Real yield-0.299%Dec 11, 2020Real yield-0.342%Dec 23, 2020Real yield-0.322%Jan 6, 2021Real yield-0.307%Jan 19, 2021Real yield-0.296%Jan 29, 2021Real yield-0.288%Feb 10, 2021Real yield-0.256%Feb 23, 2021Real yield0.046%Mar 5, 2021Real yield0.094%Mar 17, 2021Real yield0.141%Mar 29, 2021Real yield0.082%Apr 8, 2021Real yield0.085%Apr 20, 2021Real yield0.032%Apr 30, 2021Real yield0.015%May 12, 2021Real yield0.021%May 24, 2021Real yield-0.022%Jun 4, 2021Real yield-0.098%Jun 16, 2021Real yield-0.127%Jun 28, 2021Real yield-0.204%Jul 9, 2021Real yield-0.245%Jul 21, 2021Real yield-0.270%Aug 2, 2021Real yield-0.382%Aug 12, 2021Real yield-0.282%Aug 24, 2021Real yield-0.305%Sep 3, 2021Real yield-0.298%Sep 16, 2021Real yield-0.359%Sep 28, 2021Real yield-0.218%Oct 8, 2021Real yield-0.220%Oct 21, 2021Real yield-0.317%Nov 2, 2021Real yield-0.319%Nov 15, 2021Real yield-0.481%Nov 26, 2021Real yield-0.472%Dec 8, 2021Real yield-0.433%Dec 20, 2021Real yield-0.363%Dec 31, 2021Real yield-0.442%Jan 12, 2022Real yield-0.161%Jan 25, 2022Real yield-0.082%Feb 4, 2022Real yield0.076%Feb 16, 2022Real yield0.179%Mar 1, 2022Real yield-0.162%Mar 11, 2022Real yield-0.195%Mar 23, 2022Real yield-0.010%Apr 4, 2022Real yield0.077%Apr 14, 2022Real yield0.408%Apr 27, 2022Real yield0.435%May 9, 2022Real yield0.773%May 19, 2022Real yield0.746%Jun 1, 2022Real yield0.812%Jun 13, 2022Real yield1.043%Jun 24, 2022Real yield0.963%Jul 7, 2022Real yield1.146%Jul 19, 2022Real yield1.076%Jul 29, 2022Real yield0.837%Aug 10, 2022Real yield0.955%Aug 22, 2022Real yield1.022%Sep 1, 2022Real yield1.209%Sep 14, 2022Real yield1.300%Sep 26, 2022Real yield1.675%Oct 6, 2022Real yield1.917%Oct 19, 2022Real yield1.963%Oct 31, 2022Real yield1.868%Nov 10, 2022Real yield1.766%Nov 23, 2022Real yield1.608%Dec 6, 2022Real yield1.369%Dec 16, 2022Real yield1.553%Dec 29, 2022Real yield1.761%Jan 11, 2023Real yield1.524%Jan 24, 2023Real yield1.442%Feb 3, 2023Real yield1.571%Feb 15, 2023Real yield1.650%Feb 28, 2023Real yield1.668%Mar 10, 2023Real yield1.554%Mar 22, 2023Real yield1.518%Apr 3, 2023Real yield1.523%Apr 13, 2023Real yield1.474%Apr 25, 2023Real yield1.499%May 5, 2023Real yield1.603%May 17, 2023Real yield1.668%May 30, 2023Real yield1.679%Jun 9, 2023Real yield1.702%Jun 22, 2023Real yield1.680%Jul 5, 2023Real yield1.764%Jul 17, 2023Real yield1.736%Jul 27, 2023Real yield1.840%Aug 8, 2023Real yield1.942%Aug 18, 2023Real yield2.142%Aug 30, 2023Real yield2.027%Sep 12, 2023Real yield2.081%Sep 22, 2023Real yield2.219%Oct 4, 2023Real yield2.515%Oct 17, 2023Real yield2.549%Oct 27, 2023Real yield2.594%Nov 8, 2023Real yield2.258%Nov 20, 2023Real yield2.277%Dec 1, 2023Real yield2.202%Dec 13, 2023Real yield2.077%Dec 26, 2023Real yield1.968%Jan 8, 2024Real yield2.049%Jan 19, 2024Real yield2.088%Jan 31, 2024Real yield2.046%Feb 12, 2024Real yield2.178%Feb 23, 2024Real yield2.150%Mar 6, 2024Real yield2.014%Mar 18, 2024Real yield2.237%Mar 