Inflation-linked (TIPS)

912810US5 · 2.375% due February 15, 2056

Original term
30-Year
Maturity
Feb 15, 2056
Coupon
2.375%
Pays
Semi-Annual
Dated
Feb 15, 2026
First coupon
Aug 15, 2026
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$18.58bn
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
3.003%
Index ratio
1.0304
Real duration
20.356 yr
DV01
0.1790
Convexity
527.046
Real clean price
87.781
Accrued (real)
0.168
Real dirty price
87.949
Indexed principal
103.040
Money clean price
90.450

The index ratio is a multiplier, not a percentage: 1.0304 means the principal is worth that many times its original face today. So the real clean price of 87.781 is not what a buyer pays , multiply by the ratio to get 90.450 per 100 of original face.

Against the fitted real curve

Priced 0.3 bp cheap to the real curve on that day, 6.20 cents per 100 of face.

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

Real yield, 135 observations

2.4%2.5%2.6%2.7%2.8%2.9%3.0%3.1%Feb 27, 2026Sep 9, 2026Feb 27, 2026Real yield2.435%Mar 2, 2026Real yield2.479%Mar 3, 2026Real yield2.486%Mar 4, 2026Real yield2.509%Mar 5, 2026Real yield2.523%Mar 6, 2026Real yield2.550%Mar 9, 2026Real yield2.520%Mar 10, 2026Real yield2.569%Mar 11, 2026Real yield2.617%Mar 12, 2026Real yield2.639%Mar 13, 2026Real yield2.670%Mar 16, 2026Real yield2.633%Mar 17, 2026Real yield2.606%Mar 18, 2026Real yield2.622%Mar 19, 2026Real yield2.611%Mar 20, 2026Real yield2.738%Mar 23, 2026Real yield2.704%Mar 24, 2026Real yield2.736%Mar 25, 2026Real yield2.701%Mar 26, 2026Real yield2.722%Mar 27, 2026Real yield2.793%Mar 30, 2026Real yield2.730%Mar 31, 2026Real yield2.701%Apr 1, 2026Real yield2.719%Apr 2, 2026Real yield2.669%Apr 3, 2026Real yield2.685%Apr 6, 2026Real yield2.665%Apr 7, 2026Real yield2.679%Apr 8, 2026Real yield2.676%Apr 9, 2026Real yield2.680%Apr 10, 2026Real yield2.677%Apr 13, 2026Real yield2.660%Apr 14, 2026Real yield2.635%Apr 15, 2026Real yield2.641%Apr 16, 2026Real yield2.692%Apr 17, 2026Real yield2.666%Apr 20, 2026Real yield2.666%Apr 21, 2026Real yield2.660%Apr 22, 2026Real yield2.660%Apr 23, 2026Real yield2.663%Apr 24, 2026Real yield2.657%Apr 27, 2026Real yield2.694%Apr 28, 2026Real yield2.689%Apr 29, 2026Real yield2.719%Apr 30, 2026Real yield2.721%May 1, 2026Real yield2.684%May 4, 2026Real yield2.727%May 5, 2026Real yield2.705%May 6, 2026Real yield2.684%May 7, 