Inflation-linked (TIPS)

9128283R9 · 0.5% due January 15, 2028

Original term
10-Year
Maturity
Jan 15, 2028
Coupon
0.500%
Pays
Semi-Annual
Dated
Jan 15, 2018
First coupon
Jul 15, 2018
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$52.32bn
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
2.183%
Index ratio
1.3538
Real duration
1.327 yr
DV01
0.0130
Convexity
2.420
Real clean price
97.781
Accrued (real)
0.077
Real dirty price
97.859
Indexed principal
135.382
Money clean price
132.379

The index ratio is a multiplier, not a percentage: 1.3538 means the principal is worth that many times its original face today. So the real clean price of 97.781 is not what a buyer pays , multiply by the ratio to get 132.379 per 100 of original face.

Against the fitted real curve

Priced 2.2 bp cheap to the real curve on that day, 2.80 cents per 100 of face.

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

Real yield, 2,154 observations

-2%-1%0%1%2%3%Jan 31, 2018Sep 9, 2026Jan 31, 2018Real yield0.613%Feb 13, 2018Real yield0.776%Feb 27, 2018Real yield0.770%Mar 12, 2018Real yield0.764%Mar 23, 2018Real yield0.745%Apr 6, 2018Real yield0.699%Apr 19, 2018Real yield0.743%May 2, 2018Real yield0.798%May 15, 2018Real yield0.903%May 29, 2018Real yield0.726%Jun 11, 2018Real yield0.823%Jun 22, 2018Real yield0.775%Jul 6, 2018Real yield0.701%Jul 19, 2018Real yield0.774%Aug 1, 2018Real yield0.904%Aug 14, 2018Real yield0.832%Aug 27, 2018Real yield0.770%Sep 10, 2018Real yield0.870%Sep 21, 2018Real yield0.957%Oct 4, 2018Real yield1.071%Oct 18, 2018Real yield1.103%Oct 31, 2018Real yield1.131%Nov 14, 2018Real yield1.145%Nov 28, 2018Real yield1.158%Dec 12, 2018Real yield1.124%Dec 26, 2018Real yield1.081%Jan 9, 2019Real yield0.950%Jan 23, 2019Real yield0.974%Feb 5, 2019Real yield0.842%Feb 19, 2019Real yield0.773%Mar 4, 2019Real yield0.774%Mar 15, 2019Real yield0.631%Mar 28, 2019Real yield0.544%Apr 10, 2019Real yield0.526%Apr 24, 2019Real yield0.548%May 7, 2019Real yield0.566%May 20, 2019Real yield0.582%Jun 3, 2019Real yield0.320%Jun 14, 2019Real yield0.441%Jun 27, 2019Real yield0.307%Jul 11, 2019Real yield0.347%Jul 24, 2019Real yield0.287%Aug 6, 2019Real yield0.135%Aug 19, 2019Real yield0.078%Aug 30, 2019Real yield0.007%Sep 13, 2019Real yield0.287%Sep 26, 2019Real yield0.196%Oct 9, 2019Real yield0.154%Oct 23, 2019Real yield0.193%Nov 5, 2019Real yield0.223%Nov 19, 2019Real yield0.198%Dec 3, 2019Real yield0.121%Dec 16, 2019Real yield0.184%Dec 30, 2019Real yield0.171%Jan 13, 2020Real yield0.100%Jan 27, 2020Real yield-0.033%Feb 7, 2020Real yield-0.085%Feb 21, 