Inflation-linked (TIPS)

912828V49 · 0.375% due January 15, 2027

Original term
10-Year
Maturity
Jan 15, 2027
Coupon
0.375%
Pays
Semi-Annual
Dated
Jan 15, 2017
First coupon
Jul 15, 2017
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$52.30bn
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
2.107%
Index ratio
1.3824
Real duration
0.343 yr
DV01
0.0034
Convexity
0.235
Real clean price
99.406
Accrued (real)
0.058
Real dirty price
99.464
Indexed principal
138.244
Money clean price
137.423

The index ratio is a multiplier, not a percentage: 1.3824 means the principal is worth that many times its original face today. So the real clean price of 99.406 is not what a buyer pays , multiply by the ratio to get 137.423 per 100 of original face.

Against the fitted real curve

Priced 19.2 bp rich to the real curve on that day, 6.54 cents per 100 of face.

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

Real yield, 2,405 observations

-2%-1%0%1%2%3%4%5%Jan 31, 2017Sep 9, 2026Jan 31, 2017Real yield0.394%Feb 15, 2017Real yield0.449%Mar 3, 2017Real yield0.450%Mar 20, 2017Real yield0.460%Apr 4, 2017Real yield0.395%Apr 20, 2017Real yield0.375%May 5, 2017Real yield0.487%May 22, 2017Real yield0.418%Jun 7, 2017Real yield0.388%Jun 22, 2017Real yield0.449%Jul 10, 2017Real yield0.646%Jul 25, 2017Real yield0.562%Aug 9, 2017Real yield0.453%Aug 24, 2017Real yield0.467%Sep 11, 2017Real yield0.334%Sep 26, 2017Real yield0.430%Oct 12, 2017Real yield0.468%Oct 27, 2017Real yield0.556%Nov 13, 2017Real yield0.539%Nov 29, 2017Real yield0.554%Dec 14, 2017Real yield0.491%Jan 2, 2018Real yield0.481%Jan 18, 2018Real yield0.568%Feb 2, 2018Real yield0.693%Feb 20, 2018Real yield0.776%Mar 7, 2018Real yield0.751%Mar 22, 2018Real yield0.731%Apr 9, 2018Real yield0.680%Apr 24, 2018Real yield0.810%May 9, 2018Real yield0.804%May 24, 2018Real yield0.837%Jun 11, 2018Real yield0.805%Jun 26, 2018Real yield0.742%Jul 12, 2018Real yield0.724%Jul 27, 2018Real yield0.859%Aug 13, 2018Real yield0.798%Aug 28, 2018Real yield0.776%Sep 13, 2018Real yield0.886%Sep 28, 2018Real yield0.933%Oct 16, 2018Real yield1.053%Oct 31, 2018Real yield1.127%Nov 16, 2018Real yield1.081%Dec 4, 2018Real yield1.002%Dec 20, 2018Real yield1.068%Jan 8, 2019Real yield0.935%Jan 24, 2019Real yield0.938%Feb 8, 2019Real yield0.787%Feb 26, 2019Real yield0.685%Mar 13, 2019Real yield0.649%Mar 28, 2019Real yield0.510%Apr 