Inflation-linked (TIPS)

9128285W6 · 0.875% due January 15, 2029

Original term
10-Year
Maturity
Jan 15, 2029
Coupon
0.875%
Pays
Semi-Annual
Dated
Jan 15, 2019
First coupon
Jul 15, 2019
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$47.82bn
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
2.096%
Index ratio
1.3225
Real duration
2.299 yr
DV01
0.0224
Convexity
6.455
Real clean price
97.219
Accrued (real)
0.136
Real dirty price
97.354
Indexed principal
132.253
Money clean price
128.575

The index ratio is a multiplier, not a percentage: 1.3225 means the principal is worth that many times its original face today. So the real clean price of 97.219 is not what a buyer pays , multiply by the ratio to get 128.575 per 100 of original face.

Against the fitted real curve

Priced 0.7 bp cheap to the real curve on that day, 1.49 cents per 100 of face.

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

Real yield, 1,905 observations

-2%-1%0%1%2%3%Jan 31, 2019Sep 9, 2026Jan 31, 2019Real yield0.780%Feb 12, 2019Real yield0.845%Feb 25, 2019Real yield0.744%Mar 7, 2019Real yield0.733%Mar 19, 2019Real yield0.658%Mar 29, 2019Real yield0.531%Apr 10, 2019Real yield0.536%Apr 23, 2019Real yield0.610%May 3, 2019Real yield0.622%May 15, 2019Real yield0.533%May 28, 2019Real yield0.528%Jun 7, 2019Real yield0.342%Jun 19, 2019Real yield0.347%Jul 1, 2019Real yield0.335%Jul 12, 2019Real yield0.336%Jul 24, 2019Real yield0.293%Aug 5, 2019Real yield0.183%Aug 15, 2019Real yield0.015%Aug 27, 2019Real yield-0.020%Sep 9, 2019Real yield0.096%Sep 19, 2019Real yield0.224%Oct 1, 2019Real yield0.176%Oct 11, 2019Real yield0.239%Oct 24, 2019Real yield0.184%Nov 5, 2019Real yield0.219%Nov 18, 2019Real yield0.213%Nov 29, 2019Real yield0.197%Dec 11, 2019Real yield0.128%Dec 23, 2019Real yield0.206%Jan 6, 2020Real yield0.082%Jan 16, 2020Real yield0.100%Jan 29, 2020Real yield-0.041%Feb 10, 2020Real yield-0.097%Feb 21, 2020Real yield-0.154%Mar 4, 2020Real yield-0.425%Mar 16, 2020Real yield0.131%Mar 26, 2020Real yield-0.171%Apr 7, 2020Real yield-0.352%Apr 20, 2020Real yield-0.256%Apr 30, 2020Real yield-0.371%May 12, 2020Real yield-0.355%May 22, 2020Real yield-0.430%Jun 4, 2020Real yield-0.408%Jun 16, 2020Real yield-0.553%Jun 26, 2020Real yield-0.711%Jul 9, 2020Real yield-0.812%Jul 21, 2020Real yield-0.920%Jul 31, 2020Real yield-1.002%Aug 12, 2020Real yield-1.002%Aug 24, 2020Real yield-1.058%Sep 3, 2020Real yield-1.070%Sep 16, 2020Real yield-1.058%Sep 28, 2020Real yield-1.023%Oct 8, 2020Real yield-1.022%Oct 21, 2020Real yield-0.993%Nov 2, 2020Real