Inflation-linked (TIPS)

912828Y38 · 0.75% due July 15, 2028

Original term
10-Year
Maturity
Jul 15, 2028
Coupon
0.750%
Pays
Semi-Annual
Dated
Jul 15, 2018
First coupon
Jan 15, 2019
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$48.43bn
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
1.910%
Index ratio
1.3304
Real duration
1.816 yr
DV01
0.0178
Convexity
4.212
Real clean price
97.906
Accrued (real)
0.116
Real dirty price
98.022
Indexed principal
133.036
Money clean price
130.250

The index ratio is a multiplier, not a percentage: 1.3304 means the principal is worth that many times its original face today. So the real clean price of 97.906 is not what a buyer pays , multiply by the ratio to get 130.250 per 100 of original face.

Against the fitted real curve

Priced 20.4 bp rich to the real curve on that day, 36.29 cents per 100 of face.

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

Real yield, 2,029 observations

-2%-1%0%1%2%3%Jul 31, 2018Sep 9, 2026Jul 31, 2018Real yield0.839%Aug 13, 2018Real yield0.780%Aug 24, 2018Real yield0.727%Sep 7, 2018Real yield0.843%Sep 20, 2018Real yield0.924%Oct 3, 2018Real yield0.985%Oct 17, 2018Real yield1.058%Oct 30, 2018Real yield1.062%Nov 13, 2018Real yield1.116%Nov 27, 2018Real yield1.145%Dec 11, 2018Real yield1.063%Dec 24, 2018Real yield0.991%Jan 8, 2019Real yield0.911%Jan 22, 2019Real yield0.919%Feb 4, 2019Real yield0.822%Feb 15, 2019Real yield0.764%Mar 1, 2019Real yield0.767%Mar 14, 2019Real yield0.650%Mar 27, 2019Real yield0.516%Apr 9, 2019Real yield0.556%Apr 23, 2019Real yield0.572%May 6, 2019Real yield0.554%May 17, 2019Real yield0.533%May 31, 2019Real yield0.356%Jun 13, 2019Real yield0.379%Jun 26, 2019Real yield0.302%Jul 10, 2019Real yield0.283%Jul 23, 2019Real yield0.264%Aug 5, 2019Real yield0.148%Aug 16, 2019Real yield0.019%Aug 29, 2019Real yield-0.078%Sep 12, 2019Real yield0.179%Sep 25, 2019Real yield0.149%Oct 8, 2019Real yield0.067%Oct 22, 2019Real yield0.173%Nov 4, 2019Real yield0.142%Nov 18, 2019Real yield0.178%Dec 2, 2019Real yield0.183%Dec 13, 2019Real yield0.110%Dec 27, 2019Real yield0.132%Jan 10, 2020Real yield0.054%Jan 24, 2020Real yield-0.028%Feb 6, 2020Real yield-0.077%Feb 20, 2020Real yield-0.170%Mar 4, 2020Real yield-0.469%Mar 17, 2020Real yield0.539%Mar 30, 2020Real yield-0.163%Apr 13, 2020Real yield-0.432%Apr 24, 2020Real yield-0.454%May 7, 2020Real yield-0.434%May 20, 2020Real yield-0.517%Jun 3, 2020Real yield-0.501%Jun 16, 