Inflation-linked (TIPS)

912810UH9 · 2.375% due February 15, 2055

Original term
30-Year
Maturity
Feb 15, 2055
Coupon
2.375%
Pays
Semi-Annual
Dated
Feb 15, 2025
First coupon
Aug 15, 2025
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$18.95bn
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
3.016%
Index ratio
1.0583
Real duration
19.892 yr
DV01
0.1750
Convexity
500.186
Real clean price
87.813
Accrued (real)
0.168
Real dirty price
87.980
Indexed principal
105.829
Money clean price
92.931

The index ratio is a multiplier, not a percentage: 1.0583 means the principal is worth that many times its original face today. So the real clean price of 87.813 is not what a buyer pays , multiply by the ratio to get 92.931 per 100 of original face.

Against the fitted real curve

Priced 1.6 bp cheap to the real curve on that day, 27.22 cents per 100 of face.

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

Real yield, 384 observations

2.0%2.2%2.4%2.6%2.8%3.0%3.2%Feb 28, 2025Sep 9, 2026Feb 28, 2025Real yield2.240%Mar 4, 2025Real yield2.277%Mar 6, 2025Real yield2.328%Mar 10, 2025Real yield2.310%Mar 12, 2025Real yield2.373%Mar 14, 2025Real yield2.379%Mar 18, 2025Real yield2.349%Mar 20, 2025Real yield2.308%Mar 24, 2025Real yield2.398%Mar 26, 2025Real yield2.409%Mar 28, 2025Real yield2.372%Apr 1, 2025Real yield2.294%Apr 3, 2025Real yield2.307%Apr 7, 2025Real yield2.425%Apr 9, 2025Real yield2.499%Apr 11, 2025Real yield2.688%Apr 15, 2025Real yield2.638%Apr 17, 2025Real yield2.599%Apr 21, 2025Real yield2.689%Apr 23, 2025Real yield2.586%Apr 25, 2025Real yield2.531%Apr 29, 2025Real yield2.467%May 1, 2025Real yield2.532%May 5, 2025Real yield2.588%May 7, 2025Real yield2.545%May 9, 2025Real yield2.602%May 13, 2025Real yield2.659%May 15, 2025Real yield2.618%May 19, 2025Real yield2.609%May 21, 2025Real yield2.757%May 23, 2025Real yield2.736%May 28, 2025Real yield2.681%May 30, 2025Real yield2.613%Jun 3, 2025Real yield2.685%Jun 5, 2025Real yield2.618%Jun 9, 2025Real yield2.682%Jun 11, 2025Real yield2.653%Jun 13, 2025Real yield2.645%Jun 17, 2025Real yield2.600%Jun 20, 2025Real yield2.597%Jun 24, 2025Real yield2.575%Jun 26, 2025Real yield2.555%Jun 30, 2025Real yield2.516%Jul 2, 2025Real yield2.550%Jul 7, 2025Real yield2.625%Jul 9, 2025Real yield2.586%Jul 11, 2025Real yield2.650%Jul 15, 2025Real yield2.684%Jul 17, 2025Real yield2.654%Jul 21, 2025Real yield2.611%Jul 23, 2025Real yield2.646%Jul 25, 2025Real yield2.608%Jul 29, 2025Real yield2.571%Jul 31, 2025Real yield2.629%Aug 4, 2025Real yield2.554%Aug 6, 2025Real yield2.574%Aug 8, 2025Real yield2.574%Aug 12, 2025Real yield2.619%Aug 14, 2025Real yield2.613%Aug 18, 2025Real yield2.677%Aug 20, 2025Real yield2.653%Aug 22, 2025Real yield2.601%Aug 26, 2025Real yield2.613%Aug 28, 2025Real yield2.609%Sep 2, 2025Real yield2.683%Sep 4, 2025Real yield2.596%Sep 8, 2025Real yield2.463%Sep 10, 2025Real yield2.460%Sep 12, 2025Real yield2.429%Sep 16, 2025Real yield2.403%Sep 18, 2025Real yield2.459%Sep 22, 2025Real yield2.509%Sep 24, 2025Real yield2.497%Sep 26, 2025Real yield2.519%Sep 30, 2025Real yield2.489%Oct 2, 2025Real yield2.467%Oct 6, 2025Real yield2.525%Oct 8, 2025Real yield2.465%Oct 10, 