yield-0.926%Nov 13, 2020Real yield-0.916%Nov 25, 2020Real yield-0.950%Dec 8, 2020Real yield-1.080%Dec 18, 2020Real yield-1.135%Dec 31, 2020Real yield-1.195%Jan 13, 2021Real yield-1.110%Jan 26, 2021Real yield-1.272%Feb 5, 2021Real yield-1.298%Feb 18, 2021Real yield-1.168%Mar 2, 2021Real yield-1.089%Mar 12, 2021Real yield-0.949%Mar 24, 2021Real yield-1.019%Apr 5, 2021Real yield-0.934%Apr 15, 2021Real yield-1.108%Apr 27, 2021Real yield-1.095%May 7, 2021Real yield-1.264%May 19, 2021Real yield-1.171%Jun 1, 2021Real yield-1.181%Jun 11, 2021Real yield-1.160%Jun 23, 2021Real yield-1.087%Jul 6, 2021Real yield-1.210%Jul 16, 2021Real yield-1.317%Jul 28, 2021Real yield-1.455%Aug 9, 2021Real yield-1.363%Aug 19, 2021Real yield-1.360%Aug 31, 2021Real yield-1.348%Sep 13, 2021Real yield-1.362%Sep 23, 2021Real yield-1.212%Oct 5, 2021Real yield-1.225%Oct 18, 2021Real yield-1.231%Oct 28, 2021Real yield-1.292%Nov 9, 2021Real yield-1.461%Nov 22, 2021Real yield-1.258%Dec 3, 2021Real yield-1.253%Dec 15, 2021Real yield-1.097%Dec 28, 2021Real yield-1.201%Jan 7, 2022Real yield-0.940%Jan 20, 2022Real yield-0.793%Feb 1, 2022Real yield-0.870%Feb 11, 2022Real yield-0.696%Feb 24, 2022Real yield-0.828%Mar 8, 2022Real yield-1.281%Mar 18, 2022Real yield-0.935%Mar 30, 2022Real yield-0.627%Apr 11, 2022Real yield-0.239%Apr 22, 2022Real yield-0.222%May 4, 2022Real yield-0.083%May 16, 2022Real yield0.085%May 26, 2022Real yield0.026%Jun 8, 2022Real yield0.193%Jun 21, 2022Real yield0.714%Jul 1, 2022Real yield0.543%Jul 14, 2022Real yield0.639%Jul 26, 2022Real yield0.458%Aug 5, 2022Real yield0.383%Aug 17, 2022Real yield0.464%Aug 29, 2022Real yield0.590%Sep 9, 2022Real yield0.977%Sep 21, 2022Real yield1.257%Oct 3, 2022Real yield1.659%Oct 14, 2022Real yield1.788%Oct 26, 2022Real yield1.732%Nov 7, 2022Real yield1.825%Nov 18, 2022Real yield1.730%Dec 1, 2022Real yield1.334%Dec 13, 2022Real yield1.434%Dec 23, 2022Real yield1.660%Jan 6, 2023Real yield1.513%Jan 19, 2023Real yield1.294%Jan 31, 2023Real yield1.374%Feb 10, 2023Real yield1.489%Feb 23, 2023Real yield1.595%Mar 7, 2023Real yield1.754%Mar 17, 2023Real yield1.362%Mar 29, 2023Real yield1.296%Apr 10, 2023Real yield1.196%Apr 20, 2023Real yield1.335%May 2, 2023Real yield1.262%May 12, 2023Real yield1.317%May 24, 2023Real yield1.578%Jun 6, 2023Real yield1.672%Jun 16, 2023Real yield1.781%Jun 29, 2023Real yield1.945%Jul 12, 2023Real yield1.834%Jul 24, 2023Real yield1.796%Aug 3, 2023Real yield2.001%Aug 15, 2023Real yield2.064%Aug 25, 2023Real yield2.142%Sep 7, 2023Real yield2.084%Sep 19, 2023Real yield2.156%Sep 29, 2023Real