12, 2019Real yield0.561%Apr 30, 2019Real yield0.516%May 15, 2019Real yield0.487%May 31, 2019Real yield0.371%Jun 17, 2019Real yield0.446%Jul 2, 2019Real yield0.291%Jul 18, 2019Real yield0.240%Aug 2, 2019Real yield0.201%Aug 19, 2019Real yield0.087%Sep 4, 2019Real yield0.014%Sep 19, 2019Real yield0.246%Oct 4, 2019Real yield0.073%Oct 22, 2019Real yield0.218%Nov 6, 2019Real yield0.187%Nov 22, 2019Real yield0.181%Dec 10, 2019Real yield0.175%Dec 26, 2019Real yield0.170%Jan 13, 2020Real yield0.075%Jan 29, 2020Real yield-0.077%Feb 13, 2020Real yield-0.106%Mar 2, 2020Real yield-0.322%Mar 17, 2020Real yield0.647%Apr 1, 2020Real yield-0.084%Apr 17, 2020Real yield-0.232%May 4, 2020Real yield-0.335%May 19, 2020Real yield-0.434%Jun 4, 2020Real yield-0.430%Jun 19, 2020Real yield-0.680%Jul 7, 2020Real yield-0.893%Jul 22, 2020Real yield-1.017%Aug 6, 2020Real yield-1.203%Aug 21, 2020Real yield-1.161%Sep 8, 2020Real yield-1.193%Sep 23, 2020Real yield-1.131%Oct 8, 2020Real yield-1.173%Oct 26, 2020Real yield-1.139%Nov 10, 2020Real yield-1.038%Nov 27, 2020Real yield-1.161%Dec 14, 2020Real yield-1.312%Dec 30, 2020Real yield-1.417%Jan 15, 2021Real yield-1.479%Feb 2, 2021Real yield-1.614%Feb 18, 2021Real yield-1.506%Mar 5, 2021Real yield-1.386%Mar 22, 2021Real yield-1.350%Apr 6, 2021Real yield-1.372%Apr 21, 2021Real yield-1.483%May 6, 2021Real yield-1.688%May 21, 2021Real yield-1.606%Jun 8, 2021Real yield-1.571%Jun 23, 2021Real yield-1.454%Jul 9, 2021Real yield-1.542%Jul 26, 2021Real yield-1.796%Aug 10, 2021Real yield-1.699%Aug 25, 2021Real yield-1.647%Sep 10, 2021Real yield-1.718%Sep 27, 2021Real yield-1.510%Oct 13, 2021Real yield-1.574%Oct 28, 2021Real yield-1.633%Nov 15, 2021Real yield-1.841%Dec 1, 2021Real yield-1.469%Dec 16, 2021Real yield-1.433%Jan 3, 2022Real yield-1.519%Jan 19, 2022Real yield-1.067%Feb 3, 2022Real yield-1.056%Feb 18, 2022Real yield-0.986%Mar 8, 2022Real yield-1.581%Mar 23, 2022Real yield-1.167%Apr 7, 2022Real yield-0.479%Apr 25, 2022Real yield-0.513%May 10, 2022Real yield-0.072%May 25, 2022Real yield-0.195%Jun 10, 2022Real yield0.075%Jun 28, 2022Real yield0.479%Jul 14, 2022Real yield0.530%Jul 29, 2022Real yield-0.032%Aug 15, 2022Real yield0.289%Aug 30, 2022Real yield0.600%Sep 15, 2022Real yield1.094%Sep 30, 2022Real yield2.005%Oct 18, 2022Real yield1.845%Nov 2, 2022Real yield1.771%Nov 18, 2022Real yield1.877%Dec 6, 2022Real yield1.526%Dec 