2020Real yield-0.176%Mar 5, 2020Real yield-0.467%Mar 18, 2020Real yield0.852%Mar 31, 2020Real yield-0.021%Apr 14, 2020Real yield-0.404%Apr 27, 2020Real yield-0.377%May 8, 2020Real yield-0.370%May 21, 2020Real yield-0.458%Jun 4, 2020Real yield-0.424%Jun 17, 2020Real yield-0.572%Jun 30, 2020Real yield-0.743%Jul 14, 2020Real yield-0.857%Jul 27, 2020Real yield-0.932%Aug 7, 2020Real yield-1.098%Aug 20, 2020Real yield-1.059%Sep 2, 2020Real yield-1.196%Sep 16, 2020Real yield-1.128%Sep 29, 2020Real yield-1.124%Oct 13, 2020Real yield-1.113%Oct 26, 2020Real yield-1.066%Nov 6, 2020Real yield-0.971%Nov 20, 2020Real yield-1.010%Dec 4, 2020Real yield-1.122%Dec 17, 2020Real yield-1.235%Dec 31, 2020Real yield-1.302%Jan 14, 2021Real yield-1.242%Jan 28, 2021Real yield-1.467%Feb 10, 2021Real yield-1.488%Feb 24, 2021Real yield-1.290%Mar 9, 2021Real yield-1.144%Mar 22, 2021Real yield-1.148%Apr 2, 2021Real yield-1.115%Apr 15, 2021Real yield-1.268%Apr 28, 2021Real yield-1.298%May 11, 2021Real yield-1.478%May 24, 2021Real yield-1.372%Jun 7, 2021Real yield-1.357%Jun 18, 2021Real yield-1.162%Jul 1, 2021Real yield-1.282%Jul 15, 2021Real yield-1.468%Jul 28, 2021Real yield-1.624%Aug 10, 2021Real yield-1.515%Aug 23, 2021Real yield-1.474%Sep 3, 2021Real yield-1.481%Sep 17, 2021Real yield-1.430%Sep 30, 2021Real yield-1.315%Oct 14, 2021Real yield-1.438%Oct 27, 2021Real yield-1.551%Nov 9, 2021Real yield-1.625%Nov 23, 2021Real yield-1.398%Dec 7, 2021Real yield-1.323%Dec 20, 2021Real yield-1.254%Jan 3, 2022Real yield-1.335%Jan 14, 2022Real yield-1.004%Jan 28, 2022Real yield-0.994%Feb 10, 2022Real yield-0.662%Feb 24, 2022Real yield-0.957%Mar 9, 2022Real yield-1.196%Mar 22, 2022Real yield-0.830%Apr 4, 2022Real yield-0.475%Apr 18, 2022Real yield-0.330%Apr 29, 2022Real yield-0.255%May 12, 2022Real yield0.064%May 25, 2022Real yield0.023%Jun 8, 2022Real yield0.119%Jun 22, 2022Real yield0.597%Jul 6, 2022Real yield0.615%Jul 19, 2022Real yield0.575%Aug 1, 2022Real yield0.029%Aug 12, 2022Real yield0.354%Aug 25, 2022Real yield0.418%Sep 8, 2022Real yield0.969%Sep 21, 2022Real yield1.294%Oct 4, 2022Real yield1.597%Oct 18, 2022Real yield1.780%Oct 31, 2022Real yield1.703%Nov 14, 2022Real yield1.686%Nov 28, 2022Real yield1.681%Dec 9, 2022Real yield1.524%Dec 22, 2022Real yield1.616%Jan 6, 2023Real yield1.580%Jan 20, 2023Real yield1.393%Feb 2, 2023Real yield1.305%Feb 15, 2023Real yield1.609%Mar 1, 2023Real yield1.750%Mar 14, 2023Real yield1.495%Mar 27, 2023Real yield1.391%Apr 7, 2023Real yield1.231%Apr 20, 2023Real yield1.389%May 3, 2023Real yield1.207%May 16, 2023Real yield1.446%May 