Inflation-linked (TIPS)

9128287D6 · 0.25% due July 15, 2029

Original term
10-Year
Maturity
Jul 15, 2029
Coupon
0.250%
Pays
Semi-Annual
Dated
Jul 15, 2019
First coupon
Jan 15, 2020
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$51.90bn
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
1.963%
Index ratio
1.3055
Real duration
2.808 yr
DV01
0.0268
Convexity
9.292
Real clean price
95.281
Accrued (real)
0.039
Real dirty price
95.320
Indexed principal
130.551
Money clean price
124.391

The index ratio is a multiplier, not a percentage: 1.3055 means the principal is worth that many times its original face today. So the real clean price of 95.281 is not what a buyer pays , multiply by the ratio to get 124.391 per 100 of original face.

Against the fitted real curve

Priced 10.9 bp rich to the real curve on that day, 29.26 cents per 100 of face.

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

Real yield, 1,780 observations

-2%-1%0%1%2%3%Jul 31, 2019Sep 9, 2026Jul 31, 2019Real yield0.256%Aug 12, 2019Real yield0.039%Aug 22, 2019Real yield0.066%Sep 4, 2019Real yield-0.041%Sep 16, 2019Real yield0.173%Sep 26, 2019Real yield0.131%Oct 8, 2019Real yield0.057%Oct 21, 2019Real yield0.188%Oct 31, 2019Real yield0.143%Nov 13, 2019Real yield0.214%Nov 25, 2019Real yield0.136%Dec 6, 2019Real yield0.142%Dec 18, 2019Real yield0.155%Dec 31, 2019Real yield0.138%Jan 13, 2020Real yield0.069%Jan 24, 2020Real yield-0.020%Feb 5, 2020Real yield-0.041%Feb 18, 2020Real yield-0.136%Feb 28, 2020Real yield-0.302%Mar 11, 2020Real yield-0.116%Mar 23, 2020Real yield0.002%Apr 2, 2020Real yield-0.375%Apr 15, 2020Real yield-0.565%Apr 27, 2020Real yield-0.498%May 7, 2020Real yield-0.455%May 19, 2020Real yield-0.471%Jun 1, 2020Real yield-0.561%Jun 11, 2020Real yield-0.611%Jun 23, 2020Real yield-0.723%Jul 6, 2020Real yield-0.841%Jul 16, 2020Real yield-0.876%Jul 28, 2020Real yield-0.950%Aug 7, 2020Real yield-1.080%Aug 19, 2020Real yield-1.046%Aug 31, 2020Real yield-1.142%Sep 11, 2020Real yield-1.062%Sep 23, 2020Real yield-1.009%Oct 5, 2020Real yield-0.994%Oct 16, 2020Real yield-1.044%Oct 28, 2020Real yield-1.006%Nov 9, 2020Real yield-0.864%Nov 20, 2020Real yield-0.947%Dec 3, 2020Real yield-1.037%Dec 15, 2020Real yield-1.110%Dec 28, 2020Real yield-1.174%Jan 8, 2021Real yield-1.095%Jan 21, 2021Real yield-1.218%Feb 2, 2021Real yield-1.282%Feb 12, 2021Real yield-1.289%Feb 25, 2021Real yield-0.855%Mar 9, 2021Real