2025Real yield2.406%Oct 15, 2025Real yield2.420%Oct 17, 2025Real yield2.403%Oct 21, 2025Real yield2.350%Oct 23, 2025Real yield2.359%Oct 27, 2025Real yield2.357%Oct 29, 2025Real yield2.379%Oct 31, 2025Real yield2.441%Nov 4, 2025Real yield2.458%Nov 6, 2025Real yield2.476%Nov 10, 2025Real yield2.479%Nov 13, 2025Real yield2.479%Nov 17, 2025Real yield2.505%Nov 19, 2025Real yield2.531%Nov 21, 2025Real yield2.519%Nov 25, 2025Real yield2.490%Nov 28, 2025Real yield2.485%Dec 2, 2025Real yield2.539%Dec 4, 2025Real yield2.546%Dec 8, 2025Real yield2.593%Dec 10, 2025Real yield2.560%Dec 12, 2025Real yield2.623%Dec 16, 2025Real yield2.607%Dec 18, 2025Real yield2.583%Dec 22, 2025Real yield2.640%Dec 24, 2025Real yield2.593%Dec 29, 2025Real yield2.607%Dec 31, 2025Real yield2.633%Jan 5, 2026Real yield2.623%Jan 7, 2026Real yield2.603%Jan 9, 2026Real yield2.590%Jan 13, 2026Real yield2.588%Jan 15, 2026Real yield2.559%Jan 20, 2026Real yield2.655%Jan 22, 2026Real yield2.587%Jan 26, 2026Real yield2.546%Jan 28, 2026Real yield2.576%Jan 30, 2026Real yield2.612%Feb 3, 2026Real yield2.625%Feb 5, 2026Real yield2.598%Feb 9, 2026Real yield2.583%Feb 11, 2026Real yield2.559%Feb 13, 2026Real yield2.466%Feb 18, 2026Real yield2.487%Feb 20, 2026Real yield2.498%Feb 24, 2026Real yield2.495%Feb 26, 2026Real yield2.454%Mar 2, 2026Real yield2.487%Mar 4, 2026Real yield2.518%Mar 6, 2026Real yield2.559%Mar 10, 2026Real yield2.578%Mar 12, 2026Real yield2.648%Mar 16, 2026Real yield2.639%Mar 18, 2026Real yield2.624%Mar 20, 2026Real yield2.740%Mar 24, 2026Real yield2.738%Mar 26, 2026Real yield2.723%Mar 30, 2026Real yield2.730%Apr 1, 2026Real yield2.722%Apr 3, 2026Real yield2.688%Apr 7, 2026Real yield2.683%Apr 9, 2026Real yield2.686%Apr 13, 2026Real yield2.665%Apr 15, 2026Real yield2.651%Apr 17, 2026Real yield2.676%Apr 21, 2026Real yield2.673%Apr 23, 2026Real yield2.675%Apr 27, 2026Real yield2.704%Apr 29, 2026Real yield2.732%May 1, 2026Real yield2.695%May 5, 2026Real yield2.716%May 7, 2026Real yield2.709%May 11, 2026Real yield2.719%May 13, 2026Real yield2.766%May 15, 2026Real yield2.836%May 19, 2026Real yield2.874%May 21, 2026Real yield2.830%May 26, 2026Real yield2.759%May 28, 2026Real yield2.726%Jun 1, 2026Real yield2.728%Jun 3, 2026Real yield2.743%Jun 5, 2026Real yield2.766%Jun 9, 2026Real yield2.775%Jun 11, 2026Real yield2.745%Jun 15, 2026Real yield2.747%Jun 17, 2026Real yield2.750%Jun 22, 2026Real yield2.777%Jun 24, 2026Real yield2.729%Jun 26, 2026Real yield2.714%Jun 30, 2026Real yield2.757%Jul 2, 2026Real yield2.823%Jul 7, 2026Real yield2.871%Jul 9, 2026Real yield2.886%Jul 13, 2026Real yield2.914%Jul 15, 2026Real yield2.912%Jul 17, 2026Real yield2.897%Jul 21, 2026Real yield2.944%Jul 23, 2026Real yield2.988%Jul 27, 2026Real yield2.986%Jul 29, 2026Real yield3.015%Jul 31, 2026Real yield3.069%Aug 4, 2026Real yield3.003%Aug 6, 2026Real yield3.022%Aug 10, 2026Real yield3.040%Aug 12, 2026Real yield3.033%Aug 14, 2026Real yield3.041%Aug 18, 2026Real yield3.073%Aug 20, 2026Real yield2.989%Aug 24, 2026Real yield3.005%Aug 26, 2026Real yield2.956%Aug 28, 2026Real yield2.991%Sep 1, 2026Real yield3.016%Sep 3, 2026Real yield2.995%Sep 8, 2026Real yield2.993%Sep 9, 2026Real yield3.016%