30, 2023Real yield1.736%Jun 12, 2023Real yield1.834%Jun 26, 2023Real yield1.890%Jul 10, 2023Real yield2.113%Jul 21, 2023Real yield1.928%Aug 3, 2023Real yield2.114%Aug 16, 2023Real yield2.251%Aug 29, 2023Real yield2.147%Sep 12, 2023Real yield2.201%Sep 25, 2023Real yield2.431%Oct 6, 2023Real yield2.636%Oct 20, 2023Real yield2.547%Nov 2, 2023Real yield2.446%Nov 15, 2023Real yield2.429%Nov 29, 2023Real yield2.230%Dec 12, 2023Real yield2.312%Dec 26, 2023Real yield1.892%Jan 9, 2024Real yield1.956%Jan 23, 2024Real yield1.944%Feb 5, 2024Real yield2.017%Feb 16, 2024Real yield2.024%Mar 1, 2024Real yield1.881%Mar 14, 2024Real yield2.041%Mar 27, 2024Real yield1.940%Apr 9, 2024Real yield2.052%Apr 22, 2024Real yield2.285%May 3, 2024Real yield2.228%May 16, 2024Real yield2.224%May 30, 2024Real yield2.327%Jun 12, 2024Real yield2.297%Jun 26, 2024Real yield2.259%Jul 10, 2024Real yield2.134%Jul 23, 2024Real yield2.083%Aug 5, 2024Real yield1.818%Aug 16, 2024Real yield1.900%Aug 29, 2024Real yield1.735%Sep 12, 2024Real yield1.591%Sep 25, 2024Real yield1.433%Oct 8, 2024Real yield1.675%Oct 22, 2024Real yield1.709%Nov 4, 2024Real yield1.909%Nov 18, 2024Real yield1.863%Dec 2, 2024Real yield1.815%Dec 13, 2024Real yield1.873%Dec 27, 2024Real yield2.076%Jan 10, 2025Real yield1.996%Jan 24, 2025Real yield1.793%Feb 6, 2025Real yield1.593%Feb 20, 2025Real yield1.552%Mar 5, 2025Real yield1.371%Mar 18, 2025Real yield1.463%Mar 31, 2025Real yield1.139%Apr 11, 2025Real yield1.441%Apr 24, 2025Real yield1.143%May 7, 2025Real yield1.163%May 20, 2025Real yield1.330%Jun 3, 2025Real yield1.404%Jun 16, 2025Real yield1.492%Jun 30, 2025Real yield1.253%Jul 14, 2025Real yield1.226%Jul 25, 2025Real yield1.236%Aug 7, 2025Real yield1.126%Aug 20, 2025Real yield1.122%Sep 3, 2025Real yield0.929%Sep 16, 2025Real yield0.894%Sep 29, 2025Real yield1.026%Oct 10, 2025Real yield1.006%Oct 24, 2025Real yield1.014%Nov 6, 2025Real yield1.226%Nov 20, 2025Real yield1.284%Dec 4, 2025Real yield1.237%Dec 17, 2025Real yield1.358%Dec 31, 2025Real yield1.375%Jan 14, 2026Real yield1.214%Jan 28, 2026Real yield1.065%Feb 10, 2026Real yield0.943%Feb 24, 2026Real yield1.003%Mar 9, 2026Real yield0.807%Mar 20, 2026Real yield0.900%Apr 2, 2026Real yield0.942%Apr 15, 2026Real yield0.879%Apr 28, 2026Real yield0.794%May 11, 2026Real yield0.971%May 22, 2026Real yield1.410%Jun 5, 2026Real yield1.490%Jun 18, 2026Real yield2.030%Jul 2, 2026Real yield2.240%Jul 16, 2026Real yield2.340%Jul 29, 2026Real yield2.429%Aug 11, 2026Real yield2.454%Aug 24, 2026Real yield2.293%Sep 4, 2026Real yield2.224%Sep 9, 2026Real yield2.183%