2020Real yield-0.618%Jun 29, 2020Real yield-0.804%Jul 13, 2020Real yield-0.896%Jul 24, 2020Real yield-0.984%Aug 6, 2020Real yield-1.168%Aug 19, 2020Real yield-1.120%Sep 1, 2020Real yield-1.230%Sep 15, 2020Real yield-1.155%Sep 28, 2020Real yield-1.110%Oct 9, 2020Real yield-1.098%Oct 23, 2020Real yield-1.070%Nov 5, 2020Real yield-1.037%Nov 19, 2020Real yield-1.013%Dec 3, 2020Real yield-1.131%Dec 16, 2020Real yield-1.230%Dec 30, 2020Real yield-1.269%Jan 13, 2021Real yield-1.242%Jan 27, 2021Real yield-1.435%Feb 9, 2021Real yield-1.445%Feb 23, 2021Real yield-1.250%Mar 8, 2021Real yield-1.071%Mar 19, 2021Real yield-1.068%Apr 1, 2021Real yield-1.121%Apr 14, 2021Real yield-1.184%Apr 27, 2021Real yield-1.247%May 10, 2021Real yield-1.455%May 21, 2021Real yield-1.293%Jun 4, 2021Real yield-1.335%Jun 17, 2021Real yield-1.146%Jun 30, 2021Real yield-1.264%Jul 14, 2021Real yield-1.397%Jul 27, 2021Real yield-1.571%Aug 9, 2021Real yield-1.493%Aug 20, 2021Real yield-1.425%Sep 2, 2021Real yield-1.470%Sep 16, 2021Real yield-1.454%Sep 29, 2021Real yield-1.258%Oct 13, 2021Real yield-1.371%Oct 26, 2021Real yield-1.480%Nov 8, 2021Real yield-1.524%Nov 22, 2021Real yield-1.380%Dec 6, 2021Real yield-1.312%Dec 17, 2021Real yield-1.260%Dec 31, 2021Real yield-1.369%Jan 13, 2022Real yield-1.069%Jan 27, 2022Real yield-0.912%Feb 9, 2022Real yield-0.756%Feb 23, 2022Real yield-0.855%Mar 8, 2022Real yield-1.370%Mar 21, 2022Real yield-0.891%Apr 1, 2022Real yield-0.525%Apr 14, 2022Real yield-0.309%Apr 28, 2022Real yield-0.411%May 11, 2022Real yield0.021%May 24, 2022Real yield0.057%Jun 7, 2022Real yield0.082%Jun 21, 2022Real yield0.634%Jul 5, 2022Real yield0.429%Jul 18, 2022Real yield0.474%Jul 29, 2022Real yield0.020%Aug 11, 2022Real yield0.318%Aug 24, 2022Real yield0.390%Sep 7, 2022Real yield0.816%Sep 20, 2022Real yield1.213%Oct 3, 2022Real yield1.602%Oct 17, 2022Real yield1.702%Oct 28, 2022Real yield1.613%Nov 10, 2022Real yield1.530%Nov 25, 2022Real yield1.523%Dec 8, 2022Real yield1.355%Dec 21, 2022Real yield1.472%Jan 5, 2023Real yield1.665%Jan 19, 2023Real yield1.259%Feb 1, 2023Real yield1.177%Feb 14, 2023Real yield1.535%Feb 28, 2023Real yield1.571%Mar 13, 2023Real yield1.365%Mar 24, 2023Real yield1.146%Apr 6, 2023Real yield1.012%Apr 19, 2023Real yield1.345%May 2, 2023Real yield1.191%May 15, 2023Real yield1.258%May 26, 2023Real yield1.689%Jun 9, 2023Real yield1.676%Jun 23, 2023Real yield1.736%Jul 7, 2023Real yield2.028%Jul 20, 2023Real