Inflation-linked (TIPS)

912810TY4 · 2.125% due February 15, 2054

Original term
30-Year
Maturity
Feb 15, 2054
Coupon
2.125%
Pays
Semi-Annual
Dated
Feb 15, 2024
First coupon
Aug 15, 2024
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$18.82bn
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
3.021%
Index ratio
1.0881
Real duration
19.846 yr
DV01
0.1658
Convexity
488.802
Real clean price
83.375
Accrued (real)
0.150
Real dirty price
83.525
Indexed principal
108.810
Money clean price
90.720

The index ratio is a multiplier, not a percentage: 1.0881 means the principal is worth that many times its original face today. So the real clean price of 83.375 is not what a buyer pays , multiply by the ratio to get 90.720 per 100 of original face.

Against the fitted real curve

Priced 1.4 bp cheap to the real curve on that day, 23.25 cents per 100 of face.

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

Real yield, 634 observations

1.75%2.00%2.25%2.50%2.75%3.00%3.25%Feb 29, 2024Sep 9, 2026Feb 29, 2024Real yield2.091%Mar 5, 2024Real yield1.976%Mar 8, 2024Real yield2.008%Mar 13, 2024Real yield2.084%Mar 18, 2024Real yield2.188%Mar 21, 2024Real yield2.141%Mar 26, 2024Real yield2.133%Mar 29, 2024Real yield2.069%Apr 3, 2024Real yield2.202%Apr 8, 2024Real yield2.220%Apr 11, 2024Real yield2.310%Apr 16, 2024Real yield2.403%Apr 19, 2024Real yield2.359%Apr 24, 2024Real yield2.416%Apr 29, 2024Real yield2.366%May 2, 2024Real yield2.376%May 7, 2024Real yield2.285%May 10, 2024Real yield2.292%May 15, 2024Real yield2.194%May 20, 2024Real yield2.239%May 23, 2024Real yield2.264%May 29, 2024Real yield2.366%Jun 3, 2024Real yield2.216%Jun 6, 2024Real yield2.136%Jun 11, 2024Real yield2.233%Jun 14, 2024Real yield2.116%Jun 20, 2024Real yield2.122%Jun 25, 2024Real yield2.118%Jun 28, 2024Real yield2.229%Jul 3, 2024Real yield2.231%Jul 9, 2024Real yield2.207%Jul 12, 2024Real yield2.124%Jul 17, 2024Real yield2.092%Jul 22, 2024Real yield2.184%Jul 25, 2024Real yield2.237%Jul 30, 2024Real yield2.162%Aug 2, 2024Real yield2.043%Aug 7, 2024Real yield2.121%Aug 12, 2024Real yield2.058%Aug 15, 2024Real yield2.056%Aug 20, 2024Real yield1.986%Aug 23, 2024Real yield1.973%Aug 28, 2024Real yield1.979%Sep 3, 2024Real yield2.000%Sep 6, 2024Real yield1.973%Sep 11, 2024Real yield1.909%Sep 16, 2024Real yield1.837%Sep 19, 2024Real yield1.905%Sep 24, 2024Real yield1.914%Sep 27, 2024Real yield1.943%Oct 2, 2024Real yield1.924%Oct 7, 2024Real yield2.061%Oct 10, 2024Real yield2.079%Oct 16, 2024Real yield2.050%Oct 21, 2024Real yield2.190%Oct 24, 2024Real yield2.174%Oct 29, 2024Real yield2.223%Nov 1, 2024Real yield2.251%Nov 6, 2024Real yield2.248%Nov 12, 2024Real yield2.276%Nov 15, 2024Real yield2.308%Nov 20, 2024Real yield2.291%Nov 25, 2024Real yield2.201%Nov 29, 2024Real yield2.148%Dec 4, 2024Real yield2.122%Dec 9, 2024Real yield2.177%Dec 12, 2024Real yield2.281%Dec 17, 2024Real yield2.330%Dec 20, 2024Real yield2.444%Dec 26, 2024Real yield2.438%Dec 31, 2024Real yield2.484%Jan 6, 2025Real yield2.537%Jan 9, 2025Real yield2.584%Jan 14, 2025Real yield2.617%Jan 17, 2025Real yield2.515%Jan 23, 2025Real yield2.505%Jan 28, 2025Real yield2.423%Jan 31, 2025Real yield2.466%Feb 5, 2025Real yield2.294%Feb 10, 2025Real yield2.361%Feb 13, 2025Real yield2.383%Feb 19, 2025Real yield2.408%Feb 24, 2025Real yield2.335%Feb 27, 2025Real yield2.305%Mar 4, 2025Real yield2.276%Mar 7, 2025Real yield2.363%Mar 12, 2025Real yield2.375%Mar 17, 2025Real