Price history

384 trading days to Sep 9, 2026

859095100105Feb 28, 2025Sep 9, 2026Feb 28, 2025Close102.938Mar 4, 2025Close102.125Mar 6, 2025Close101.000Mar 10, 2025Close101.406Mar 12, 2025Close100.031Mar 14, 2025Close99.906Mar 18, 2025Close100.563Mar 20, 2025Close101.438Mar 24, 2025Close99.500Mar 26, 2025Close99.281Mar 28, 2025Close100.063Apr 1, 2025Close101.750Apr 3, 2025Close101.469Apr 7, 2025Close98.938Apr 9, 2025Close97.406Apr 11, 2025Close93.594Apr 15, 2025Close94.594Apr 17, 2025Close95.375Apr 21, 2025Close93.594Apr 23, 2025Close95.625Apr 25, 2025Close96.750Apr 29, 2025Close98.063May 1, 2025Close96.719May 5, 2025Close95.594May 7, 2025Close96.469May 9, 2025Close95.313May 13, 2025Close94.188May 15, 2025Close95.000May 19, 2025Close95.188May 21, 2025Close92.281May 23, 2025Close92.688May 28, 2025Close93.750May 30, 2025Close95.094Jun 3, 2025Close93.688Jun 5, 2025Close95.000Jun 9, 2025Close93.750Jun 11, 2025Close94.313Jun 13, 2025Close94.469Jun 17, 2025Close95.375Jun 20, 2025Close95.438Jun 24, 2025Close95.875Jun 26, 2025Close96.281Jun 30, 2025Close97.063Jul 2, 2025Close96.375Jul 7, 2025Close94.875Jul 9, 2025Close95.656Jul 11, 2025Close94.375Jul 15, 2025Close93.719Jul 17, 2025Close94.313Jul 21, 2025Close95.156Jul 23, 2025Close94.469Jul 25, 2025Close95.219Jul 29, 2025Close95.969Jul 31, 2025Close94.813Aug 4, 2025Close96.313Aug 6, 2025Close95.906Aug 8, 2025Close95.906Aug 12, 2025Close95.000Aug 14, 2025Close95.125Aug 18, 2025Close93.875Aug 20, 2025Close94.344Aug 22, 2025Close95.375Aug 26, 2025Close95.125Aug 28, 2025Close95.219Sep 2, 2025Close93.750Sep 4, 2025Close95.469Sep 8, 2025Close98.156Sep 10, 2025Close98.219Sep 12, 2025Close98.875Sep 16, 2025Close99.406Sep 18, 2025Close98.250Sep 22, 2025Close97.219Sep 24, 2025Close97.469Sep 26, 2025Close97.031Sep 30, 2025Close97.625Oct 2, 2025Close98.094Oct 6, 2025Close96.906Oct 8, 2025Close98.125Oct 10, 2025Close99.344Oct 15, 2025Close99.063Oct 17, 2025Close99.406Oct 21, 2025Close100.531Oct 23, 2025Close100.344Oct 27, 2025Close100.375Oct 29, 2025Close99.906Oct 31, 2025Close98.625Nov 4, 2025Close98.281Nov 6, 2025Close97.906Nov 10, 2025Close97.844Nov 13, 2025Close97.844Nov 17, 2025Close97.313Nov 19, 2025Close96.781Nov 21, 2025Close97.031Nov 25, 2025Close97.625Nov 28, 2025Close97.719Dec 2, 2025Close96.625Dec 4, 2025Close96.500Dec 8, 2025Close95.563Dec 10, 2025Close96.219Dec 12, 2025Close94.969Dec 16, 2025Close95.281Dec 18, 2025Close95.750Dec 22, 2025Close94.625Dec 24, 2025Close95.563Dec 29, 2025Close95.281Dec 31, 2025Close94.781Jan 5, 2026Close94.969Jan 7, 2026Close95.375Jan 9, 2026Close95.625Jan 13, 2026Close95.656Jan 15, 2026Close96.250Jan 20, 2026Close94.344Jan 22, 2026Close95.688Jan 26, 2026Close96.500Jan 28, 2026Close95.906Jan 30, 2026Close95.188Feb 3, 2026Close94.938Feb 5, 2026Close95.469Feb 