28, 2024Real yield2.120%Apr 9, 2024Real yield2.225%Apr 19, 2024Real yield2.408%May 1, 2024Real yield2.421%May 13, 2024Real yield2.318%May 23, 2024Real yield2.298%Jun 5, 2024Real yield2.161%Jun 17, 2024Real yield2.183%Jun 28, 2024Real yield2.261%Jul 11, 2024Real yield2.161%Jul 23, 2024Real yield2.224%Aug 2, 2024Real yield2.057%Aug 14, 2024Real yield2.056%Aug 26, 2024Real yield1.977%Sep 6, 2024Real yield1.985%Sep 18, 2024Real yield1.908%Sep 30, 2024Real yield1.965%Oct 10, 2024Real yield2.094%Oct 23, 2024Real yield2.225%Nov 4, 2024Real yield2.244%Nov 15, 2024Real yield2.330%Nov 27, 2024Real yield2.233%Dec 10, 2024Real yield2.200%Dec 20, 2024Real yield2.471%Jan 3, 2025Real yield2.543%Jan 15, 2025Real yield2.553%Jan 28, 2025Real yield2.421%Feb 7, 2025Real yield2.353%Feb 20, 2025Real yield2.381%Mar 4, 2025Real yield2.259%Mar 14, 2025Real yield2.382%Mar 26, 2025Real yield2.408%Apr 7, 2025Real yield2.430%Apr 17, 2025Real yield2.625%Apr 29, 2025Real yield2.483%May 9, 2025Real yield2.614%May 21, 2025Real yield2.769%Jun 3, 2025Real yield2.692%Jun 13, 2025Real yield2.663%Jun 26, 2025Real yield2.579%Jul 9, 2025Real yield2.605%Jul 21, 2025Real yield2.617%Jul 31, 2025Real yield2.632%Aug 12, 2025Real yield2.628%Aug 22, 2025Real yield2.606%Sep 4, 2025Real yield2.603%Sep 16, 2025Real yield2.411%Sep 26, 2025Real yield2.517%Oct 8, 2025Real yield2.466%Oct 21, 2025Real yield2.350%Oct 31, 2025Real yield2.442%Nov 13, 2025Real yield2.480%Nov 25, 2025Real yield2.492%Dec 8, 2025Real yield2.597%Dec 18, 2025Real yield2.586%Dec 31, 2025Real yield2.638%Jan 13, 2026Real yield2.588%Jan 26, 2026Real yield2.547%Feb 5, 2026Real yield2.596%Feb 18, 2026Real yield2.480%Mar 2, 2026Real yield2.478%Mar 12, 2026Real yield2.641%Mar 24, 2026Real yield2.737%Apr 3, 2026Real yield2.685%Apr 15, 2026Real yield2.636%Apr 27, 2026Real yield2.689%May 7, 2026Real yield2.700%May 19, 2026Real yield2.864%Jun 1, 2026Real yield2.720%Jun 11, 2026Real yield2.743%Jun 24, 2026Real yield2.729%Jul 7, 2026Real yield2.874%Jul 17, 2026Real yield2.902%Jul 29, 2026Real yield3.031%Aug 10, 2026Real yield3.046%Aug 20, 2026Real yield2.973%Sep 1, 2026Real yield3.007%Sep 9, 2026Real yield2.999%

Price history

1,886 trading days to Sep 9, 2026

6080100120140160Feb 28, 2019Sep 9, 2026Feb 28, 2019Close97.125Mar 12, 2019Close98.469Mar 22, 2019Close102.375Apr 3, 2019Close100.281Apr 15, 2019Close100.250Apr 26, 2019Close102.125May 8, 2019Close100.344May 20, 2019Close101.344May 31, 2019Close106.813Jun 12, 2019Close104.531Jun 24, 2019Close106.313Jul 5, 2019Close105.750Jul 17, 2019Close106.594Jul 29, 2019Close105.719Aug 8, 2019Close112.469Aug 20, 2019Close114.375Aug 30, 2019Close118.250Sep 12, 2019Close111.344Sep 24, 2019Close115.063Oct 4, 2019Close115.781Oct 17, 2019Close111.125Oct 29, 2019Close109.531Nov 8, 2019Close110.000Nov 21, 2019Close113.281Dec 4, 2019Close114.500Dec 16, 2019Close112.875Dec 27, 2019Close112.344Jan 9, 