yield2.328%Oct 12, 2023Real yield2.416%Oct 24, 2023Real yield2.512%Nov 3, 2023Real yield2.234%Nov 15, 2023Real yield2.335%Nov 28, 2023Real yield2.196%Dec 8, 2023Real yield2.164%Dec 20, 2023Real yield1.742%Jan 3, 2024Real yield1.775%Jan 16, 2024Real yield1.754%Jan 26, 2024Real yield1.828%Feb 7, 2024Real yield1.854%Feb 20, 2024Real yield1.929%Mar 1, 2024Real yield1.825%Mar 13, 2024Real yield1.873%Mar 25, 2024Real yield1.872%Apr 4, 2024Real yield1.934%Apr 16, 2024Real yield2.228%Apr 26, 2024Real yield2.238%May 8, 2024Real yield2.180%May 20, 2024Real yield2.138%May 31, 2024Real yield2.184%Jun 12, 2024Real yield2.162%Jun 25, 2024Real yield2.097%Jul 8, 2024Real yield2.009%Jul 18, 2024Real yield1.911%Jul 30, 2024Real yield1.904%Aug 9, 2024Real yield1.820%Aug 21, 2024Real yield1.689%Sep 3, 2024Real yield1.673%Sep 13, 2024Real yield1.450%Sep 25, 2024Real yield1.408%Oct 7, 2024Real yield1.628%Oct 18, 2024Real yield1.595%Oct 30, 2024Real yield1.828%Nov 12, 2024Real yield1.924%Nov 22, 2024Real yield1.892%Dec 5, 2024Real yield1.762%Dec 17, 2024Real yield1.940%Dec 30, 2024Real yield2.057%Jan 10, 2025Real yield2.093%Jan 23, 2025Real yield1.925%Feb 4, 2025Real yield1.698%Feb 14, 2025Real yield1.705%Feb 27, 2025Real yield1.508%Mar 11, 2025Real yield1.496%Mar 21, 2025Real yield1.458%Apr 2, 2025Real yield1.385%Apr 14, 2025Real yield1.555%Apr 24, 2025Real yield1.358%May 6, 2025Real yield1.354%May 16, 2025Real yield1.483%May 29, 2025Real yield1.470%Jun 10, 2025Real yield1.603%Jun 23, 2025Real yield1.426%Jul 3, 2025Real yield1.395%Jul 16, 2025Real yield1.279%Jul 28, 2025Real yield1.301%Aug 7, 2025Real yield1.182%Aug 19, 2025Real yield1.213%Aug 29, 2025Real yield0.960%Sep 11, 2025Real yield0.980%Sep 23, 2025Real yield1.048%Oct 3, 2025Real yield1.128%Oct 16, 2025Real yield1.042%Oct 28, 2025Real yield1.133%Nov 7, 2025Real yield1.237%Nov 20, 2025Real yield1.291%Dec 3, 2025Real yield1.255%Dec 15, 2025Real yield1.353%Dec 26, 2025Real yield1.401%Jan 8, 2026Real yield1.310%Jan 21, 2026Real yield1.272%Feb 2, 2026Real yield1.113%Feb 12, 2026Real yield1.060%Feb 25, 2026Real yield1.051%Mar 9, 2026Real yield0.942%Mar 19, 2026Real yield1.044%Mar 31, 2026Real yield1.137%Apr 10, 2026Real yield1.117%Apr 22, 2026Real yield1.085%May 4, 2026Real yield1.004%May 14, 2026Real yield1.161%May 27, 2026Real yield1.421%Jun 8, 2026Real yield1.602%Jun 18, 2026Real yield1.917%Jul 1, 2026Real yield2.018%Jul 14, 2026Real yield2.087%Jul 24, 2026Real yield2.236%Aug 5, 2026Real yield2.224%Aug 17, 2026Real yield2.119%Aug 27, 2026Real yield2.037%Sep 9, 2026Real yield2.096%

