Inflation-linked (TIPS)

912810TP3 · 1.5% due February 15, 2053

Original term
30-Year
Maturity
Feb 15, 2053
Coupon
1.500%
Pays
Semi-Annual
Dated
Feb 15, 2023
First coupon
Aug 15, 2023
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$21.33bn
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
3.013%
Index ratio
1.1234
Real duration
20.584 yr
DV01
0.1496
Convexity
503.932
Real clean price
72.563
Accrued (real)
0.106
Real dirty price
72.668
Indexed principal
112.342
Money clean price
81.518

The index ratio is a multiplier, not a percentage: 1.1234 means the principal is worth that many times its original face today. So the real clean price of 72.563 is not what a buyer pays , multiply by the ratio to get 81.518 per 100 of original face.

Against the fitted real curve

Priced 1.0 bp rich to the real curve on that day, 14.69 cents per 100 of face.

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

Real yield, 886 observations

1.00%1.50%2.00%2.50%3.00%3.50%Feb 28, 2023Sep 9, 2026Feb 28, 2023Real yield1.569%Mar 6, 2023Real yield1.537%Mar 10, 2023Real yield1.452%Mar 16, 2023Real yield1.481%Mar 22, 2023Real yield1.424%Mar 28, 2023Real yield1.504%Apr 3, 2023Real yield1.430%Apr 7, 2023Real yield1.401%Apr 13, 2023Real yield1.401%Apr 19, 2023Real yield1.529%Apr 25, 2023Real yield1.428%May 1, 2023Real yield1.615%May 5, 2023Real yield1.534%May 11, 2023Real yield1.534%May 17, 2023Real yield1.606%May 23, 2023Real yield1.648%May 30, 2023Real yield1.620%Jun 5, 2023Real yield1.665%Jun 9, 2023Real yield1.648%Jun 15, 2023Real yield1.628%Jun 22, 2023Real yield1.628%Jun 28, 2023Real yield1.613%Jul 5, 2023Real yield1.702%Jul 11, 2023Real yield1.796%Jul 17, 2023Real yield1.666%Jul 21, 2023Real yield1.619%Jul 27, 2023Real yield1.766%Aug 2, 2023Real yield1.856%Aug 8, 2023Real yield1.881%Aug 14, 2023Real yield1.982%Aug 18, 2023Real yield2.084%Aug 24, 2023Real yield1.982%Aug 30, 2023Real yield1.972%Sep 6, 2023Real yield2.083%Sep 12, 2023Real yield2.026%Sep 18, 2023Real yield2.057%Sep 22, 2023Real yield2.162%Sep 28, 2023Real yield2.294%Oct 4, 2023Real yield2.442%Oct 11, 2023Real yield2.343%Oct 17, 2023Real yield2.473%Oct 23, 2023Real yield2.524%Oct 27, 2023Real yield2.519%Nov 2, 2023Real yield2.323%Nov 8, 2023Real yield2.178%Nov 14, 2023Real yield2.245%Nov 20, 2023Real yield2.200%Nov 27, 2023Real yield2.219%Dec 1, 2023Real yield2.126%Dec 7, 2023Real yield2.025%Dec 13, 