yield2.372%Mar 20, 2025Real yield2.309%Mar 25, 2025Real yield2.388%Mar 28, 2025Real yield2.373%Apr 2, 2025Real yield2.316%Apr 7, 2025Real yield2.431%Apr 10, 2025Real yield2.695%Apr 15, 2025Real yield2.645%Apr 18, 2025Real yield2.608%Apr 23, 2025Real yield2.595%Apr 28, 2025Real yield2.511%May 1, 2025Real yield2.538%May 6, 2025Real yield2.576%May 9, 2025Real yield2.609%May 14, 2025Real yield2.662%May 19, 2025Real yield2.616%May 22, 2025Real yield2.742%May 28, 2025Real yield2.688%Jun 2, 2025Real yield2.693%Jun 5, 2025Real yield2.626%Jun 10, 2025Real yield2.673%Jun 13, 2025Real yield2.650%Jun 18, 2025Real yield2.612%Jun 24, 2025Real yield2.582%Jun 27, 2025Real yield2.581%Jul 2, 2025Real yield2.560%Jul 8, 2025Real yield2.653%Jul 11, 2025Real yield2.661%Jul 16, 2025Real yield2.680%Jul 21, 2025Real yield2.623%Jul 24, 2025Real yield2.640%Jul 29, 2025Real yield2.580%Aug 1, 2025Real yield2.595%Aug 6, 2025Real yield2.585%Aug 11, 2025Real yield2.586%Aug 14, 2025Real yield2.626%Aug 19, 2025Real yield2.666%Aug 22, 2025Real yield2.614%Aug 27, 2025Real yield2.636%Sep 2, 2025Real yield2.700%Sep 5, 2025Real yield2.544%Sep 10, 2025Real yield2.477%Sep 15, 2025Real yield2.431%Sep 18, 2025Real yield2.476%Sep 23, 2025Real yield2.494%Sep 26, 2025Real yield2.534%Oct 1, 2025Real yield2.500%Oct 6, 2025Real yield2.543%Oct 9, 2025Real yield2.489%Oct 15, 2025Real yield2.435%Oct 20, 2025Real yield2.405%Oct 23, 2025Real yield2.376%Oct 28, 2025Real yield2.346%Oct 31, 2025Real yield2.456%Nov 5, 2025Real yield2.524%Nov 10, 2025Real yield2.493%Nov 14, 2025Real yield2.528%Nov 19, 2025Real yield2.546%Nov 24, 2025Real yield2.515%Nov 28, 2025Real yield2.502%Dec 3, 2025Real yield2.540%Dec 8, 2025Real yield2.606%Dec 11, 2025Real yield2.588%Dec 16, 2025Real yield2.618%Dec 19, 2025Real yield2.630%Dec 24, 2025Real yield2.603%Dec 30, 2025Real yield2.613%Jan 5, 2026Real yield2.632%Jan 8, 2026Real yield2.641%Jan 13, 2026Real yield2.597%Jan 16, 2026Real yield2.596%Jan 22, 2026Real yield2.599%Jan 27, 2026Real yield2.574%Jan 30, 2026Real yield2.628%Feb 4, 2026Real yield2.657%Feb 9, 2026Real yield2.598%Feb 12, 2026Real yield2.497%Feb 18, 2026Real yield2.504%Feb 23, 2026Real yield2.511%Feb 26, 2026Real yield2.465%Mar 3, 2026Real yield2.506%Mar 6, 2026Real yield2.571%Mar 11, 2026Real yield2.636%Mar 16, 2026Real yield2.648%Mar 19, 2026Real yield2.618%Mar 24, 2026Real yield2.745%Mar 27, 2026Real yield2.800%Apr 1, 2026Real yield2.730%Apr 6, 2026Real yield2.673%Apr 9, 2026Real yield2.687%Apr 14, 2026Real yield2.643%Apr 17, 2026Real yield2.679%Apr 22, 2026Real yield2.675%Apr 27, 2026Real yield2.707%Apr 30, 2026Real yield2.736%May 5, 2026Real yield2.721%May 8, 2026Real yield2.688%May 13, 2026Real yield2.770%May 18, 2026Real yield2.852%May 21, 2026Real yield2.838%May 27, 2026Real yield2.753%Jun 1, 2026Real yield2.736%Jun 4, 2026Real yield2.734%Jun 9, 2026Real yield2.782%Jun 12, 2026Real yield2.756%Jun 17, 2026Real yield2.756%Jun 23, 2026Real yield2.791%Jun 26, 2026Real yield2.720%Jul 1, 2026Real yield2.808%Jul 7, 2026Real yield2.875%Jul 10, 2026Real yield2.893%Jul 15, 2026Real yield2.917%Jul 20, 2026Real yield2.943%Jul 23, 2026Real yield2.999%Jul 28, 2026Real yield2.969%Jul 31, 2026Real yield3.079%Aug 5, 2026Real yield3.013%Aug 10, 2026Real yield3.049%Aug 13, 2026Real yield3.017%Aug 18, 2026Real yield3.080%Aug 21, 2026Real yield3.046%Aug 26, 2026Real yield2.960%Aug 31, 2026Real yield3.030%Sep 3, 2026Real yield3.002%Sep 9, 2026Real yield3.021%

