Inflation-linked (TIPS)

912810SM1 · 0.25% due February 15, 2050

Original term
30-Year
Maturity
Feb 15, 2050
Coupon
0.250%
Pays
Semi-Annual
Dated
Feb 15, 2020
First coupon
Aug 15, 2020
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$20.07bn
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
3.007%
Index ratio
1.2989
Real duration
22.095 yr
DV01
0.1191
Convexity
513.997
Real clean price
53.875
Accrued (real)
0.018
Real dirty price
53.893
Indexed principal
129.890
Money clean price
69.978

The index ratio is a multiplier, not a percentage: 1.2989 means the principal is worth that many times its original face today. So the real clean price of 53.875 is not what a buyer pays , multiply by the ratio to get 69.978 per 100 of original face.

Against the fitted real curve

Priced 4.6 bp rich to the real curve on that day, 54.40 cents per 100 of face.

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

Real yield, 1,636 observations

-1%0%1%2%3%4%Feb 28, 2020Sep 9, 2026Feb 28, 2020Real yield0.116%Mar 10, 2020Real yield0.061%Mar 19, 2020Real yield0.775%Mar 30, 2020Real yield0.043%Apr 8, 2020Real yield-0.042%Apr 20, 2020Real yield-0.037%Apr 29, 2020Real yield-0.218%May 8, 2020Real yield-0.074%May 19, 2020Real yield-0.059%May 29, 2020Real yield-0.074%Jun 9, 2020Real yield0.046%Jun 18, 2020Real yield-0.071%Jun 29, 2020Real yield-0.180%Jul 9, 2020Real yield-0.241%Jul 20, 2020Real yield-0.300%Jul 29, 2020Real yield-0.400%Aug 7, 2020Real yield-0.412%Aug 18, 2020Real yield-0.348%Aug 27, 2020Real yield-0.262%Sep 8, 2020Real yield-0.347%Sep 17, 2020Real yield-0.325%Sep 28, 2020Real yield-0.345%Oct 7, 2020Real yield-0.242%Oct 19, 2020Real yield-0.298%Oct 28, 2020Real yield-0.293%Nov 6, 2020Real yield-0.237%Nov 18, 2020Real yield-0.244%Nov 30, 2020Real yield-0.350%Dec 9, 2020Real yield-0.317%Dec 18, 2020Real yield-0.322%Dec 30, 2020Real yield-0.348%Jan 11, 2021Real yield-0.204%Jan 21, 2021Real yield-0.302%Feb 1, 2021Real yield-0.268%Feb 10, 2021Real yield-0.240%Feb 22, 2021Real yield0.041%Mar 3, 2021Real yield0.080%Mar 12, 2021Real yield0.200%Mar 23, 2021Real yield0.044%Apr 1, 2021Real yield0.064%Apr 12, 2021Real yield0.134%Apr 21, 2021Real yield0.017%Apr 30, 2021Real yield0.023%May 11, 2021Real yield-0.009%May 20, 2021Real yield0.036%Jun 1, 2021Real yield-0.058%Jun 10, 2021Real yield-0.157%Jun 21, 2021Real yield-0.118%Jun 30, 2021Real yield-0.201%Jul 12, 2021Real yield-0.248%Jul 21, 2021Real yield-0.248%Jul 30, 2021Real yield-0.343%Aug 10, 2021Real yield-0.279%Aug 19, 2021Real