Price history

2,154 trading days to Sep 9, 2026

9095100105110115Jan 31, 2018Sep 9, 2026Jan 31, 2018Close98.906Feb 13, 2018Close97.375Feb 27, 2018Close97.438Mar 12, 2018Close97.500Mar 23, 2018Close97.688Apr 6, 2018Close98.125Apr 19, 2018Close97.719May 2, 2018Close97.219May 15, 2018Close96.281May 29, 2018Close97.906Jun 11, 2018Close97.031Jun 22, 2018Close97.469Jul 6, 2018Close98.156Jul 19, 2018Close97.500Aug 1, 2018Close96.344Aug 14, 2018Close97.000Aug 27, 2018Close97.563Sep 10, 2018Close96.688Sep 21, 2018Close95.938Oct 4, 2018Close94.969Oct 18, 2018Close94.719Oct 31, 2018Close94.500Nov 14, 2018Close94.406Nov 28, 2018Close94.313Dec 12, 2018Close94.625Dec 26, 2018Close95.000Jan 9, 2019Close96.125Jan 23, 2019Close95.938Feb 5, 2019Close97.063Feb 19, 2019Close97.656Mar 4, 2019Close97.656Mar 15, 2019Close98.875Mar 28, 2019Close99.625Apr 10, 2019Close99.781Apr 24, 2019Close99.594May 7, 2019Close99.438May 20, 2019Close99.313Jun 3, 2019Close101.531Jun 14, 2019Close100.500Jun 27, 2019Close101.625Jul 11, 2019Close101.281Jul 24, 2019Close101.781Aug 6, 2019Close103.063Aug 19, 2019Close103.531Aug 30, 2019Close104.125Sep 13, 2019Close101.750Sep 26, 2019Close102.500Oct 9, 2019Close102.844Oct 23, 2019Close102.500Nov 5, 2019Close102.250Nov 19, 2019Close102.438Dec 3, 2019Close103.063Dec 16, 2019Close102.531Dec 30, 2019Close102.625Jan 13, 2020Close103.188Jan 27, 2020Close104.250Feb 7, 2020Close104.656Feb 21, 2020Close105.375Mar 5, 2020Close107.750Mar 18, 2020Close97.344Mar 31, 2020Close104.063Apr 14, 2020Close107.125Apr 27, 2020Close106.875May 8, 2020Close106.781May 21, 2020Close107.469Jun 4, 2020Close107.156Jun 17, 2020Close108.313Jun 30, 2020Close109.656Jul 14, 2020Close110.531Jul 27, 2020Close111.094Aug 7, 2020Close112.406Aug 20, 2020Close112.031Sep 2, 2020Close113.094Sep 16, 2020Close112.469Sep 29, 2020Close112.375Oct 13, 2020Close112.219Oct 26, 2020Close111.781Nov 6, 2020Close110.969Nov 20, 2020Close111.219Dec 4, 2020Close112.031Dec 17, 2020Close112.875Dec 31, 2020Close113.313Jan 14, 2021Close112.781Jan 28, 2021Close114.469Feb 10, 2021Close114.563Feb 24, 2021Close112.938Mar 9, 2021Close111.750Mar 22, 2021Close111.719Apr 2, 2021Close111.406Apr 15, 2021Close112.500Apr 28, 2021Close112.656May 11, 2021Close113.938May 24, 2021Close113.063Jun 7, 2021Close112.875Jun 18, 2021Close111.375Jul 1, 2021Close112.188Jul 15, 2021Close113.469Jul 28, 2021Close114.531Aug 10, 2021Close113.656Aug 23, 2021Close113.281Sep 3, 2021Close113.250Sep 17, 2021Close112.813Sep 30, 2021Close111.938Oct 14, 2021Close112.719Oct 27, 2021Close113.438Nov 9, 2021Close113.875Nov 23, 2021Close112.219Dec 7, 2021Close111.625Dec 20, 2021Close111.094Jan 3, 2022Close111.563Jan 14, 2022Close109.313Jan 28, 2022Close109.188Feb 10, 2022Close107.031Feb 24, 2022Close108.844Mar 9, 2022Close110.313Mar 22, 2022Close107.938Apr 4, 2022Close105.719Apr 18, 2022Close104.813Apr 29, 2022Close104.344May 12, 2022Close102.469May 25, 2022Close102.688Jun 8, 2022Close102.125Jun 22, 2022Close99.469Jul 6, 2022Close99.375Jul 19, 2022Close99.594Aug 1, 2022Close102.563Aug 12, 2022Close100.781Aug 25, 2022Close100.438Sep 8, 2022Close97.563Sep 21, 2022Close95.938Oct 4, 2022Close94.469Oct 18, 2022Close93.625Oct 31, 2022Close94.031Nov 14, 2022Close94.156Nov 28, 2022Close94.219Dec 9, 2022Close95.000Dec 22, 2022Close94.594Jan 6, 2023Close94.813Jan 20, 2023Close95.719Feb 2, 2023Close96.156Feb 15, 