yield-0.917%Mar 19, 2021Real yield-0.860%Mar 31, 2021Real yield-0.916%Apr 12, 2021Real yield-0.941%Apr 22, 2021Real yield-1.058%May 4, 2021Real yield-1.125%May 14, 2021Real yield-1.193%May 26, 2021Real yield-1.122%Jun 8, 2021Real yield-1.114%Jun 18, 2021Real yield-0.993%Jun 30, 2021Real yield-1.096%Jul 13, 2021Real yield-1.183%Jul 23, 2021Real yield-1.311%Aug 4, 2021Real yield-1.437%Aug 16, 2021Real yield-1.382%Aug 26, 2021Real yield-1.264%Sep 8, 2021Real yield-1.299%Sep 20, 2021Real yield-1.245%Sep 30, 2021Real yield-1.121%Oct 13, 2021Real yield-1.235%Oct 25, 2021Real yield-1.296%Nov 4, 2021Real yield-1.294%Nov 17, 2021Real yield-1.377%Nov 30, 2021Real yield-1.301%Dec 10, 2021Real yield-1.178%Dec 22, 2021Real yield-1.202%Jan 4, 2022Real yield-1.156%Jan 14, 2022Real yield-0.885%Jan 27, 2022Real yield-0.847%Feb 8, 2022Real yield-0.683%Feb 18, 2022Real yield-0.692%Mar 3, 2022Real yield-1.048%Mar 15, 2022Real yield-0.909%Mar 25, 2022Real yield-0.659%Apr 6, 2022Real yield-0.306%Apr 19, 2022Real yield-0.145%Apr 29, 2022Real yield-0.155%May 11, 2022Real yield0.093%May 23, 2022Real yield0.175%Jun 3, 2022Real yield0.118%Jun 15, 2022Real yield0.561%Jun 28, 2022Real yield0.706%Jul 11, 2022Real yield0.638%Jul 21, 2022Real yield0.552%Aug 2, 2022Real yield0.200%Aug 12, 2022Real yield0.314%Aug 24, 2022Real yield0.444%Sep 6, 2022Real yield0.857%Sep 16, 2022Real yield1.094%Sep 28, 2022Real yield1.493%Oct 11, 2022Real yield1.715%Oct 21, 2022Real yield1.733%Nov 2, 2022Real yield1.650%Nov 15, 2022Real yield1.548%Nov 28, 2022Real yield1.544%Dec 8, 2022Real yield1.290%Dec 20, 2022Real yield1.509%Jan 3, 2023Real yield1.590%Jan 13, 2023Real yield1.344%Jan 26, 2023Real yield1.181%Feb 7, 2023Real yield1.391%Feb 17, 2023Real yield1.478%Mar 2, 2023Real yield1.602%Mar 14, 2023Real yield1.355%Mar 24, 2023Real yield1.115%Apr 5, 2023Real yield1.007%Apr 17, 2023Real yield1.263%Apr 27, 2023Real yield1.213%May 9, 2023Real yield1.229%May 19, 2023Real yield1.449%Jun 1, 2023Real yield1.500%Jun 13, 2023Real yield1.733%Jun 26, 2023Real yield1.667%Jul 7, 2023Real yield1.972%Jul 19, 2023Real yield1.648%Jul 31, 2023Real yield1.731%Aug 10, 2023Real yield1.808%Aug 22, 2023Real yield2.060%Sep 1, 2023Real yield1.969%Sep 14, 2023Real yield1.989%Sep 26, 2023Real yield2.280%Oct 6, 2023Real yield2.486%Oct 19, 2023Real yield2.434%Oct 31, 2023Real yield2.402%Nov 10, 2023Real yield2.319%Nov 22, 2023Real yield2.179%Dec 5, 2023Real