9, 2026Close95.781Feb 11, 2026Close96.250Feb 13, 2026Close98.125Feb 18, 2026Close97.688Feb 20, 2026Close97.469Feb 24, 2026Close97.531Feb 26, 2026Close98.375Mar 2, 2026Close97.688Mar 4, 2026Close97.063Mar 6, 2026Close96.250Mar 10, 2026Close95.875Mar 12, 2026Close94.500Mar 16, 2026Close94.688Mar 18, 2026Close94.969Mar 20, 2026Close92.750Mar 24, 2026Close92.781Mar 26, 2026Close93.063Mar 30, 2026Close92.938Apr 1, 2026Close93.094Apr 3, 2026Close93.750Apr 7, 2026Close93.844Apr 9, 2026Close93.781Apr 13, 2026Close94.188Apr 15, 2026Close94.469Apr 17, 2026Close93.969Apr 21, 2026Close94.031Apr 23, 2026Close94.000Apr 27, 2026Close93.438Apr 29, 2026Close92.906May 1, 2026Close93.625May 5, 2026Close93.219May 7, 2026Close93.344May 11, 2026Close93.156May 13, 2026Close92.281May 15, 2026Close90.969May 19, 2026Close90.281May 21, 2026Close91.094May 26, 2026Close92.406May 28, 2026Close93.031Jun 1, 2026Close93.000Jun 3, 2026Close92.719Jun 5, 2026Close92.281Jun 9, 2026Close92.125Jun 11, 2026Close92.688Jun 15, 2026Close92.656Jun 17, 2026Close92.594Jun 22, 2026Close92.094Jun 24, 2026Close93.000Jun 26, 2026Close93.281Jun 30, 2026Close92.469Jul 2, 2026Close91.250Jul 7, 2026Close90.375Jul 9, 2026Close90.094Jul 13, 2026Close89.594Jul 15, 2026Close89.625Jul 17, 2026Close89.906Jul 21, 2026Close89.063Jul 23, 2026Close88.281Jul 27, 2026Close88.313Jul 29, 2026Close87.813Jul 31, 2026Close86.875Aug 4, 2026Close88.031Aug 6, 2026Close87.688Aug 10, 2026Close87.375Aug 12, 2026Close87.500Aug 14, 2026Close87.375Aug 18, 2026Close86.813Aug 20, 2026Close88.281Aug 24, 2026Close88.000Aug 26, 2026Close88.875Aug 28, 2026Close88.250Sep 1, 2026Close87.813Sep 3, 2026Close88.188Sep 8, 2026Close88.219Sep 9, 2026Close87.813
The most recent 20 trading days of prices for 912810UH9.
DateBidOfferClose
Sep 9, 202687.60987.53187.813
Sep 8, 202688.40688.34488.219
Sep 4, 202688.18888.12588.219
Sep 3, 202688.60988.56388.188
Sep 2, 202687.95387.90687.906
Sep 1, 202687.96987.90687.813
Aug 31, 202687.56387.50087.688
Aug 28, 202688.95388.87588.250
Aug 27, 202689.03188.96988.906
Aug 26, 202688.85988.81388.875
Aug 25, 202688.82888.75088.906
Aug 24, 202688.31388.25088.000
Aug 21, 202687.79787.71987.344
Aug 20, 202687.71987.65688.281
Aug 19, 202688.50088.43888.406
Aug 18, 202686.59486.53186.813
Aug 17, 202686.81386.75086.250
Aug 14, 202687.20387.12587.375
Aug 13, 202688.09488.03187.875
Aug 12, 202687.73487.65687.500

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 912810UH9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 20, 2025Feb 28, 2025New issue$9.0bn$9.9bn2.48x2.403%
Aug 21, 2025Aug 29, 2025Reopening$8.0bn$8.0bn2.78x2.650%

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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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.