yield-0.306%Aug 30, 2021Real yield-0.335%Sep 9, 2021Real yield-0.356%Sep 20, 2021Real yield-0.330%Sep 29, 2021Real yield-0.166%Oct 8, 2021Real yield-0.199%Oct 20, 2021Real yield-0.251%Oct 29, 2021Real yield-0.286%Nov 9, 2021Real yield-0.555%Nov 19, 2021Real yield-0.509%Dec 1, 2021Real yield-0.485%Dec 10, 2021Real yield-0.368%Dec 21, 2021Real yield-0.387%Dec 31, 2021Real yield-0.441%Jan 11, 2022Real yield-0.211%Jan 21, 2022Real yield-0.108%Feb 1, 2022Real yield-0.075%Feb 10, 2022Real yield0.128%Feb 22, 2022Real yield0.129%Mar 3, 2022Real yield-0.090%Mar 14, 2022Real yield-0.091%Mar 23, 2022Real yield0.008%Apr 1, 2022Real yield0.063%Apr 12, 2022Real yield0.351%Apr 22, 2022Real yield0.376%May 3, 2022Real yield0.565%May 12, 2022Real yield0.678%May 23, 2022Real yield0.795%Jun 2, 2022Real yield0.753%Jun 13, 2022Real yield1.032%Jun 23, 2022Real yield0.944%Jul 5, 2022Real yield0.990%Jul 14, 2022Real yield1.037%Jul 25, 2022Real yield0.980%Aug 3, 2022Real yield0.827%Aug 12, 2022Real yield1.009%Aug 23, 2022Real yield1.013%Sep 1, 2022Real yield1.187%Sep 13, 2022Real yield1.321%Sep 22, 2022Real yield1.505%Oct 3, 2022Real yield1.737%Oct 13, 2022Real yield1.865%Oct 24, 2022Real yield1.911%Nov 2, 2022Real yield1.770%Nov 14, 2022Real yield1.792%Nov 23, 2022Real yield1.569%Dec 5, 2022Real yield1.358%Dec 14, 2022Real yield1.465%Dec 23, 2022Real yield1.719%Jan 5, 2023Real yield1.638%Jan 17, 2023Real yield1.553%Jan 26, 2023Real yield1.364%Feb 6, 2023Real yield1.546%Feb 15, 2023Real yield1.607%Feb 27, 2023Real yield1.675%Mar 8, 2023Real yield1.674%Mar 17, 2023Real yield1.556%Mar 28, 2023Real yield1.557%Apr 6, 2023Real yield1.399%Apr 17, 2023Real yield1.567%Apr 26, 2023Real yield1.508%May 5, 2023Real yield1.580%May 16, 2023Real yield1.656%May 25, 2023Real yield1.725%Jun 6, 2023Real yield1.678%Jun 15, 2023Real yield1.657%Jun 27, 2023Real yield1.660%Jul 7, 2023Real yield1.826%Jul 18, 2023Real yield1.711%Jul 27, 2023Real yield1.816%Aug 7, 2023Real yield1.940%Aug 16, 2023Real yield2.101%Aug 25, 2023Real yield2.019%Sep 6, 2023Real yield2.113%Sep 15, 2023Real yield2.113%Sep 26, 2023Real yield2.368%Oct 5, 2023Real yield2.532%Oct 17, 2023Real yield2.514%Oct 26, 2023Real yield2.545%Nov 6, 2023Real yield2.361%Nov 15, 2023Real yield2.331%Nov 27, 2023Real yield2.264%Dec 6, 2023Real yield2.058%Dec 15, 2023Real yield1.854%Dec 27, 2023Real yield1.865%Jan 8, 2024Real yield2.017%Jan 18, 2024Real yield2.094%Jan 29, 2024Real yield2.068%Feb 7, 2024Real yield2.112%Feb 16, 2024Real yield2.194%Feb 28, 2024Real yield2.148%Mar 