2020Close113.031Jan 22, 2020Close115.250Feb 3, 2020Close119.594Feb 13, 2020Close118.375Feb 26, 2020Close122.719Mar 9, 2020Close135.063Mar 19, 2020Close104.625Mar 31, 2020Close123.906Apr 13, 2020Close133.219Apr 23, 2020Close135.031May 5, 2020Close132.781May 15, 2020Close132.406May 28, 2020Close130.469Jun 9, 2020Close127.188Jun 19, 2020Close131.531Jul 1, 2020Close133.500Jul 14, 2020Close136.781Jul 24, 2020Close141.031Aug 5, 2020Close144.000Aug 17, 2020Close137.875Aug 27, 2020Close137.250Sep 9, 2020Close139.781Sep 21, 2020Close138.500Oct 1, 2020Close139.719Oct 14, 2020Close139.469Oct 26, 2020Close137.625Nov 5, 2020Close138.094Nov 18, 2020Close136.344Dec 1, 2020Close138.250Dec 11, 2020Close139.719Dec 23, 2020Close138.969Jan 6, 2021Close138.406Jan 19, 2021Close137.969Jan 29, 2021Close137.625Feb 10, 2021Close136.500Feb 23, 2021Close126.500Mar 5, 2021Close124.969Mar 17, 2021Close123.500Mar 29, 2021Close125.313Apr 8, 2021Close125.188Apr 20, 2021Close126.813Apr 30, 2021Close127.313May 12, 2021Close127.094May 24, 2021Close128.438Jun 4, 2021Close130.844Jun 16, 2021Close131.750Jun 28, 2021Close134.250Jul 9, 2021Close135.563Jul 21, 2021Close136.375Aug 2, 2021Close140.156Aug 12, 2021Close136.688Aug 24, 2021Close137.438Sep 3, 2021Close137.125Sep 16, 2021Close139.188Sep 28, 2021Close134.375Oct 8, 2021Close134.406Oct 21, 2021Close137.625Nov 2, 2021Close137.625Nov 15, 2021Close143.156Nov 26, 2021Close142.781Dec 8, 2021Close141.375Dec 20, 2021Close138.938Dec 31, 2021Close141.594Jan 12, 2022Close132.156Jan 25, 2022Close129.594Feb 4, 2022Close124.719Feb 16, 2022Close121.625Mar 1, 2022Close132.031Mar 11, 2022Close133.063Mar 23, 2022Close127.219Apr 4, 2022Close124.531Apr 14, 2022Close115.031Apr 27, 2022Close114.281May 9, 2022Close105.469May 19, 2022Close106.156Jun 1, 2022Close104.500Jun 13, 2022Close99.000Jun 24, 2022Close100.875Jul 7, 2022Close96.656Jul 19, 2022Close98.250Jul 29, 2022Close103.875Aug 10, 2022Close101.063Aug 22, 2022Close99.500Sep 1, 2022Close95.281Sep 14, 2022Close93.313Sep 26, 2022Close85.656Oct 6, 2022Close81.094Oct 19, 2022Close80.281Oct 31, 2022Close82.031Nov 10, 2022Close83.969Nov 23, 2022Close87.031Dec 6, 2022Close91.906Dec 16, 2022Close88.156Dec 29, 2022Close84.125Jan 11, 2023Close88.750Jan 24, 2023Close90.438Feb 3, 2023Close87.844Feb 15, 2023Close86.313Feb 28, 2023Close85.969Mar 10, 2023Close88.219Mar 22, 2023Close88.938Apr 3, 2023Close88.844Apr 13, 2023Close89.844Apr 25, 2023Close89.344May 5, 2023Close87.313May 17, 2023Close86.063May 30, 2023Close85.875Jun 9, 2023Close85.438Jun 22, 2023Close85.875Jul 5, 2023Close84.313Jul 17, 2023Close84.844Jul 27, 2023Close82.938Aug 8, 2023Close81.125Aug 18, 2023Close77.656Aug 30, 2023Close79.656Sep 12, 2023Close78.750Sep 22, 2023Close76.438Oct 4, 2023Close71.719Oct 17, 2023Close71.219Oct 27, 2023Close70.563Nov 8, 2023Close75.875Nov 20, 2023Close75.594Dec 1, 2023Close76.844Dec 13, 2023Close78.969Dec 26, 2023Close80.875Jan 