2026Real yield2.697%May 8, 2026Real yield2.675%May 11, 2026Real yield2.707%May 12, 2026Real yield2.750%May 13, 2026Real yield2.754%May 14, 2026Real yield2.742%May 15, 2026Real yield2.826%May 18, 2026Real yield2.834%May 19, 2026Real yield2.861%May 20, 2026Real yield2.826%May 21, 2026Real yield2.819%May 22, 2026Real yield2.788%May 26, 2026Real yield2.747%May 27, 2026Real yield2.736%May 28, 2026Real yield2.715%May 29, 2026Real yield2.722%Jun 1, 2026Real yield2.717%Jun 2, 2026Real yield2.705%Jun 3, 2026Real yield2.733%Jun 4, 2026Real yield2.718%Jun 5, 2026Real yield2.756%Jun 8, 2026Real yield2.782%Jun 9, 2026Real yield2.764%Jun 10, 2026Real yield2.789%Jun 11, 2026Real yield2.735%Jun 12, 2026Real yield2.738%Jun 15, 2026Real yield2.733%Jun 16, 2026Real yield2.706%Jun 17, 2026Real yield2.736%Jun 18, 2026Real yield2.712%Jun 22, 2026Real yield2.763%Jun 23, 2026Real yield2.772%Jun 24, 2026Real yield2.716%Jun 25, 2026Real yield2.696%Jun 26, 2026Real yield2.701%Jun 29, 2026Real yield2.692%Jun 30, 2026Real yield2.742%Jul 1, 2026Real yield2.789%Jul 2, 2026Real yield2.807%Jul 6, 2026Real yield2.804%Jul 7, 2026Real yield2.857%Jul 8, 2026Real yield2.872%Jul 9, 2026Real yield2.872%Jul 10, 2026Real yield2.874%Jul 13, 2026Real yield2.901%Jul 14, 2026Real yield2.886%Jul 15, 2026Real yield2.898%Jul 16, 2026Real yield2.925%Jul 17, 2026Real yield2.883%Jul 20, 2026Real yield2.922%Jul 21, 2026Real yield2.931%Jul 22, 2026Real yield2.944%Jul 23, 2026Real yield2.970%Jul 24, 2026Real yield2.970%Jul 27, 2026Real yield2.967%Jul 28, 2026Real yield2.934%Jul 29, 2026Real yield2.995%Jul 30, 2026Real yield3.002%Jul 31, 2026Real yield3.047%Aug 3, 2026Real yield3.009%Aug 4, 2026Real yield2.978%Aug 5, 2026Real yield2.978%Aug 6, 2026Real yield3.002%Aug 7, 2026Real yield2.981%Aug 10, 2026Real yield3.021%Aug 11, 2026Real yield3.020%Aug 12, 2026Real yield3.014%Aug 13, 2026Real yield2.994%Aug 14, 2026Real yield3.025%Aug 17, 2026Real yield3.089%Aug 18, 2026Real yield3.057%Aug 19, 2026Real yield2.964%Aug 20, 2026Real yield2.971%Aug 21, 2026Real yield3.025%Aug 24, 2026Real yield2.989%Aug 25, 2026Real yield2.939%Aug 26, 2026Real yield2.940%Aug 27, 2026Real yield2.939%Aug 28, 2026Real yield2.978%Aug 31, 2026Real yield3.010%Sep 1, 2026Real yield3.003%Sep 2, 2026Real yield2.996%Sep 3, 2026Real yield2.982%Sep 4, 2026Real yield2.981%Sep 8, 2026Real yield2.981%Sep 9, 2026Real yield3.003%