2023Real yield2.001%Dec 19, 2023Real yield1.871%Dec 26, 2023Real yield1.896%Jan 2, 2024Real yield1.917%Jan 8, 2024Real yield1.982%Jan 12, 2024Real yield1.958%Jan 19, 2024Real yield2.038%Jan 25, 2024Real yield2.114%Jan 31, 2024Real yield2.001%Feb 6, 2024Real yield2.068%Feb 12, 2024Real yield2.156%Feb 16, 2024Real yield2.176%Feb 23, 2024Real yield2.120%Feb 29, 2024Real yield2.100%Mar 6, 2024Real yield1.984%Mar 12, 2024Real yield2.063%Mar 18, 2024Real yield2.200%Mar 22, 2024Real yield2.107%Mar 28, 2024Real yield2.081%Apr 3, 2024Real yield2.213%Apr 9, 2024Real yield2.189%Apr 15, 2024Real yield2.385%Apr 19, 2024Real yield2.372%Apr 25, 2024Real yield2.435%May 1, 2024Real yield2.396%May 7, 2024Real yield2.294%May 13, 2024Real yield2.296%May 17, 2024Real yield2.239%May 23, 2024Real yield2.270%May 30, 2024Real yield2.325%Jun 5, 2024Real yield2.139%Jun 11, 2024Real yield2.237%Jun 17, 2024Real yield2.159%Jun 24, 2024Real yield2.147%Jun 28, 2024Real yield2.238%Jul 5, 2024Real yield2.175%Jul 11, 2024Real yield2.138%Jul 17, 2024Real yield2.100%Jul 23, 2024Real yield2.205%Jul 29, 2024Real yield2.171%Aug 2, 2024Real yield2.039%Aug 8, 2024Real yield2.138%Aug 14, 2024Real yield2.035%Aug 20, 2024Real yield1.986%Aug 26, 2024Real yield1.966%Aug 30, 2024Real yield2.036%Sep 6, 2024Real yield1.974%Sep 12, 2024Real yield1.932%Sep 18, 2024Real yield1.899%Sep 24, 2024Real yield1.909%Sep 30, 2024Real yield1.952%Oct 4, 2024Real yield2.036%Oct 10, 2024Real yield2.075%Oct 17, 2024Real yield2.104%Oct 23, 2024Real yield2.206%Oct 29, 2024Real yield2.221%Nov 4, 2024Real yield2.218%Nov 8, 2024Real yield2.160%Nov 15, 2024Real yield2.307%Nov 21, 2024Real yield2.309%Nov 27, 2024Real yield2.210%Dec 4, 2024Real yield2.126%Dec 10, 2024Real yield2.176%Dec 16, 2024Real yield2.328%Dec 20, 2024Real yield2.447%Dec 27, 2024Real yield2.495%Jan 3, 2025Real yield2.524%Jan 9, 2025Real yield2.590%Jan 15, 2025Real yield2.539%Jan 22, 2025Real yield2.495%Jan 28, 2025Real yield2.425%Feb 3, 2025Real yield2.391%Feb 7, 2025Real yield2.352%Feb 13, 2025Real yield2.383%Feb 20, 2025Real yield2.390%Feb 26, 2025Real yield2.248%Mar 4, 2025Real yield2.275%Mar 10, 2025Real yield2.311%Mar 14, 2025Real yield2.383%Mar 20, 2025Real yield2.312%Mar 26, 2025Real yield2.414%Apr 1, 2025Real yield2.297%Apr 7, 2025Real yield2.434%Apr 11, 2025Real yield2.702%Apr 17, 2025Real yield2.614%Apr 23, 2025Real yield2.598%Apr 29, 2025Real