21, 2022Real yield1.660%Jan 9, 2023Real yield1.710%Jan 25, 2023Real yield1.481%Feb 9, 2023Real yield1.594%Feb 27, 2023Real yield1.851%Mar 14, 2023Real yield1.606%Mar 29, 2023Real yield1.462%Apr 13, 2023Real yield1.413%Apr 28, 2023Real yield1.470%May 15, 2023Real yield1.510%May 31, 2023Real yield1.854%Jun 15, 2023Real yield1.946%Jul 3, 2023Real yield2.246%Jul 19, 2023Real yield2.152%Aug 3, 2023Real yield2.350%Aug 18, 2023Real yield2.437%Sep 5, 2023Real yield2.413%Sep 20, 2023Real yield2.489%Oct 5, 2023Real yield2.766%Oct 23, 2023Real yield2.685%Nov 7, 2023Real yield2.511%Nov 22, 2023Real yield2.541%Dec 8, 2023Real yield2.453%Dec 26, 2023Real yield2.063%Jan 11, 2024Real yield2.021%Jan 29, 2024Real yield1.936%Feb 13, 2024Real yield2.187%Feb 29, 2024Real yield2.029%Mar 15, 2024Real yield2.162%Apr 1, 2024Real yield2.188%Apr 16, 2024Real yield2.350%May 1, 2024Real yield2.442%May 16, 2024Real yield2.373%Jun 3, 2024Real yield2.385%Jun 18, 2024Real yield2.407%Jul 5, 2024Real yield2.288%Jul 22, 2024Real yield2.346%Aug 6, 2024Real yield2.134%Aug 21, 2024Real yield2.054%Sep 6, 2024Real yield1.906%Sep 23, 2024Real yield1.594%Oct 8, 2024Real yield1.802%Oct 24, 2024Real yield1.860%Nov 8, 2024Real yield1.833%Nov 26, 2024Real yield1.892%Dec 12, 2024Real yield1.798%Dec 30, 2024Real yield1.944%Jan 15, 2025Real yield1.669%Jan 31, 2025Real yield1.569%Feb 18, 2025Real yield1.427%Mar 5, 2025Real yield1.158%Mar 20, 2025Real yield1.158%Apr 4, 2025Real yield0.873%Apr 21, 2025Real yield1.014%May 6, 2025Real yield1.010%May 21, 2025Real yield1.239%Jun 6, 2025Real yield1.426%Jun 24, 2025Real yield1.353%Jul 10, 2025Real yield1.255%Jul 25, 2025Real yield1.217%Aug 11, 2025Real yield1.107%Aug 26, 2025Real yield0.945%Sep 11, 2025Real yield0.916%Sep 26, 2025Real yield0.984%Oct 14, 2025Real yield0.955%Oct 29, 2025Real yield1.237%Nov 14, 2025Real yield1.355%Dec 2, 2025Real yield1.394%Dec 17, 2025Real yield1.551%Jan 5, 2026Real yield1.486%Jan 21, 2026Real yield1.211%Feb 5, 2026Real yield0.877%Feb 23, 2026Real yield0.834%Mar 10, 2026Real yield0.523%Mar 25, 2026Real yield0.375%Apr 9, 2026Real yield0.293%Apr 24, 2026Real yield0.027%May 11, 2026Real yield0.144%May 27, 2026Real yield0.772%Jun 11, 2026Real yield1.280%Jun 29, 2026Real yield2.775%Jul 15, 2026Real yield3.313%Jul 30, 2026Real yield3.928%Aug 14, 2026Real yield3.698%Aug 31, 2026Real yield2.765%Sep 9, 2026Real yield2.107%