yield1.756%Aug 2, 2023Real yield1.893%Aug 15, 2023Real yield2.026%Aug 28, 2023Real yield2.084%Sep 11, 2023Real yield2.038%Sep 22, 2023Real yield2.197%Oct 5, 2023Real yield2.437%Oct 19, 2023Real yield2.458%Nov 1, 2023Real yield2.316%Nov 14, 2023Real yield2.195%Nov 28, 2023Real yield2.155%Dec 11, 2023Real yield2.143%Dec 22, 2023Real yield1.732%Jan 8, 2024Real yield1.799%Jan 22, 2024Real yield1.763%Feb 2, 2024Real yield1.794%Feb 15, 2024Real yield1.862%Feb 29, 2024Real yield1.848%Mar 13, 2024Real yield1.811%Mar 26, 2024Real yield1.835%Apr 8, 2024Real yield1.954%Apr 19, 2024Real yield2.148%May 2, 2024Real yield2.142%May 15, 2024Real yield2.032%May 29, 2024Real yield2.224%Jun 11, 2024Real yield2.121%Jun 25, 2024Real yield2.050%Jul 9, 2024Real yield1.962%Jul 22, 2024Real yield1.939%Aug 2, 2024Real yield1.654%Aug 15, 2024Real yield1.729%Aug 28, 2024Real yield1.567%Sep 11, 2024Real yield1.455%Sep 24, 2024Real yield1.248%Oct 7, 2024Real yield1.529%Oct 21, 2024Real yield1.590%Nov 1, 2024Real yield1.767%Nov 15, 2024Real yield1.796%Nov 29, 2024Real yield1.661%Dec 12, 2024Real yield1.696%Dec 26, 2024Real yield1.958%Jan 9, 2025Real yield1.867%Jan 23, 2025Real yield1.755%Feb 5, 2025Real yield1.498%Feb 19, 2025Real yield1.526%Mar 4, 2025Real yield1.225%Mar 17, 2025Real yield1.425%Mar 28, 2025Real yield1.157%Apr 10, 2025Real yield1.369%Apr 23, 2025Real yield1.265%May 6, 2025Real yield1.160%May 19, 2025Real yield1.298%Jun 2, 2025Real yield1.284%Jun 13, 2025Real yield1.395%Jun 27, 2025Real yield1.191%Jul 11, 2025Real yield1.175%Jul 24, 2025Real yield1.125%Aug 6, 2025Real yield1.010%Aug 19, 2025Real yield1.035%Sep 2, 2025Real yield0.827%Sep 15, 2025Real yield0.817%Sep 26, 2025Real yield0.932%Oct 9, 2025Real yield0.934%Oct 23, 2025Real yield0.866%Nov 5, 2025Real yield1.116%Nov 19, 2025Real yield1.146%Dec 3, 2025Real yield1.090%Dec 16, 2025Real yield1.219%Dec 30, 2025Real yield1.188%Jan 13, 2026Real yield1.080%Jan 27, 2026Real yield0.969%Feb 9, 2026Real yield0.841%Feb 23, 2026Real yield0.843%Mar 6, 2026Real yield0.696%Mar 19, 2026Real yield0.804%Apr 1, 2026Real yield0.930%Apr 14, 2026Real yield0.806%Apr 27, 2026Real yield0.693%May 8, 2026Real yield0.924%May 21, 2026Real yield1.178%Jun 4, 2026Real yield1.216%Jun 17, 2026Real yield1.720%Jul 1, 2026Real yield1.882%Jul 15, 2026Real yield1.936%Jul 28, 2026Real yield2.190%Aug 10, 2026Real yield2.063%Aug 21, 2026Real yield1.916%Sep 3, 2026Real yield1.900%Sep 9, 2026Real yield1.910%