Price history

135 trading days to Sep 9, 2026

85.087.590.092.595.097.5100.0Feb 27, 2026Sep 9, 2026Feb 27, 2026Close98.719Mar 2, 2026Close97.813Mar 3, 2026Close97.656Mar 4, 2026Close97.188Mar 5, 2026Close96.906Mar 6, 2026Close96.344Mar 9, 2026Close96.969Mar 10, 2026Close95.969Mar 11, 2026Close95.000Mar 12, 2026Close94.563Mar 13, 2026Close93.938Mar 16, 2026Close94.688Mar 17, 2026Close95.219Mar 18, 2026Close94.906Mar 19, 2026Close95.125Mar 20, 2026Close92.625Mar 23, 2026Close93.281Mar 24, 2026Close92.656Mar 25, 2026Close93.344Mar 26, 2026Close92.938Mar 27, 2026Close91.563Mar 30, 2026Close92.781Mar 31, 2026Close93.344Apr 1, 2026Close93.000Apr 2, 2026Close93.969Apr 3, 2026Close93.656Apr 6, 2026Close94.063Apr 7, 2026Close93.781Apr 8, 2026Close93.844Apr 9, 2026Close93.750Apr 10, 2026Close93.813Apr 13, 2026Close94.156Apr 14, 2026Close94.656Apr 15, 2026Close94.531Apr 16, 2026Close93.531Apr 17, 2026Close94.031Apr 20, 2026Close94.031Apr 21, 2026Close94.156Apr 22, 2026Close94.156Apr 23, 2026Close94.094Apr 24, 2026Close94.219Apr 27, 2026Close93.500Apr 28, 2026Close93.594Apr 29, 2026Close93.000Apr 30, 2026Close92.969May 1, 2026Close93.688May 4, 2026Close92.844May 5, 2026Close93.281May 6, 2026Close93.688May 7, 2026Close93.438May 8, 2026Close93.875May 11, 2026Close93.250May 12, 2026Close92.406May 13, 2026Close92.344May 14, 2026Close92.563May 15, 2026Close90.969May 18, 2026Close90.813May 19, 2026Close90.313May 20, 2026Close90.969May 21, 2026Close91.094May 22, 2026Close91.688May 26, 2026Close92.469May 27, 2026Close92.688May 28, 2026Close93.094May 29, 2026Close92.969Jun 1, 2026Close93.063Jun 2, 2026Close93.281Jun 3, 2026Close92.750Jun 4, 2026Close93.031Jun 5, 2026Close92.313Jun 8, 2026Close91.813Jun 9, 2026Close92.156Jun 10, 2026Close91.688Jun 11, 2026Close92.719Jun 12, 2026Close92.656Jun 15, 2026Close92.750Jun 16, 2026Close93.281Jun 17, 2026Close92.688Jun 18, 2026Close93.156Jun 22, 2026Close92.188Jun 23, 2026Close92.000Jun 24, 2026Close93.094Jun 25, 2026Close93.469Jun 26, 2026Close93.375Jun 29, 2026Close93.563Jun 30, 2026Close92.594Jul 1, 2026Close91.688Jul 2, 2026Close91.344Jul 6, 2026Close91.406Jul 7, 2026Close90.406Jul 8, 2026Close90.125Jul 9, 2026Close90.125Jul 10, 2026Close90.094Jul 13, 2026Close89.594Jul 14, 2026Close89.875Jul 15, 2026Close89.656Jul 16, 2026Close89.156Jul 17, 2026Close89.938Jul 20, 2026Close89.219Jul 21, 2026Close89.063Jul 22, 2026Close88.813Jul 23, 2026Close88.344Jul 24, 2026Close88.344Jul 27, 2026Close88.406Jul 28, 2026Close89.000Jul 29, 2026Close87.906Jul 30, 2026Close87.781Jul 31, 2026Close86.969Aug 3, 2026Close87.656Aug 4, 2026Close88.219Aug 5, 2026Close88.219Aug 6, 2026Close87.781Aug 7, 2026Close88.156Aug 10, 2026Close87.438Aug 11, 2026Close87.469Aug 12, 2026Close87.563Aug 13, 2026Close87.938Aug 14, 2026Close87.375Aug 17, 2026Close86.250Aug 18, 2026Close86.813Aug 19, 2026Close88.469Aug 20, 2026Close88.344Aug 21, 2026Close87.375Aug 24, 2026Close88.031Aug 25, 2026Close88.938Aug 26, 2026Close88.906Aug 27, 2026Close88.938Aug 28, 2026Close88.219Aug 31, 2026Close87.656Sep 1, 2026Close87.781Sep 2, 2026Close87.906Sep 3, 2026Close88.156Sep 4, 2026Close88.188Sep 8, 2026Close88.188Sep 9, 2026Close87.781
The most recent 20 trading days of prices for 912810US5.
DateBidOfferClose
Sep 9, 202687.54787.46987.781
Sep 8, 202688.35988.31388.188
Sep 4, 202688.14188.09488.188
Sep 3, 202688.57888.53188.156
Sep 2, 202687.92287.87587.906
Sep 1, 202687.93887.87587.781
Aug 31, 202687.51687.46987.656
Aug 28, 202688.96988.90688.219
Aug 27, 202689.04789.00088.938
Aug 26, 202688.92288.87588.906
Aug 25, 202688.87588.81388.938
Aug 24, 202688.32888.28188.031
Aug 21, 202687.81387.75087.375
Aug 20, 202687.75087.68888.344
Aug 19, 202688.54788.50088.469
Aug 18, 202686.57886.53186.813
Aug 17, 202686.82886.78186.250
Aug 14, 202687.21987.15687.375
Aug 13, 202688.14188.09487.938
Aug 12, 202687.78187.71987.563

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 912810US5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 19, 2026Feb 27, 2026New issue$9.0bn$9.0bn2.75x2.473%
Aug 20, 2026Aug 31, 2026Reopening$8.0bn$9.0bn2.82x2.973%

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.