Price history

2,405 trading days to Sep 9, 2026

9095100105110115Jan 31, 2017Sep 9, 2026Jan 31, 2017Close99.813Feb 15, 2017Close99.281Mar 3, 2017Close99.281Mar 20, 2017Close99.188Apr 4, 2017Close99.813Apr 20, 2017Close100.000May 5, 2017Close98.938May 22, 2017Close99.594Jun 7, 2017Close99.875Jun 22, 2017Close99.313Jul 10, 2017Close97.500Jul 25, 2017Close98.281Aug 9, 2017Close99.281Aug 24, 2017Close99.156Sep 11, 2017Close100.375Sep 26, 2017Close99.500Oct 12, 2017Close99.156Oct 27, 2017Close98.375Nov 13, 2017Close98.531Nov 29, 2017Close98.406Dec 14, 2017Close98.969Jan 2, 2018Close99.063Jan 18, 2018Close98.313Feb 2, 2018Close97.250Feb 20, 2018Close96.563Mar 7, 2018Close96.781Mar 22, 2018Close96.969Apr 9, 2018Close97.406Apr 24, 2018Close96.344May 9, 2018Close96.406May 24, 2018Close96.156Jun 11, 2018Close96.438Jun 26, 2018Close96.969Jul 12, 2018Close97.125Jul 27, 2018Close96.063Aug 13, 2018Close96.563Aug 28, 2018Close96.750Sep 13, 2018Close95.906Sep 28, 2018Close95.563Oct 16, 2018Close94.656Oct 31, 2018Close94.125Nov 16, 2018Close94.500Dec 4, 2018Close95.125Dec 20, 2018Close94.656Jan 8, 2019Close95.688Jan 24, 2019Close95.688Feb 8, 2019Close96.844Feb 26, 2019Close97.625Mar 13, 2019Close97.906Mar 28, 2019Close98.969Apr 12, 2019Close98.594Apr 30, 2019Close98.938May 15, 2019Close99.156May 31, 2019Close100.031Jun 17, 2019Close99.469Jul 2, 2019Close100.625Jul 18, 2019Close101.000Aug 2, 2019Close101.281Aug 19, 2019Close102.125Sep 4, 2019Close102.656Sep 19, 2019Close100.938Oct 4, 2019Close102.188Oct 22, 2019Close101.125Nov 6, 2019Close101.344Nov 22, 2019Close101.375Dec 10, 2019Close101.406Dec 26, 2019Close101.438Jan 13, 2020Close102.094Jan 29, 2020Close103.156Feb 13, 2020Close103.344Mar 2, 2020Close104.844Mar 17, 2020Close98.188Apr 1, 2020Close103.125Apr 17, 2020Close104.125May 4, 2020Close104.813May 19, 2020Close105.469Jun 4, 2020Close105.406Jun 19, 2020Close107.094Jul 7, 2020Close108.531Jul 22, 2020Close109.344Aug 6, 2020Close110.594Aug 21, 2020Close110.219Sep 8, 2020Close110.375Sep 23, 2020Close109.875Oct 8, 2020Close110.094Oct 26, 2020Close109.781Nov 10, 2020Close109.031Nov 27, 2020Close109.781Dec 14, 2020Close110.719Dec 30, 2020Close111.344Jan 15, 2021Close111.656Feb 2, 2021Close112.469Feb 18, 2021Close111.656Mar 5, 2021Close110.781Mar 22, 2021Close110.469Apr 6, 2021Close110.531Apr 21, 2021Close111.156May 6, 2021Close112.375May 21, 2021Close111.750Jun 8, 2021Close111.438Jun 23, 2021Close110.625Jul 9, 2021Close111.063Jul 26, 2021Close112.531Aug 10, 2021Close111.844Aug 25, 2021Close111.438Sep 10, 2021Close111.750Sep 27, 2021Close110.438Oct 13, 2021Close110.719Oct 28, 2021Close110.969Nov 15, 2021Close112.063Dec 1, 2021Close109.844Dec 16, 2021Close109.563Jan 3, 2022Close109.938Jan 19, 2022Close107.406Feb 3, 2022Close107.281Feb 18, 2022Close106.844Mar 8, 2022Close109.906Mar 23, 2022Close107.656Apr 7, 2022Close104.125Apr 25, 2022Close104.250May 10, 2022Close102.094May 25, 2022Close102.656Jun 10, 2022Close101.375Jun 28, 2022Close99.531Jul 14, 2022Close99.313Jul 29, 2022Close101.813Aug 15, 2022Close100.375Aug 