Price history

2,029 trading days to Sep 9, 2026

9095100105110115120Jul 31, 2018Sep 9, 2026Jul 31, 2018Close99.156Aug 13, 2018Close99.719Aug 24, 2018Close100.219Sep 7, 2018Close99.125Sep 20, 2018Close98.375Oct 3, 2018Close97.813Oct 17, 2018Close97.156Oct 30, 2018Close97.125Nov 13, 2018Close96.656Nov 27, 2018Close96.406Dec 11, 2018Close97.156Dec 24, 2018Close97.813Jan 8, 2019Close98.531Jan 22, 2019Close98.469Feb 4, 2019Close99.344Feb 15, 2019Close99.875Mar 1, 2019Close99.844Mar 14, 2019Close100.906Mar 27, 2019Close102.125Apr 9, 2019Close101.750Apr 23, 2019Close101.594May 6, 2019Close101.750May 17, 2019Close101.938May 31, 2019Close103.531Jun 13, 2019Close103.313Jun 26, 2019Close104.000Jul 10, 2019Close104.156Jul 23, 2019Close104.313Aug 5, 2019Close105.344Aug 16, 2019Close106.500Aug 29, 2019Close107.375Sep 12, 2019Close105.000Sep 25, 2019Close105.250Oct 8, 2019Close105.969Oct 22, 2019Close105.000Nov 4, 2019Close105.250Nov 18, 2019Close104.906Dec 2, 2019Close104.844Dec 13, 2019Close105.469Dec 27, 2019Close105.250Jan 10, 2020Close105.906Jan 24, 2020Close106.594Feb 6, 2020Close107.000Feb 20, 2020Close107.781Mar 4, 2020Close110.406Mar 17, 2020Close101.719Mar 30, 2020Close107.625Apr 13, 2020Close109.938Apr 24, 2020Close110.094May 7, 2020Close109.875May 20, 2020Close110.563Jun 3, 2020Close110.375Jun 16, 2020Close111.344Jun 29, 2020Close112.938Jul 13, 2020Close113.688Jul 24, 2020Close114.406Aug 6, 2020Close116.000Aug 19, 2020Close115.500Sep 1, 2020Close116.406Sep 15, 2020Close115.656Sep 28, 2020Close115.188Oct 9, 2020Close115.000Oct 23, 2020Close114.688Nov 5, 2020Close114.344Nov 19, 2020Close114.063Dec 3, 2020Close115.000Dec 16, 2020Close115.781Dec 30, 2020Close116.031Jan 13, 2021Close115.719Jan 27, 2021Close117.281Feb 9, 2021Close117.281Feb 23, 2021Close115.531Mar 8, 2021Close113.969Mar 19, 2021Close113.875Apr 1, 2021Close114.250Apr 14, 2021Close114.688Apr 27, 2021Close115.125May 10, 2021Close116.750May 21, 2021Close115.344Jun 4, 2021Close115.594Jun 17, 2021Close114.000Jun 30, 2021Close114.875Jul 14, 2021Close115.844Jul 27, 2021Close117.156Aug 9, 2021Close116.438Aug 20, 2021Close115.813Sep 2, 2021Close116.094Sep 16, 2021Close115.875Sep 29, 2021Close114.281Oct 13, 2021Close115.063Oct 26, 2021Close115.813Nov 8, 2021Close116.063Nov 22, 2021Close114.875Dec 6, 2021Close114.281Dec 17, 2021Close113.813Dec 31, 2021Close114.531Jan 13, 2022Close112.281Jan 27, 2022Close111.094Feb 9, 2022Close109.938Feb 23, 2022Close110.563Mar 8, 2022Close114.125Mar 21, 2022Close110.688Apr 1, 2022Close108.156Apr 14, 2022Close106.688Apr 28, 2022Close107.313May 11, 2022Close104.500May 24, 2022Close104.250Jun 7, 2022Close104.063Jun 21, 2022Close100.688Jul 5, 2022Close101.906Jul 18, 2022Close101.625Jul 29, 2022Close104.344Aug 11, 2022Close102.531Aug 24, 2022Close102.094Sep 7, 2022Close99.625Sep 20, 2022Close97.406Oct 3, 2022Close95.313Oct 17, 2022Close94.813Oct 28, 2022Close95.313Nov 10, 2022Close95.781Nov 25, 2022Close95.844Dec 8, 2022Close96.750Dec 21, 2022Close96.156Jan 5, 2023Close95.188Jan 19, 2023Close97.313Feb 1, 2023Close97.750Feb 14, 2023Close95.938Feb 28, 2023Close95.781Mar 13, 2023Close96.844Mar 24, 2023Close97.969Apr 6, 2023Close98.656Apr 19, 2023Close97.000May 