Price history

1,905 trading days to Sep 9, 2026

9095100105110115120Jan 31, 2019Sep 9, 2026Jan 31, 2019Close100.906Feb 12, 2019Close100.281Feb 25, 2019Close101.250Mar 7, 2019Close101.344Mar 19, 2019Close102.063Mar 29, 2019Close103.281Apr 10, 2019Close103.219Apr 23, 2019Close102.500May 3, 2019Close102.375May 15, 2019Close103.219May 28, 2019Close103.250Jun 7, 2019Close105.031Jun 19, 2019Close104.969Jul 1, 2019Close105.063Jul 12, 2019Close105.031Jul 24, 2019Close105.438Aug 5, 2019Close106.469Aug 15, 2019Close108.094Aug 27, 2019Close108.406Sep 9, 2019Close107.250Sep 19, 2019Close106.000Oct 1, 2019Close106.438Oct 11, 2019Close105.813Oct 24, 2019Close106.313Nov 5, 2019Close105.969Nov 18, 2019Close106.000Nov 29, 2019Close106.125Dec 11, 2019Close106.750Dec 23, 2019Close106.000Jan 6, 2020Close107.125Jan 16, 2020Close106.938Jan 29, 2020Close108.219Feb 10, 2020Close108.719Feb 21, 2020Close109.219Mar 4, 2020Close111.750Mar 16, 2020Close106.531Mar 26, 2020Close109.281Apr 7, 2020Close110.938Apr 20, 2020Close110.000Apr 30, 2020Close111.031May 12, 2020Close110.844May 22, 2020Close111.500Jun 4, 2020Close111.250Jun 16, 2020Close112.563Jun 26, 2020Close114.000Jul 9, 2020Close114.906Jul 21, 2020Close115.875Jul 31, 2020Close116.594Aug 12, 2020Close116.531Aug 24, 2020Close117.000Sep 3, 2020Close117.063Sep 16, 2020Close116.875Sep 28, 2020Close116.469Oct 8, 2020Close116.406Oct 21, 2020Close116.063Nov 2, 2020Close115.375Nov 13, 2020Close115.219Nov 25, 2020Close115.469Dec 8, 2020Close116.594Dec 18, 2020Close117.031Dec 31, 2020Close117.500Jan 13, 2021Close116.656Jan 26, 2021Close118.063Feb 5, 2021Close118.219Feb 18, 2021Close116.969Mar 2, 2021Close116.188Mar 12, 2021Close114.875Mar 24, 2021Close115.438Apr 5, 2021Close114.625Apr 15, 2021Close116.094Apr 27, 2021Close115.906May 7, 2021Close117.313May 19, 2021Close116.438Jun 1, 2021Close116.438Jun 11, 2021Close116.188Jun 23, 2021Close115.500Jul 6, 2021Close116.469Jul 16, 2021Close117.313Jul 28, 2021Close118.438Aug 9, 2021Close117.563Aug 19, 2021Close117.469Aug 31, 2021Close117.281Sep 13, 2021Close117.313Sep 23, 2021Close116.000Oct 5, 2021Close116.031Oct 18, 2021Close116.000Oct 28, 2021Close116.438Nov 9, 2021Close117.750Nov 22, 2021Close116.000Dec 3, 2021Close115.875Dec 15, 2021Close114.563Dec 28, 2021Close115.313Jan 7, 2022Close113.188Jan 20, 2022Close112.000Feb 1, 2022Close112.531Feb 11, 2022Close111.156Feb 24, 2022Close112.094Mar 8, 2022Close115.500Mar 18, 2022Close112.781Mar 30, 2022Close110.438Apr 11, 2022Close107.594Apr 22, 2022Close107.438May 4, 2022Close106.438May 16, 2022Close105.250May 26, 2022Close105.625Jun 8, 2022Close104.469Jun 21, 2022Close101.031Jul 1, 2022Close102.125Jul 14, 2022Close101.500Jul 26, 2022Close102.656Aug 5, 2022Close103.125Aug 17, 2022Close102.594Aug 29, 2022Close101.781Sep 9, 2022Close99.375Sep 21, 2022Close97.688Oct 3, 2022Close95.344Oct 14, 2022Close94.625Oct 26, 2022Close94.969Nov 7, 2022Close94.469Nov 18, 2022Close95.031Dec 1, 2022Close97.313Dec 13, 2022Close96.750Dec 23, 2022Close95.500Jan 6, 2023Close96.344Jan 19, 2023Close97.594Jan 31, 2023Close97.156Feb 10, 2023Close96.531Feb 23, 2023Close95.969Mar 7, 2023Close95.125Mar 17, 2023Close97.281Mar 29, 2023Close97.656Apr 10, 2023Close98.219Apr 20, 2023Close97.469May 2, 2023Close97.875May 12, 2023Close97.594May 24, 2023Close96.219Jun 6, 2023Close95.750Jun 16, 2023Close95.219Jun 