8, 2024Real yield2.038%Mar 19, 2024Real yield2.208%Mar 28, 2024Real yield2.101%Apr 8, 2024Real yield2.251%Apr 17, 2024Real yield2.394%Apr 26, 2024Real yield2.401%May 7, 2024Real yield2.298%May 16, 2024Real yield2.215%May 28, 2024Real yield2.336%Jun 6, 2024Real yield2.145%Jun 17, 2024Real yield2.164%Jun 27, 2024Real yield2.158%Jul 9, 2024Real yield2.216%Jul 18, 2024Real yield2.137%Jul 29, 2024Real yield2.168%Aug 7, 2024Real yield2.119%Aug 16, 2024Real yield2.060%Aug 27, 2024Real yield1.964%Sep 6, 2024Real yield1.970%Sep 17, 2024Real yield1.831%Sep 26, 2024Real yield1.942%Oct 7, 2024Real yield2.065%Oct 17, 2024Real yield2.116%Oct 28, 2024Real yield2.245%Nov 6, 2024Real yield2.262%Nov 18, 2024Real yield2.318%Nov 27, 2024Real yield2.222%Dec 9, 2024Real yield2.188%Dec 18, 2024Real yield2.390%Dec 30, 2024Real yield2.488%Jan 9, 2025Real yield2.598%Jan 21, 2025Real yield2.489%Jan 30, 2025Real yield2.419%Feb 10, 2025Real yield2.358%Feb 20, 2025Real yield2.382%Mar 3, 2025Real yield2.191%Mar 12, 2025Real yield2.382%Mar 21, 2025Real yield2.356%Apr 1, 2025Real yield2.299%Apr 10, 2025Real yield2.720%Apr 21, 2025Real yield2.718%Apr 30, 2025Real yield2.488%May 9, 2025Real yield2.622%May 20, 2025Real yield2.671%May 30, 2025Real yield2.625%Jun 10, 2025Real yield2.684%Jun 20, 2025Real yield2.621%Jul 1, 2025Real yield2.542%Jul 11, 2025Real yield2.674%Jul 22, 2025Real yield2.607%Jul 31, 2025Real yield2.643%Aug 11, 2025Real yield2.589%Aug 20, 2025Real yield2.676%Aug 29, 2025Real yield2.656%Sep 10, 2025Real yield2.479%Sep 19, 2025Real yield2.495%Sep 30, 2025Real yield2.504%Oct 9, 2025Real yield2.488%Oct 21, 2025Real yield2.365%Oct 30, 2025Real yield2.443%Nov 10, 2025Real yield2.494%Nov 20, 2025Real yield2.547%Dec 2, 2025Real yield2.552%Dec 11, 2025Real yield2.592%Dec 22, 2025Real yield2.654%Jan 2, 2026Real yield2.650%Jan 13, 2026Real yield2.603%Jan 23, 2026Real yield2.582%Feb 3, 2026Real yield2.641%Feb 12, 2026Real yield2.496%Feb 24, 2026Real yield2.506%Mar 5, 2026Real yield2.543%Mar 16, 2026Real yield2.650%Mar 25, 2026Real yield2.715%Apr 3, 2026Real yield2.696%Apr 14, 2026Real yield2.643%Apr 23, 2026Real yield2.675%May 4, 2026Real yield2.746%May 13, 2026Real yield2.775%May 22, 2026Real yield2.809%Jun 3, 2026Real yield2.747%Jun 12, 2026Real yield2.755%Jun 24, 2026Real yield2.731%Jul 6, 2026Real yield2.826%Jul 15, 2026Real yield2.922%Jul 24, 2026Real yield3.017%Aug 4, 2026Real yield3.014%Aug 13, 2026Real yield3.020%Aug 24, 2026Real yield3.002%Sep 2, 2026Real yield3.008%Sep 9, 2026Real yield3.007%