yield1.996%Dec 15, 2023Real yield1.682%Dec 28, 2023Real yield1.672%Jan 10, 2024Real yield1.762%Jan 23, 2024Real yield1.746%Feb 2, 2024Real yield1.736%Feb 14, 2024Real yield1.859%Feb 27, 2024Real yield1.908%Mar 8, 2024Real yield1.686%Mar 20, 2024Real yield1.816%Apr 1, 2024Real yield1.891%Apr 11, 2024Real yield2.078%Apr 23, 2024Real yield2.083%May 3, 2024Real yield2.021%May 15, 2024Real yield1.950%May 28, 2024Real yield2.117%Jun 7, 2024Real yield2.054%Jun 20, 2024Real yield1.928%Jul 2, 2024Real yield2.001%Jul 15, 2024Real yield1.793%Jul 25, 2024Real yield1.863%Aug 6, 2024Real yield1.639%Aug 16, 2024Real yield1.669%Aug 28, 2024Real yield1.490%Sep 10, 2024Real yield1.437%Sep 20, 2024Real yield1.320%Oct 2, 2024Real yield1.298%Oct 15, 2024Real yield1.496%Oct 25, 2024Real yield1.719%Nov 6, 2024Real yield1.756%Nov 19, 2024Real yield1.790%Dec 2, 2024Real yield1.699%Dec 12, 2024Real yield1.729%Dec 24, 2024Real yield2.003%Jan 7, 2025Real yield1.971%Jan 17, 2025Real yield1.848%Jan 30, 2025Real yield1.751%Feb 11, 2025Real yield1.663%Feb 24, 2025Real yield1.544%Mar 6, 2025Real yield1.445%Mar 18, 2025Real yield1.531%Mar 28, 2025Real yield1.301%Apr 9, 2025Real yield1.495%Apr 21, 2025Real yield1.489%May 1, 2025Real yield1.260%May 13, 2025Real yield1.531%May 23, 2025Real yield1.453%Jun 5, 2025Real yield1.461%Jun 17, 2025Real yield1.439%Jun 30, 2025Real yield1.253%Jul 11, 2025Real yield1.303%Jul 23, 2025Real yield1.244%Aug 4, 2025Real yield1.094%Aug 14, 2025Real yield1.117%Aug 26, 2025Real yield0.973%Sep 8, 2025Real yield0.887%Sep 18, 2025Real yield0.968%Sep 30, 2025Real yield1.060%Oct 10, 2025Real yield1.033%Oct 23, 2025Real yield1.004%Nov 4, 2025Real yield1.143%Nov 17, 2025Real yield1.205%Nov 28, 2025Real yield1.169%Dec 10, 2025Real yield1.249%Dec 22, 2025Real yield1.313%Jan 5, 2026Real yield1.241%Jan 15, 2026Real yield1.220%Jan 28, 2026Real yield1.080%Feb 9, 2026Real yield0.994%Feb 20, 2026Real yield1.001%Mar 4, 2026Real yield0.988%Mar 16, 2026Real yield0.976%Mar 26, 2026Real yield1.247%Apr 7, 2026Real yield1.049%Apr 17, 2026Real yield1.007%Apr 29, 2026Real yield0.984%May 11, 2026Real yield1.052%May 21, 2026Real yield1.359%Jun 3, 2026Real yield1.371%Jun 15, 2026Real yield1.543%Jun 26, 2026Real yield1.797%Jul 9, 2026Real yield1.834%Jul 21, 2026Real yield1.952%Jul 31, 2026Real yield2.050%Aug 12, 2026Real yield1.987%Aug 24, 2026Real yield1.880%Sep 3, 2026Real yield1.930%Sep 9, 2026Real yield1.963%