29, 2023Close94.406Jul 12, 2023Close95.000Jul 24, 2023Close95.219Aug 3, 2023Close94.219Aug 15, 2023Close93.938Aug 25, 2023Close93.594Sep 7, 2023Close93.906Sep 19, 2023Close93.594Sep 29, 2023Close92.813Oct 12, 2023Close92.438Oct 24, 2023Close92.031Nov 3, 2023Close93.375Nov 15, 2023Close92.938Nov 28, 2023Close93.625Dec 8, 2023Close93.813Dec 20, 2023Close95.813Jan 3, 2024Close95.688Jan 16, 2024Close95.813Jan 26, 2024Close95.500Feb 7, 2024Close95.406Feb 20, 2024Close95.094Mar 1, 2024Close95.594Mar 13, 2024Close95.406Mar 25, 2024Close95.438Apr 4, 2024Close95.188Apr 16, 2024Close93.938Apr 26, 2024Close93.938May 8, 2024Close94.219May 20, 2024Close94.438May 31, 2024Close94.281Jun 12, 2024Close94.406Jun 25, 2024Close94.719Jul 8, 2024Close95.125Jul 18, 2024Close95.563Jul 30, 2024Close95.625Aug 9, 2024Close96.000Aug 21, 2024Close96.563Sep 3, 2024Close96.656Sep 13, 2024Close97.594Sep 25, 2024Close97.781Oct 7, 2024Close96.906Oct 18, 2024Close97.063Oct 30, 2024Close96.156Nov 12, 2024Close95.813Nov 22, 2024Close95.969Dec 5, 2024Close96.500Dec 17, 2024Close95.844Dec 30, 2024Close95.438Jan 10, 2025Close95.344Jan 23, 2025Close96.000Feb 4, 2025Close96.875Feb 14, 2025Close96.875Feb 27, 2025Close97.625Mar 11, 2025Close97.688Mar 21, 2025Close97.844Apr 2, 2025Close98.125Apr 14, 2025Close97.531Apr 24, 2025Close98.250May 6, 2025Close98.281May 16, 2025Close97.844May 29, 2025Close97.906Jun 10, 2025Close97.469Jun 23, 2025Close98.094Jul 3, 2025Close98.219Jul 16, 2025Close98.625Jul 28, 2025Close98.563Aug 7, 2025Close98.969Aug 19, 2025Close98.875Aug 29, 2025Close99.719Sep 11, 2025Close99.656Sep 23, 2025Close99.438Oct 3, 2025Close99.188Oct 16, 2025Close99.469Oct 28, 2025Close99.188Nov 7, 2025Close98.875Nov 20, 2025Close98.719Dec 3, 2025Close98.844Dec 15, 2025Close98.563Dec 26, 2025Close98.438Jan 8, 2026Close98.719Jan 21, 2026Close98.844Feb 2, 2026Close99.313Feb 12, 2026Close99.469Feb 25, 2026Close99.500Mar 9, 2026Close99.813Mar 19, 2026Close99.531Mar 31, 2026Close99.281Apr 10, 2026Close99.344Apr 22, 2026Close99.438May 4, 2026Close99.656May 14, 2026Close99.250May 27, 2026Close98.594Jun 8, 2026Close98.156Jun 18, 2026Close97.406Jul 1, 2026Close97.188Jul 14, 2026Close97.063Jul 24, 2026Close96.750Aug 5, 2026Close96.813Aug 17, 2026Close97.094Aug 27, 2026Close97.313Sep 9, 2026Close97.219
The most recent 20 trading days of prices for 9128285W6.
DateBidOfferClose
Sep 9, 202697.25097.21997.219
Sep 8, 202697.28197.25097.250
Sep 4, 202697.21997.18897.219
Sep 3, 202697.31397.28197.250
Sep 2, 202697.15697.12597.156
Sep 1, 202697.12597.09497.125
Aug 31, 202697.12597.09497.094
Aug 28, 202697.14197.09497.031
Aug 27, 202697.34497.31397.313
Aug 26, 202697.31397.28197.313
Aug 25, 202697.37597.34497.313
Aug 24, 202697.31397.28197.250
Aug 21, 202697.28197.25097.281
Aug 20, 202697.28197.25097.313
Aug 19, 202697.21997.18897.188
Aug 18, 202697.15697.12597.156
Aug 17, 202697.12597.09497.094
Aug 14, 202697.09497.06397.094
Aug 13, 202697.09497.06397.031
Aug 12, 202697.01696.96996.938

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 9128285W6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 17, 2019Jan 31, 2019New issue$13.0bn$13.0bn2.42x0.919%
Mar 21, 2019Mar 29, 2019Reopening$11.0bn$11.0bn2.43x0.578%
May 23, 2019May 31, 2019Reopening$11.0bn$12.2bn3.07x0.567%

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.