Price history

1,636 trading days to Sep 9, 2026

406080100120140Feb 28, 2020Sep 9, 2026Feb 28, 2020Close103.938Mar 10, 2020Close105.594Mar 19, 2020Close86.000Mar 30, 2020Close106.156Apr 8, 2020Close108.781Apr 20, 2020Close108.594Apr 29, 2020Close114.406May 8, 2020Close109.750May 19, 2020Close109.281May 29, 2020Close109.719Jun 9, 2020Close106.000Jun 18, 2020Close109.625Jun 29, 2020Close113.094Jul 9, 2020Close115.063Jul 20, 2020Close117.031Jul 29, 2020Close120.406Aug 7, 2020Close120.813Aug 18, 2020Close118.594Aug 27, 2020Close115.688Sep 8, 2020Close118.500Sep 17, 2020Close117.750Sep 28, 2020Close118.406Oct 7, 2020Close114.969Oct 19, 2020Close116.813Oct 28, 2020Close116.625Nov 6, 2020Close114.781Nov 18, 2020Close114.969Nov 30, 2020Close118.469Dec 9, 2020Close117.344Dec 18, 2020Close117.500Dec 30, 2020Close118.344Jan 11, 2021Close113.625Jan 21, 2021Close116.781Feb 1, 2021Close115.656Feb 10, 2021Close114.719Feb 22, 2021Close106.031Mar 3, 2021Close104.875Mar 12, 2021Close101.406Mar 23, 2021Close105.906Apr 1, 2021Close105.313Apr 12, 2021Close103.281Apr 21, 2021Close106.688Apr 30, 2021Close106.500May 11, 2021Close107.469May 20, 2021Close106.125Jun 1, 2021Close108.906Jun 10, 2021Close111.938Jun 21, 2021Close110.719Jun 30, 2021Close113.281Jul 12, 2021Close114.750Jul 21, 2021Close114.750Jul 30, 2021Close117.781Aug 10, 2021Close115.719Aug 19, 2021Close116.563Aug 30, 2021Close117.469Sep 9, 2021Close118.156Sep 20, 2021Close117.281Sep 29, 2021Close112.094Oct 8, 2021Close113.094Oct 20, 2021Close114.719Oct 29, 2021Close115.813Nov 9, 2021Close124.656Nov 19, 2021Close123.063Dec 1, 2021Close122.250Dec 10, 2021Close118.375Dec 21, 2021Close118.969Dec 31, 2021Close120.719Jan 11, 2022Close113.344Jan 21, 2022Close110.188Feb 1, 2022Close109.219Feb 10, 2022Close103.344Feb 22, 2022Close103.313Mar 3, 2022Close109.625Mar 14, 2022Close109.656Mar 23, 2022Close106.750Apr 1, 2022Close105.156Apr 12, 2022Close97.313Apr 22, 2022Close96.688May 3, 2022Close91.906May 12, 2022Close89.188May 23, 2022Close86.469Jun 2, 2022Close87.438Jun 13, 2022Close81.219Jun 23, 2022Close83.156Jul 5, 2022Close82.156Jul 14, 2022Close81.156Jul 25, 2022Close82.406Aug 3, 2022Close85.813Aug 12, 2022Close81.813Aug 23, 2022Close81.750Sep 1, 2022Close78.094Sep 13, 2022Close75.438Sep 22, 2022Close71.906Oct 3, 2022Close67.719Oct 13, 2022Close65.531Oct 24, 2022Close64.781Nov 2, 2022Close67.219Nov 14, 2022Close66.875Nov 23, 2022Close70.875Dec 5, 2022Close74.875Dec 14, 2022Close72.844Dec 23, 2022Close68.250Jan 5, 2023Close69.719Jan 17, 2023Close71.281Jan 26, 2023Close74.875Feb 6, 2023Close71.469Feb 15, 2023Close70.375Feb 27, 2023Close69.188Mar 8, 2023Close69.219Mar 17, 2023Close71.375Mar 28, 2023Close71.375Apr 6, 2023Close74.344Apr 17, 2023Close71.250Apr 26, 2023Close72.344May 5, 2023Close71.063May 16, 2023Close69.719May 25, 2023Close68.531Jun 6, 2023Close69.375Jun 15, 2023Close69.781Jun 27, 2023Close69.750Jul 7, 2023Close66.906Jul 18, 2023Close68.906Jul 27, 2023Close67.125Aug 7, 2023Close65.094Aug 16, 2023Close62.531Aug 25, 2023Close63.875Sep 6, 2023Close62.406Sep 15, 2023Close62.438Sep 26, 2023Close58.625Oct 5, 2023Close56.313Oct 17, 2023Close56.594Oct 26, 2023Close56.188Nov 6, 2023Close58.844Nov 15, 2023Close59.313Nov 27, 2023Close60.344Dec 6, 