Price history

1,780 trading days to Sep 9, 2026

859095100105110115Jul 31, 2019Sep 9, 2026Jul 31, 2019Close99.938Aug 12, 2019Close102.094Aug 22, 2019Close101.813Sep 4, 2019Close102.875Sep 16, 2019Close100.750Sep 26, 2019Close101.156Oct 8, 2019Close101.875Oct 21, 2019Close100.594Oct 31, 2019Close101.031Nov 13, 2019Close100.344Nov 25, 2019Close101.094Dec 6, 2019Close101.031Dec 18, 2019Close100.906Dec 31, 2019Close101.063Jan 13, 2020Close101.719Jan 24, 2020Close102.563Feb 5, 2020Close102.750Feb 18, 2020Close103.656Feb 28, 2020Close105.250Mar 11, 2020Close103.438Mar 23, 2020Close102.313Apr 2, 2020Close105.906Apr 15, 2020Close107.750Apr 27, 2020Close107.063May 7, 2020Close106.625May 19, 2020Close106.750Jun 1, 2020Close107.594Jun 11, 2020Close108.063Jun 23, 2020Close109.125Jul 6, 2020Close110.250Jul 16, 2020Close110.563Jul 28, 2020Close111.250Aug 7, 2020Close112.500Aug 19, 2020Close112.125Aug 31, 2020Close113.031Sep 11, 2020Close112.188Sep 23, 2020Close111.625Oct 5, 2020Close111.438Oct 16, 2020Close111.875Oct 28, 2020Close111.469Nov 9, 2020Close110.063Nov 20, 2020Close110.813Dec 3, 2020Close111.625Dec 15, 2020Close112.281Dec 28, 2020Close112.844Jan 8, 2021Close112.031Jan 21, 2021Close113.156Feb 2, 2021Close113.719Feb 12, 2021Close113.719Feb 25, 2021Close109.625Mar 9, 2021Close110.156Mar 19, 2021Close109.594Mar 31, 2021Close110.063Apr 12, 2021Close110.250Apr 22, 2021Close111.281May 4, 2021Close111.844May 14, 2021Close112.406May 26, 2021Close111.719Jun 8, 2021Close111.594Jun 18, 2021Close110.469Jun 30, 2021Close111.344Jul 13, 2021Close112.063Jul 23, 2021Close113.156Aug 4, 2021Close114.250Aug 16, 2021Close113.688Aug 26, 2021Close112.594Sep 8, 2021Close112.844Sep 20, 2021Close112.313Sep 30, 2021Close111.188Oct 13, 2021Close112.125Oct 25, 2021Close112.594Nov 4, 2021Close112.531Nov 17, 2021Close113.188Nov 30, 2021Close112.469Dec 10, 2021Close111.375Dec 22, 2021Close111.531Jan 4, 2022Close111.094Jan 14, 2022Close108.813Jan 27, 2022Close108.469Feb 8, 2022Close107.125Feb 18, 2022Close107.156Mar 3, 2022Close109.969Mar 15, 2022Close108.813Mar 25, 2022Close106.813Apr 6, 2022Close104.094Apr 19, 2022Close102.875Apr 29, 2022Close102.938May 11, 2022Close101.125May 23, 2022Close100.531Jun 3, 2022Close100.938Jun 15, 2022Close97.844Jun 28, 2022Close96.875Jul 11, 2022Close97.344Jul 21, 2022Close97.938Aug 2, 2022Close100.344Aug 12, 2022Close99.563Aug 24, 2022Close98.688Sep 6, 2022Close95.969Sep 16, 2022Close94.469Sep 28, 2022Close92.000Oct 11, 2022Close90.688Oct 21, 2022Close90.625Nov 2, 2022Close91.156Nov 15, 2022Close91.813Nov 28, 2022Close91.875Dec 8, 2022Close93.438Dec 20, 2022Close92.156Jan 3, 2023Close91.719Jan 13, 2023Close93.219Jan 26, 2023Close94.219Feb 7, 2023Close93.000Feb 17, 2023Close92.531Mar 2, 2023Close91.844Mar 14, 2023Close93.313Mar 24, 2023Close94.750Apr 5, 2023Close95.406Apr 17, 2023Close93.938Apr 27, 2023Close94.250May 9, 2023Close94.188May 19, 2023Close92.969Jun 1, 2023Close92.719Jun 13, 2023Close91.469Jun 26, 2023Close91.875Jul 7, 2023Close90.281Jul 19, 2023Close92.063Jul 31, 2023Close91.656Aug 10, 2023Close91.281Aug 22, 2023Close90.000Sep 1, 2023Close90.531Sep 14, 2023Close90.469Sep 26, 2023Close89.031Oct 