2023Close94.781Mar 1, 2023Close94.188Mar 14, 2023Close95.375Mar 27, 2023Close95.875Apr 7, 2023Close96.625Apr 20, 2023Close95.938May 3, 2023Close96.781May 16, 2023Close95.750May 30, 2023Close94.531Jun 12, 2023Close94.156Jun 26, 2023Close93.969Jul 10, 2023Close93.094Jul 21, 2023Close93.906Aug 3, 2023Close93.188Aug 16, 2023Close92.688Aug 29, 2023Close93.156Sep 12, 2023Close93.000Sep 25, 2023Close92.156Oct 6, 2023Close91.438Oct 20, 2023Close91.844Nov 2, 2023Close92.281Nov 15, 2023Close92.406Nov 29, 2023Close93.219Dec 12, 2023Close92.969Dec 26, 2023Close94.594Jan 9, 2024Close94.406Jan 23, 2024Close94.500Feb 5, 2024Close94.281Feb 16, 2024Close94.313Mar 1, 2024Close94.875Mar 14, 2024Close94.344Mar 27, 2024Close94.750Apr 9, 2024Close94.406Apr 22, 2024Close93.656May 3, 2024Close93.906May 16, 2024Close93.969May 30, 2024Close93.688Jun 12, 2024Close93.844Jun 26, 2024Close94.031Jul 10, 2024Close94.500Jul 23, 2024Close94.719Aug 5, 2024Close95.625Aug 16, 2024Close95.406Aug 29, 2024Close95.969Sep 12, 2024Close96.469Sep 25, 2024Close97.000Oct 8, 2024Close96.281Oct 22, 2024Close96.219Nov 4, 2024Close95.656Nov 18, 2024Close95.844Dec 2, 2024Close96.031Dec 13, 2024Close95.906Dec 27, 2024Close95.375Jan 10, 2025Close95.656Jan 24, 2025Close96.281Feb 6, 2025Close96.875Feb 20, 2025Close97.031Mar 5, 2025Close97.563Mar 18, 2025Close97.344Mar 31, 2025Close98.250Apr 11, 2025Close97.469Apr 24, 2025Close98.281May 7, 2025Close98.250May 20, 2025Close97.844Jun 3, 2025Close97.688Jun 16, 2025Close97.500Jun 30, 2025Close98.125Jul 14, 2025Close98.219Jul 25, 2025Close98.219Aug 7, 2025Close98.500Aug 20, 2025Close98.531Sep 3, 2025Close99.000Sep 16, 2025Close99.094Sep 29, 2025Close98.813Oct 10, 2025Close98.875Oct 24, 2025Close98.875Nov 6, 2025Close98.438Nov 20, 2025Close98.344Dec 4, 2025Close98.469Dec 17, 2025Close98.250Dec 31, 2025Close98.250Jan 14, 2026Close98.594Jan 28, 2026Close98.906Feb 10, 2026Close99.156Feb 24, 2026Close99.063Mar 9, 2026Close99.438Mar 20, 2026Close99.281Apr 2, 2026Close99.219Apr 15, 2026Close99.344Apr 28, 2026Close99.500May 11, 2026Close99.219May 22, 2026Close98.531Jun 5, 2026Close98.438Jun 18, 2026Close97.656Jul 2, 2026Close97.406Jul 16, 2026Close97.313Jul 29, 2026Close97.250Aug 11, 2026Close97.281Aug 24, 2026Close97.563Sep 4, 2026Close97.719Sep 9, 2026Close97.781
The most recent 20 trading days of prices for 9128283R9.
DateBidOfferClose
Sep 9, 202697.81397.78197.781
Sep 8, 202697.78197.75097.781
Sep 4, 202697.71997.68897.719
Sep 3, 202697.75097.71997.719
Sep 2, 202697.65697.62597.625
Sep 1, 202697.62597.59497.625
Aug 31, 202697.59497.56397.563
Aug 28, 202697.54797.50097.469
Aug 27, 202697.65697.62597.625
Aug 26, 202697.60997.59497.625
Aug 25, 202697.64197.59497.594
Aug 24, 202697.62597.59497.563
Aug 21, 202697.62597.59497.625
Aug 20, 202697.56397.53197.563
Aug 19, 202697.46997.43897.469
Aug 18, 202697.43897.40697.406
Aug 17, 202697.40697.37597.375
Aug 14, 202697.39197.34497.344
Aug 13, 202697.37597.34497.313
Aug 12, 202697.34497.31397.281

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.

3 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 9128283R9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 18, 2018Jan 31, 2018New issue$13.0bn$14.9bn2.69x0.548%
Mar 22, 2018Mar 29, 2018Reopening$11.0bn$11.0bn2.56x0.764%
May 17, 2018May 31, 2018Reopening$11.0bn$12.9bn2.42x0.934%

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.