yield2.478%May 5, 2025Real yield2.598%May 9, 2025Real yield2.613%May 15, 2025Real yield2.628%May 21, 2025Real yield2.768%May 28, 2025Real yield2.696%Jun 3, 2025Real yield2.697%Jun 9, 2025Real yield2.696%Jun 13, 2025Real yield2.659%Jun 20, 2025Real yield2.615%Jun 26, 2025Real yield2.571%Jul 2, 2025Real yield2.570%Jul 9, 2025Real yield2.605%Jul 15, 2025Real yield2.701%Jul 21, 2025Real yield2.628%Jul 25, 2025Real yield2.625%Jul 31, 2025Real yield2.644%Aug 6, 2025Real yield2.589%Aug 12, 2025Real yield2.638%Aug 18, 2025Real yield2.695%Aug 22, 2025Real yield2.624%Aug 28, 2025Real yield2.637%Sep 4, 2025Real yield2.623%Sep 10, 2025Real yield2.487%Sep 16, 2025Real yield2.430%Sep 22, 2025Real yield2.536%Sep 26, 2025Real yield2.542%Oct 2, 2025Real yield2.492%Oct 8, 2025Real yield2.489%Oct 15, 2025Real yield2.443%Oct 21, 2025Real yield2.376%Oct 27, 2025Real yield2.382%Oct 31, 2025Real yield2.466%Nov 6, 2025Real yield2.500%Nov 13, 2025Real yield2.501%Nov 19, 2025Real yield2.554%Nov 25, 2025Real yield2.512%Dec 2, 2025Real yield2.559%Dec 8, 2025Real yield2.613%Dec 12, 2025Real yield2.641%Dec 18, 2025Real yield2.603%Dec 24, 2025Real yield2.611%Dec 31, 2025Real yield2.649%Jan 7, 2026Real yield2.619%Jan 13, 2026Real yield2.607%Jan 20, 2026Real yield2.673%Jan 26, 2026Real yield2.563%Jan 30, 2026Real yield2.635%Feb 5, 2026Real yield2.618%Feb 11, 2026Real yield2.578%Feb 18, 2026Real yield2.507%Feb 24, 2026Real yield2.511%Mar 2, 2026Real yield2.506%Mar 6, 2026Real yield2.574%Mar 12, 2026Real yield2.665%Mar 18, 2026Real yield2.628%Mar 24, 2026Real yield2.741%Mar 30, 2026Real yield2.726%Apr 3, 2026Real yield2.692%Apr 9, 2026Real yield2.694%Apr 15, 2026Real yield2.657%Apr 21, 2026Real yield2.676%Apr 27, 2026Real yield2.709%May 1, 2026Real yield2.696%May 7, 2026Real yield2.714%May 13, 2026Real yield2.771%May 19, 2026Real yield2.879%May 26, 2026Real yield2.767%Jun 1, 2026Real yield2.734%Jun 5, 2026Real yield2.774%Jun 11, 2026Real yield2.751%Jun 17, 2026Real yield2.753%Jun 24, 2026Real yield2.733%Jun 30, 2026Real yield2.762%Jul 7, 2026Real yield2.874%Jul 13, 2026Real yield2.918%Jul 17, 2026Real yield2.902%Jul 23, 2026Real yield3.001%Jul 29, 2026Real yield3.025%Aug 4, 2026Real yield3.011%Aug 10, 2026Real yield3.049%Aug 14, 2026Real yield3.044%Aug 20, 2026Real yield2.986%Aug 26, 2026Real yield2.951%Sep 1, 2026Real yield3.016%Sep 8, 2026Real yield2.990%Sep 9, 2026Real yield3.013%