2023Close63.531Dec 15, 2023Close66.875Dec 27, 2023Close66.719Jan 8, 2024Close64.281Jan 18, 2024Close63.094Jan 29, 2024Close63.531Feb 7, 2024Close62.875Feb 16, 2024Close61.656Feb 28, 2024Close62.375Mar 8, 2024Close64.125Mar 19, 2024Close61.531Mar 28, 2024Close63.188Apr 8, 2024Close60.938Apr 17, 2024Close58.875Apr 26, 2024Close58.813May 7, 2024Close60.344May 16, 2024Close61.594May 28, 2024Close59.844Jun 6, 2024Close62.719Jun 17, 2024Close62.469Jun 27, 2024Close62.594Jul 9, 2024Close61.750Jul 18, 2024Close62.969Jul 29, 2024Close62.531Aug 7, 2024Close63.313Aug 16, 2024Close64.250Aug 27, 2024Close65.781Sep 6, 2024Close65.719Sep 17, 2024Close68.000Sep 26, 2024Close66.219Oct 7, 2024Close64.313Oct 17, 2024Close63.563Oct 28, 2024Close61.656Nov 6, 2024Close61.438Nov 18, 2024Close60.656Nov 27, 2024Close62.094Dec 9, 2024Close62.625Dec 18, 2024Close59.719Dec 30, 2024Close58.375Jan 9, 2025Close56.906Jan 21, 2025Close58.438Jan 30, 2025Close59.438Feb 10, 2025Close60.344Feb 20, 2025Close60.031Mar 3, 2025Close62.844Mar 12, 2025Close60.094Mar 21, 2025Close60.500Apr 1, 2025Close61.344Apr 10, 2025Close55.594Apr 21, 2025Close55.656Apr 30, 2025Close58.781May 9, 2025Close57.000May 20, 2025Close56.375May 30, 2025Close57.031Jun 10, 2025Close56.281Jun 20, 2025Close57.156Jul 1, 2025Close58.250Jul 11, 2025Close56.531Jul 22, 2025Close57.438Jul 31, 2025Close57.000Aug 11, 2025Close57.750Aug 20, 2025Close56.625Aug 29, 2025Close56.938Sep 10, 2025Close59.344Sep 19, 2025Close59.156Sep 30, 2025Close59.063Oct 9, 2025Close59.313Oct 21, 2025Close61.063Oct 30, 2025Close60.000Nov 10, 2025Close59.344Nov 20, 2025Close58.656Dec 2, 2025Close58.625Dec 11, 2025Close58.125Dec 22, 2025Close57.344Jan 2, 2026Close57.438Jan 13, 2026Close58.094Jan 23, 2026Close58.406Feb 3, 2026Close57.656Feb 12, 2026Close59.625Feb 24, 2026Close59.531Mar 5, 2026Close59.063Mar 16, 2026Close57.688Mar 25, 2026Close56.875Apr 3, 2026Close57.156Apr 14, 2026Close57.875Apr 23, 2026Close57.500May 4, 2026Close56.625May 13, 2026Close56.281May 22, 2026Close55.906Jun 3, 2026Close56.719Jun 12, 2026Close56.656Jun 24, 2026Close57.000Jul 6, 2026Close55.844Jul 15, 2026Close54.688Jul 24, 2026Close53.594Aug 4, 2026Close53.656Aug 13, 2026Close53.625Aug 24, 2026Close53.875Sep 2, 2026Close53.844Sep 9, 2026Close53.875
The most recent 20 trading days of prices for 912810SM1.
DateBidOfferClose
Sep 9, 202653.73453.65653.875
Sep 8, 202654.28154.21954.125
Sep 4, 202654.07854.00054.063
Sep 3, 202654.35954.31354.063
Sep 2, 202653.87553.81353.844
Sep 1, 202653.89153.81353.750
Aug 31, 202653.59453.53153.656
Aug 28, 202654.56354.50054.063
Aug 27, 202654.60954.56354.500
Aug 26, 202654.51654.46954.500
Aug 25, 202654.50054.43854.531
Aug 24, 202654.12554.06353.875
Aug 21, 202653.78153.71953.438
Aug 20, 202653.67253.62554.063
Aug 19, 202654.15654.09454.094
Aug 18, 202652.82852.75052.969
Aug 17, 202652.96952.90652.594
Aug 14, 202653.21953.15653.313
Aug 13, 202653.78153.71953.625
Aug 12, 202653.53153.46953.344

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 912810SM1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 20, 2020Feb 28, 2020New issue$8.0bn$8.0bn2.40x0.261%
Aug 20, 2020Aug 31, 2020Reopening$7.0bn$7.6bn2.25x-0.272%

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.