30, 2022Close99.031Sep 15, 2022Close96.969Sep 30, 2022Close93.344Oct 18, 2022Close94.031Nov 2, 2022Close94.375Nov 18, 2022Close94.031Dec 6, 2022Close95.438Dec 21, 2022Close94.969Jan 9, 2023Close94.844Jan 25, 2023Close95.750Feb 9, 2023Close95.375Feb 27, 2023Close94.500Mar 14, 2023Close95.438Mar 29, 2023Close96.000Apr 13, 2023Close96.219Apr 28, 2023Close96.063May 15, 2023Close95.969May 31, 2023Close94.844Jun 15, 2023Close94.594Jul 3, 2023Close93.688Jul 19, 2023Close94.063Aug 3, 2023Close93.500Aug 18, 2023Close93.313Sep 5, 2023Close93.469Sep 20, 2023Close93.313Oct 5, 2023Close92.563Oct 23, 2023Close92.906Nov 7, 2023Close93.500Nov 22, 2023Close93.500Dec 8, 2023Close93.844Dec 26, 2023Close95.031Jan 11, 2024Close95.219Jan 29, 2024Close95.531Feb 13, 2024Close94.906Feb 29, 2024Close95.406Mar 15, 2024Close95.125Apr 1, 2024Close95.125Apr 16, 2024Close94.781May 1, 2024Close94.625May 16, 2024Close94.875Jun 3, 2024Close94.938Jun 18, 2024Close94.969Jul 5, 2024Close95.344Jul 22, 2024Close95.281Aug 6, 2024Close95.844Aug 21, 2024Close96.094Sep 6, 2024Close96.500Sep 23, 2024Close97.250Oct 8, 2024Close96.844Oct 24, 2024Close96.781Nov 8, 2024Close96.906Nov 26, 2024Close96.844Dec 12, 2024Close97.094Dec 30, 2024Close96.875Jan 15, 2025Close97.469Jan 31, 2025Close97.719Feb 18, 2025Close98.031Mar 5, 2025Close98.563Mar 20, 2025Close98.594Apr 4, 2025Close99.125Apr 21, 2025Close98.906May 6, 2025Close98.938May 21, 2025Close98.594Jun 6, 2025Close98.344Jun 24, 2025Close98.500Jul 10, 2025Close98.688Jul 25, 2025Close98.781Aug 11, 2025Close98.969Aug 26, 2025Close99.219Sep 11, 2025Close99.281Sep 26, 2025Close99.219Oct 14, 2025Close99.281Oct 29, 2025Close98.969Nov 14, 2025Close98.875Dec 2, 2025Close98.875Dec 17, 2025Close98.750Jan 5, 2026Close98.875Jan 21, 2026Close99.188Feb 5, 2026Close99.531Feb 23, 2026Close99.594Mar 10, 2026Close99.875Mar 25, 2026Close100.000Apr 9, 2026Close100.063Apr 24, 2026Close100.250May 11, 2026Close100.156May 27, 2026Close99.750Jun 11, 2026Close99.469Jun 29, 2026Close98.719Jul 15, 2026Close98.563Jul 30, 2026Close98.406Aug 14, 2026Close98.656Aug 31, 2026Close99.125Sep 9, 2026Close99.406
The most recent 20 trading days of prices for 912828V49.
DateBidOfferClose
Sep 9, 2026–99.43899.406
Sep 8, 2026–99.40699.406
Sep 4, 2026–99.28199.344
Sep 3, 2026–99.25099.250
Sep 2, 2026–99.25099.250
Sep 1, 2026–99.18899.250
Aug 31, 2026–99.12599.125
Aug 28, 2026–99.03199.063
Aug 27, 2026–99.03199.031
Aug 26, 2026–98.96999.000
Aug 25, 2026–98.96998.969
Aug 24, 2026–99.00098.969
Aug 21, 2026–99.00099.031
Aug 20, 2026–98.90698.906
Aug 19, 2026–98.87598.875
Aug 18, 2026–98.84498.844
Aug 17, 2026–98.68898.750
Aug 14, 2026–98.62598.656
Aug 13, 2026–98.56398.594
Aug 12, 2026–98.50098.531

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 912828V49.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 19, 2017Jan 31, 2017New issue$13.0bn$13.8bn2.45x0.436%
Mar 23, 2017Mar 31, 2017Reopening$11.0bn$12.3bn2.23x0.466%
May 18, 2017May 31, 2017Reopening$11.0bn$12.3bn2.56x0.420%

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.