2, 2023Close97.781May 15, 2023Close97.469May 26, 2023Close95.406Jun 9, 2023Close95.500Jun 23, 2023Close95.250Jul 7, 2023Close93.938Jul 20, 2023Close95.219Aug 2, 2023Close94.625Aug 15, 2023Close94.063Aug 28, 2023Close93.844Sep 11, 2023Close94.094Sep 22, 2023Close93.438Oct 5, 2023Close92.438Oct 19, 2023Close92.406Nov 1, 2023Close93.063Nov 14, 2023Close93.625Nov 28, 2023Close93.844Dec 11, 2023Close93.938Dec 22, 2023Close95.719Jan 8, 2024Close95.469Jan 22, 2024Close95.656Feb 2, 2024Close95.563Feb 15, 2024Close95.313Feb 29, 2024Close95.406Mar 13, 2024Close95.594Mar 26, 2024Close95.531Apr 8, 2024Close95.094Apr 19, 2024Close94.375May 2, 2024Close94.438May 15, 2024Close94.906May 29, 2024Close94.219Jun 11, 2024Close94.656Jun 25, 2024Close94.969Jul 9, 2024Close95.344Jul 22, 2024Close95.469Aug 2, 2024Close96.563Aug 15, 2024Close96.313Aug 28, 2024Close96.938Sep 11, 2024Close97.375Sep 24, 2024Close98.156Oct 7, 2024Close97.156Oct 21, 2024Close96.969Nov 1, 2024Close96.375Nov 15, 2024Close96.313Nov 29, 2024Close96.813Dec 12, 2024Close96.719Dec 26, 2024Close95.875Jan 9, 2025Close96.219Jan 23, 2025Close96.625Feb 5, 2025Close97.500Feb 19, 2025Close97.438Mar 4, 2025Close98.438Mar 17, 2025Close97.813Mar 28, 2025Close98.688Apr 10, 2025Close98.031Apr 23, 2025Close98.375May 6, 2025Close98.719May 19, 2025Close98.313Jun 2, 2025Close98.375Jun 13, 2025Close98.063Jun 27, 2025Close98.688Jul 11, 2025Close98.750Jul 24, 2025Close98.906Aug 6, 2025Close99.250Aug 19, 2025Close99.188Sep 2, 2025Close99.781Sep 15, 2025Close99.813Sep 26, 2025Close99.500Oct 9, 2025Close99.500Oct 23, 2025Close99.688Nov 5, 2025Close99.031Nov 19, 2025Close98.969Dec 3, 2025Close99.125Dec 16, 2025Close98.813Dec 30, 2025Close98.906Jan 13, 2026Close99.188Jan 27, 2026Close99.469Feb 9, 2026Close99.781Feb 23, 2026Close99.781Mar 6, 2026Close100.125Mar 19, 2026Close99.875Apr 1, 2026Close99.594Apr 14, 2026Close99.875Apr 27, 2026Close100.125May 8, 2026Close99.625May 21, 2026Close99.094Jun 4, 2026Close99.031Jun 17, 2026Close98.031Jul 1, 2026Close97.750Jul 15, 2026Close97.688Jul 28, 2026Close97.250Aug 10, 2026Close97.531Aug 21, 2026Close97.844Sep 3, 2026Close97.906Sep 9, 2026Close97.906
The most recent 20 trading days of prices for 912828Y38.
DateBidOfferClose
Sep 9, 202697.95397.90697.906
Sep 8, 202697.95397.93897.938
Sep 4, 202697.87597.84497.875
Sep 3, 202697.95397.93897.906
Sep 2, 202697.84497.81397.813
Sep 1, 202697.78197.75097.781
Aug 31, 202697.76697.75097.750
Aug 28, 202697.76697.71997.656
Aug 27, 202697.93897.90697.875
Aug 26, 202697.89197.87597.875
Aug 25, 202697.93897.90697.906
Aug 24, 202697.89197.87597.844
Aug 21, 202697.87597.84497.844
Aug 20, 202697.84497.81397.844
Aug 19, 202697.76697.75097.750
Aug 18, 202697.71997.68897.688
Aug 17, 202697.68897.65697.656
Aug 14, 202697.65697.62597.625
Aug 13, 202697.65697.62597.594
Aug 12, 202697.59497.56397.531

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 912828Y38.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 19, 2018Jul 31, 2018New issue$13.0bn$13.7bn2.22x0.762%
Sep 20, 2018Sep 28, 2018Reopening$11.0bn$11.0bn2.57x0.910%
Nov 21, 2018Nov 30, 2018Reopening$11.0bn$12.0bn2.59x1.109%

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.