Price history

634 trading days to Sep 9, 2026

80859095100105110Feb 29, 2024Sep 9, 2026Feb 29, 2024Close100.750Mar 5, 2024Close103.344Mar 8, 2024Close102.625Mar 13, 2024Close100.906Mar 18, 2024Close98.625Mar 21, 2024Close99.656Mar 26, 2024Close99.813Mar 29, 2024Close101.250Apr 3, 2024Close98.313Apr 8, 2024Close97.938Apr 11, 2024Close96.031Apr 16, 2024Close94.094Apr 19, 2024Close95.000Apr 24, 2024Close93.844Apr 29, 2024Close94.875May 2, 2024Close94.656May 7, 2024Close96.563May 10, 2024Close96.406May 15, 2024Close98.500May 20, 2024Close97.531May 23, 2024Close97.000May 29, 2024Close94.875Jun 3, 2024Close98.031Jun 6, 2024Close99.750Jun 11, 2024Close97.656Jun 14, 2024Close100.188Jun 20, 2024Close100.063Jun 25, 2024Close100.156Jun 28, 2024Close97.750Jul 3, 2024Close97.719Jul 9, 2024Close98.219Jul 12, 2024Close100.031Jul 17, 2024Close100.719Jul 22, 2024Close98.719Jul 25, 2024Close97.594Jul 30, 2024Close99.188Aug 2, 2024Close101.813Aug 7, 2024Close100.094Aug 12, 2024Close101.469Aug 15, 2024Close101.531Aug 20, 2024Close103.094Aug 23, 2024Close103.375Aug 28, 2024Close103.250Sep 3, 2024Close102.781Sep 6, 2024Close103.375Sep 11, 2024Close104.844Sep 16, 2024Close106.531Sep 19, 2024Close104.938Sep 24, 2024Close104.719Sep 27, 2024Close104.063Oct 2, 2024Close104.500Oct 7, 2024Close101.406Oct 10, 2024Close101.000Oct 16, 2024Close101.656Oct 21, 2024Close98.594Oct 24, 2024Close98.938Oct 29, 2024Close97.906Nov 1, 2024Close97.313Nov 6, 2024Close97.375Nov 12, 2024Close96.781Nov 15, 2024Close96.125Nov 20, 2024Close96.469Nov 25, 2024Close98.375Nov 29, 2024Close99.500Dec 4, 2024Close100.063Dec 9, 2024Close98.875Dec 12, 2024Close96.688Dec 17, 2024Close95.688Dec 20, 2024Close93.375Dec 26, 2024Close93.500Dec 31, 2024Close92.594Jan 6, 2025Close91.563Jan 9, 2025Close90.656Jan 14, 2025Close90.031Jan 17, 2025Close92.000Jan 23, 2025Close92.188Jan 28, 2025Close93.813Jan 31, 2025Close92.969Feb 5, 2025Close96.438Feb 10, 2025Close95.063Feb 13, 2025Close94.625Feb 19, 2025Close94.125Feb 24, 2025Close95.594Feb 27, 2025Close96.219Mar 4, 2025Close96.813Mar 7, 2025Close95.031Mar 12, 2025Close94.781Mar 17, 2025Close94.844Mar 20, 2025Close96.125Mar 25, 2025Close94.531Mar 28, 2025Close94.844Apr 2, 2025Close96.000Apr 7, 2025Close93.688Apr 10, 2025Close88.625Apr 15, 2025Close89.563Apr 18, 2025Close90.250Apr 23, 2025Close90.500Apr 28, 2025Close92.125May 1, 2025Close91.594May 6, 2025Close90.875May 9, 2025Close90.250May 14, 2025Close89.250May 19, 2025Close90.125May 22, 2025Close87.781May 28, 2025Close88.781Jun 2, 2025Close88.688Jun 5, 2025Close89.938Jun 10, 2025Close89.063Jun 13, 2025Close89.500Jun 18, 2025Close90.219Jun 24, 2025Close90.781Jun 27, 2025Close90.813Jul 2, 2025Close91.219Jul 8, 2025Close89.469Jul 11, 2025Close89.313Jul 16, 2025Close88.969Jul 21, 2025Close90.031Jul 24, 2025Close89.719Jul 29, 2025Close90.844Aug 1, 2025Close90.563Aug 6, 2025Close90.750Aug 11, 2025Close90.750Aug 14, 2025Close90.000Aug 19, 2025Close89.250Aug 22, 2025Close90.219Aug 