Price history

886 trading days to Sep 9, 2026

707580859095100105Feb 28, 2023Sep 9, 2026Feb 28, 2023Close98.344Mar 6, 2023Close99.125Mar 10, 2023Close101.156Mar 16, 2023Close100.469Mar 22, 2023Close101.844Mar 28, 2023Close99.906Apr 3, 2023Close101.688Apr 7, 2023Close102.406Apr 13, 2023Close102.406Apr 19, 2023Close99.313Apr 25, 2023Close101.750May 1, 2023Close97.281May 5, 2023Close99.188May 11, 2023Close99.188May 17, 2023Close97.500May 23, 2023Close96.531May 30, 2023Close97.188Jun 5, 2023Close96.156Jun 9, 2023Close96.531Jun 15, 2023Close97.000Jun 22, 2023Close97.000Jun 28, 2023Close97.344Jul 5, 2023Close95.313Jul 11, 2023Close93.219Jul 17, 2023Close96.125Jul 21, 2023Close97.219Jul 27, 2023Close93.906Aug 2, 2023Close91.938Aug 8, 2023Close91.406Aug 14, 2023Close89.281Aug 18, 2023Close87.188Aug 24, 2023Close89.281Aug 30, 2023Close89.500Sep 6, 2023Close87.219Sep 12, 2023Close88.375Sep 18, 2023Close87.750Sep 22, 2023Close85.656Sep 28, 2023Close83.094Oct 4, 2023Close80.344Oct 11, 2023Close82.188Oct 17, 2023Close79.781Oct 23, 2023Close78.875Oct 27, 2023Close78.969Nov 2, 2023Close82.594Nov 8, 2023Close85.375Nov 14, 2023Close84.094Nov 20, 2023Close84.969Nov 27, 2023Close84.594Dec 1, 2023Close86.438Dec 7, 2023Close88.469Dec 13, 2023Close88.969Dec 19, 2023Close91.688Dec 26, 2023Close91.156Jan 2, 2024Close90.719Jan 8, 2024Close89.375Jan 12, 2024Close89.875Jan 19, 2024Close88.250Jan 25, 2024Close86.719Jan 31, 2024Close89.000Feb 6, 2024Close87.656Feb 12, 2024Close85.906Feb 16, 2024Close85.531Feb 23, 2024Close86.625Feb 29, 2024Close87.031Mar 6, 2024Close89.375Mar 12, 2024Close87.781Mar 18, 2024Close85.094Mar 22, 2024Close86.906Mar 28, 2024Close87.438Apr 3, 2024Close84.844Apr 9, 2024Close85.313Apr 15, 2024Close81.625Apr 19, 2024Close81.875Apr 25, 2024Close80.719May 1, 2024Close81.438May 7, 2024Close83.344May 13, 2024Close83.313May 17, 2024Close84.406May 23, 2024Close83.813May 30, 2024Close82.781Jun 5, 2024Close86.344Jun 11, 2024Close84.469Jun 17, 2024Close85.969Jun 24, 2024Close86.219Jun 28, 2024Close84.469Jul 5, 2024Close85.688Jul 11, 2024Close86.406Jul 17, 2024Close87.156Jul 23, 2024Close85.125Jul 29, 2024Close85.781Aug 2, 2024Close88.375Aug 8, 2024Close86.438Aug 14, 2024Close88.469Aug 20, 2024Close89.469Aug 26, 2024Close89.875Aug 30, 2024Close88.469Sep 6, 2024Close89.719Sep 12, 2024Close90.594Sep 18, 2024Close91.281Sep 24, 2024Close91.063Sep 30, 2024Close90.188Oct 4, 2024Close88.500Oct 10, 2024Close87.719Oct 17, 2024Close87.156Oct 23, 2024Close85.188Oct 29, 2024Close84.906Nov 4, 2024Close84.969Nov 8, 2024Close86.094Nov 15, 2024Close83.313Nov 21, 2024Close83.281Nov 27, 2024Close85.156Dec 4, 2024Close86.781Dec 10, 2024Close85.813Dec 16, 2024Close82.969Dec 20, 2024Close80.813Dec 27, 2024Close79.969Jan 3, 2025Close79.469Jan 9, 2025Close78.344Jan 15, 2025Close79.219Jan 22, 2025Close80.000Jan 28, 2025Close81.250Feb 3, 2025Close81.875Feb 7, 2025Close82.594Feb 13, 2025Close82.031Feb 20, 2025Close81.906Feb 26, 2025Close84.531Mar 4, 2025Close84.031Mar 10, 2025Close83.375Mar 14, 2025Close82.063Mar 20, 2025Close83.375Mar 26, 