8, 2024Close79.500Jan 19, 2024Close78.844Jan 31, 2024Close79.594Feb 12, 2024Close77.375Feb 23, 2024Close77.875Mar 6, 2024Close80.188Mar 18, 2024Close76.469Mar 28, 2024Close78.438Apr 9, 2024Close76.719Apr 19, 2024Close73.813May 1, 2024Close73.625May 13, 2024Close75.281May 23, 2024Close75.625Jun 5, 2024Close77.875Jun 17, 2024Close77.531Jun 28, 2024Close76.281Jul 11, 2024Close77.938Jul 23, 2024Close76.938Aug 2, 2024Close79.719Aug 14, 2024Close79.750Aug 26, 2024Close81.125Sep 6, 2024Close81.000Sep 18, 2024Close82.344Sep 30, 2024Close81.375Oct 10, 2024Close79.219Oct 23, 2024Close77.094Nov 4, 2024Close76.813Nov 15, 2024Close75.469Nov 27, 2024Close77.031Dec 10, 2024Close77.594Dec 20, 2024Close73.375Jan 3, 2025Close72.313Jan 15, 2025Close72.188Jan 28, 2025Close74.219Feb 7, 2025Close75.281Feb 20, 2025Close74.875Mar 4, 2025Close76.813Mar 14, 2025Close74.906Mar 26, 2025Close74.531Apr 7, 2025Close74.219Apr 17, 2025Close71.344Apr 29, 2025Close73.469May 9, 2025Close71.563May 21, 2025Close69.375Jun 3, 2025Close70.500Jun 13, 2025Close70.938Jun 26, 2025Close72.188Jul 9, 2025Close71.844Jul 21, 2025Close71.688Jul 31, 2025Close71.500Aug 12, 2025Close71.594Aug 22, 2025Close71.938Sep 4, 2025Close72.000Sep 16, 2025Close74.875Sep 26, 2025Close73.313Oct 8, 2025Close74.094Oct 21, 2025Close75.875Oct 31, 2025Close74.500Nov 13, 2025Close73.969Nov 25, 2025Close73.813Dec 8, 2025Close72.313Dec 18, 2025Close72.500Dec 31, 2025Close71.781Jan 13, 2026Close72.531Jan 26, 2026Close73.156Feb 5, 2026Close72.469Feb 18, 2026Close74.188Mar 2, 2026Close74.250Mar 12, 2026Close71.906Mar 24, 2026Close70.594Apr 3, 2026Close71.344Apr 15, 2026Close72.063Apr 27, 2026Close71.344May 7, 2026Close71.219May 19, 2026Close69.000Jun 1, 2026Close71.000Jun 11, 2026Close70.719Jun 24, 2026Close70.938Jul 7, 2026Close69.000Jul 17, 2026Close68.656Jul 29, 2026Close67.000Aug 10, 2026Close66.844Aug 20, 2026Close67.813Sep 1, 2026Close67.406Sep 9, 2026Close67.531
The most recent 20 trading days of prices for 912810SG4.
DateBidOfferClose
Sep 9, 202667.39167.31367.531
Sep 8, 202667.95367.87567.813
Sep 4, 202667.76667.68867.750
Sep 3, 202668.06368.00067.750
Sep 2, 202667.53167.46967.500
Sep 1, 202667.53167.46967.406
Aug 31, 202667.25067.18867.344
Aug 28, 202668.29768.21967.750
Aug 27, 202668.37568.31368.250
Aug 26, 202668.28168.21968.281
Aug 25, 202668.28168.21968.281
Aug 24, 202667.85967.81367.625
Aug 21, 202667.46967.40667.125
Aug 20, 202667.37567.31367.813
Aug 19, 202667.87567.81367.844
Aug 18, 202666.45366.37566.625
Aug 17, 202666.59466.53166.188
Aug 14, 202666.84466.78166.969
Aug 13, 202667.48467.40667.313
Aug 12, 202667.18867.12567.000

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 912810SG4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 21, 2019Feb 28, 2019New issue$8.0bn$8.4bn2.46x1.093%
Aug 22, 2019Aug 30, 2019Reopening$7.0bn$7.0bn2.70x0.501%

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.