6, 2023Close88.063Oct 19, 2023Close88.375Oct 31, 2023Close88.594Nov 10, 2023Close89.063Nov 22, 2023Close89.813Dec 5, 2023Close90.781Dec 15, 2023Close92.406Dec 28, 2023Close92.500Jan 10, 2024Close92.094Jan 23, 2024Close92.219Feb 2, 2024Close92.313Feb 14, 2024Close91.750Feb 27, 2024Close91.563Mar 8, 2024Close92.688Mar 20, 2024Close92.094Apr 1, 2024Close91.781Apr 11, 2024Close90.938Apr 23, 2024Close90.969May 3, 2024Close91.313May 15, 2024Close91.688May 28, 2024Close90.969Jun 7, 2024Close91.313Jun 20, 2024Close91.938Jul 2, 2024Close91.656Jul 15, 2024Close92.656Jul 25, 2024Close92.375Aug 6, 2024Close93.438Aug 16, 2024Close93.344Aug 28, 2024Close94.188Sep 10, 2024Close94.469Sep 20, 2024Close95.031Oct 2, 2024Close95.156Oct 15, 2024Close94.313Oct 25, 2024Close93.375Nov 6, 2024Close93.250Nov 19, 2024Close93.156Dec 2, 2024Close93.594Dec 12, 2024Close93.500Dec 24, 2024Close92.406Jan 7, 2025Close92.594Jan 17, 2025Close93.156Jan 30, 2025Close93.594Feb 11, 2025Close94.000Feb 24, 2025Close94.531Mar 6, 2025Close94.969Mar 18, 2025Close94.656Mar 28, 2025Close95.625Apr 9, 2025Close94.875Apr 21, 2025Close94.938May 1, 2025Close95.875May 13, 2025Close94.844May 23, 2025Close95.188Jun 5, 2025Close95.188Jun 17, 2025Close95.313Jun 30, 2025Close96.063Jul 11, 2025Close95.906Jul 23, 2025Close96.156Aug 4, 2025Close96.750Aug 14, 2025Close96.688Aug 26, 2025Close97.250Sep 8, 2025Close97.594Sep 18, 2025Close97.313Sep 30, 2025Close97.000Oct 10, 2025Close97.125Oct 23, 2025Close97.250Nov 4, 2025Close96.781Nov 17, 2025Close96.594Nov 28, 2025Close96.750Dec 10, 2025Close96.500Dec 22, 2025Close96.313Jan 5, 2026Close96.594Jan 15, 2026Close96.688Jan 28, 2026Close97.188Feb 9, 2026Close97.500Feb 20, 2026Close97.500Mar 4, 2026Close97.563Mar 16, 2026Close97.625Mar 26, 2026Close96.781Apr 7, 2026Close97.438Apr 17, 2026Close97.594Apr 29, 2026Close97.688May 11, 2026Close97.500May 21, 2026Close96.594Jun 3, 2026Close96.594Jun 15, 2026Close96.125Jun 26, 2026Close95.438Jul 9, 2026Close95.375Jul 21, 2026Close95.094Jul 31, 2026Close94.875Aug 12, 2026Close95.094Aug 24, 2026Close95.438Sep 3, 2026Close95.344Sep 9, 2026Close95.281
The most recent 20 trading days of prices for 9128287D6.
DateBidOfferClose
Sep 9, 202695.32895.28195.281
Sep 8, 202695.37595.34495.344
Sep 4, 202695.31395.28195.313
Sep 3, 202695.43895.40695.344
Sep 2, 202695.28195.25095.219
Sep 1, 202695.25095.21995.250
Aug 31, 202695.25095.21995.219
Aug 28, 202695.31395.28195.188
Aug 27, 202695.56395.53195.500
Aug 26, 202695.53195.50095.531
Aug 25, 202695.59495.56395.563
Aug 24, 202695.53195.50095.438
Aug 21, 202695.50095.46995.469
Aug 20, 202695.46995.43895.531
Aug 19, 202695.40695.37595.406
Aug 18, 202695.34495.31395.313
Aug 17, 202695.28195.25095.250
Aug 14, 202695.25095.21995.250
Aug 13, 202695.25095.21995.219
Aug 12, 202695.18895.15695.094

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 9128287D6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 18, 2019Jul 31, 2019New issue$14.0bn$14.6bn2.28x0.282%
Sep 19, 2019Sep 30, 2019Reopening$12.0bn$13.2bn2.41x0.174%
Nov 21, 2019Nov 29, 2019Reopening$12.0bn$12.0bn2.40x0.149%

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.