27, 2025Close89.813Sep 2, 2025Close88.625Sep 5, 2025Close91.563Sep 10, 2025Close92.844Sep 15, 2025Close93.750Sep 18, 2025Close92.875Sep 23, 2025Close92.531Sep 26, 2025Close91.750Oct 1, 2025Close92.406Oct 6, 2025Close91.594Oct 9, 2025Close92.625Oct 15, 2025Close93.688Oct 20, 2025Close94.281Oct 23, 2025Close94.844Oct 28, 2025Close95.438Oct 31, 2025Close93.281Nov 5, 2025Close91.969Nov 10, 2025Close92.563Nov 14, 2025Close91.906Nov 19, 2025Close91.563Nov 24, 2025Close92.156Nov 28, 2025Close92.406Dec 3, 2025Close91.688Dec 8, 2025Close90.438Dec 11, 2025Close90.781Dec 16, 2025Close90.219Dec 19, 2025Close90.000Dec 24, 2025Close90.500Dec 30, 2025Close90.313Jan 5, 2026Close89.969Jan 8, 2026Close89.813Jan 13, 2026Close90.625Jan 16, 2026Close90.656Jan 22, 2026Close90.594Jan 27, 2026Close91.063Jan 30, 2026Close90.063Feb 4, 2026Close89.531Feb 9, 2026Close90.625Feb 12, 2026Close92.531Feb 18, 2026Close92.406Feb 23, 2026Close92.281Feb 26, 2026Close93.156Mar 3, 2026Close92.375Mar 6, 2026Close91.156Mar 11, 2026Close89.938Mar 16, 2026Close89.719Mar 19, 2026Close90.281Mar 24, 2026Close87.969Mar 27, 2026Close87.000Apr 1, 2026Close88.250Apr 6, 2026Close89.281Apr 9, 2026Close89.031Apr 14, 2026Close89.844Apr 17, 2026Close89.188Apr 22, 2026Close89.250Apr 27, 2026Close88.688Apr 30, 2026Close88.156May 5, 2026Close88.438May 8, 2026Close89.031May 13, 2026Close87.563May 18, 2026Close86.125May 21, 2026Close86.375May 27, 2026Close87.875Jun 1, 2026Close88.188Jun 4, 2026Close88.219Jun 9, 2026Close87.375Jun 12, 2026Close87.844Jun 17, 2026Close87.844Jun 23, 2026Close87.219Jun 26, 2026Close88.500Jul 1, 2026Close86.938Jul 7, 2026Close85.781Jul 10, 2026Close85.469Jul 15, 2026Close85.063Jul 20, 2026Close84.625Jul 23, 2026Close83.688Jul 28, 2026Close84.188Jul 31, 2026Close82.375Aug 5, 2026Close83.469Aug 10, 2026Close82.875Aug 13, 2026Close83.406Aug 18, 2026Close82.375Aug 21, 2026Close82.938Aug 26, 2026Close84.375Aug 31, 2026Close83.219Sep 3, 2026Close83.688Sep 9, 2026Close83.375
The most recent 20 trading days of prices for 912810TY4.
DateBidOfferClose
Sep 9, 202683.17283.09483.375
Sep 8, 202683.90683.84483.750
Sep 4, 202683.68883.62583.750
Sep 3, 202684.10984.06383.688
Sep 2, 202683.48483.43883.438
Sep 1, 202683.50083.43883.344
Aug 31, 202683.09483.03183.219
Aug 28, 202684.45384.37583.750
Aug 27, 202684.51684.46984.406
Aug 26, 202684.35984.31384.375
Aug 25, 202684.34484.28184.375
Aug 24, 202683.84483.78183.531
Aug 21, 202683.34483.28182.938
Aug 20, 202683.26683.21983.844
Aug 19, 202683.98483.93883.906
Aug 18, 202682.18882.12582.375
Aug 17, 202682.40682.34481.875
Aug 14, 202682.75082.68882.906
Aug 13, 202683.59483.53183.406
Aug 12, 202683.26683.18883.031

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 912810TY4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 22, 2024Feb 29, 2024New issue$9.0bn$9.4bn2.43x2.200%
Aug 22, 2024Aug 30, 2024Reopening$8.0bn$8.0bn2.61x2.055%

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.