2025Close81.531Apr 1, 2025Close83.656Apr 7, 2025Close81.188Apr 11, 2025Close76.594Apr 17, 2025Close78.063Apr 23, 2025Close78.344Apr 29, 2025Close80.438May 5, 2025Close78.375May 9, 2025Close78.125May 15, 2025Close77.875May 21, 2025Close75.563May 28, 2025Close76.750Jun 3, 2025Close76.750Jun 9, 2025Close76.781Jun 13, 2025Close77.406Jun 20, 2025Close78.156Jun 26, 2025Close78.906Jul 2, 2025Close78.938Jul 9, 2025Close78.344Jul 15, 2025Close76.750Jul 21, 2025Close77.969Jul 25, 2025Close78.031Jul 31, 2025Close77.719Aug 6, 2025Close78.656Aug 12, 2025Close77.844Aug 18, 2025Close76.906Aug 22, 2025Close78.094Aug 28, 2025Close77.875Sep 4, 2025Close78.125Sep 10, 2025Close80.469Sep 16, 2025Close81.469Sep 22, 2025Close79.625Sep 26, 2025Close79.531Oct 2, 2025Close80.406Oct 8, 2025Close80.469Oct 15, 2025Close81.281Oct 21, 2025Close82.469Oct 27, 2025Close82.375Oct 31, 2025Close80.906Nov 6, 2025Close80.313Nov 13, 2025Close80.313Nov 19, 2025Close79.406Nov 25, 2025Close80.125Dec 2, 2025Close79.344Dec 8, 2025Close78.438Dec 12, 2025Close77.969Dec 18, 2025Close78.625Dec 24, 2025Close78.500Dec 31, 2025Close77.875Jan 7, 2026Close78.375Jan 13, 2026Close78.594Jan 20, 2026Close77.500Jan 26, 2026Close79.344Jan 30, 2026Close78.156Feb 5, 2026Close78.438Feb 11, 2026Close79.125Feb 18, 2026Close80.344Feb 24, 2026Close80.281Mar 2, 2026Close80.375Mar 6, 2026Close79.219Mar 12, 2026Close77.719Mar 18, 2026Close78.344Mar 24, 2026Close76.500Mar 30, 2026Close76.750Apr 3, 2026Close77.313Apr 9, 2026Close77.281Apr 15, 2026Close77.906Apr 21, 2026Close77.594Apr 27, 2026Close77.063May 1, 2026Close77.281May 7, 2026Close77.000May 13, 2026Close76.094May 19, 2026Close74.406May 26, 2026Close76.188Jun 1, 2026Close76.719Jun 5, 2026Close76.094Jun 11, 2026Close76.469Jun 17, 2026Close76.438Jun 24, 2026Close76.781Jun 30, 2026Close76.313Jul 7, 2026Close74.563Jul 13, 2026Close73.906Jul 17, 2026Close74.156Jul 23, 2026Close72.656Jul 29, 2026Close72.313Aug 4, 2026Close72.531Aug 10, 2026Close71.969Aug 14, 2026Close72.063Aug 20, 2026Close72.938Aug 26, 2026Close73.469Sep 1, 2026Close72.500Sep 8, 2026Close72.906Sep 9, 2026Close72.563
The most recent 20 trading days of prices for 912810TP3.
DateBidOfferClose
Sep 9, 202672.39172.31372.563
Sep 8, 202673.06373.00072.906
Sep 4, 202672.85972.78172.906
Sep 3, 202673.21973.15672.844
Sep 2, 202672.65672.59472.594
Sep 1, 202672.64172.56372.500
Aug 31, 202672.29772.25072.406
Aug 28, 202673.51673.43872.875
Aug 27, 202673.59473.53173.469
Aug 26, 202673.46973.40673.469
Aug 25, 202673.43873.37573.469
Aug 24, 202672.96972.90672.719
Aug 21, 202672.53172.46972.156
Aug 20, 202672.43872.37572.938
Aug 19, 202673.07873.00073.000
Aug 18, 202671.43871.37571.625
Aug 17, 202671.60971.53171.125
Aug 14, 202671.92271.84472.063
Aug 13, 202672.65672.59472.469
Aug 12, 202672.35972.28172.125

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 912810TP3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 16, 2023Feb 28, 2023New issue$9.0bn$11.0bn2.38x1.550%
Aug 24, 2023Aug 31, 2023Reopening$8.0bn$8.8bn2.42x1.970%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.