Inflation-linked (TIPS)

912828Z37 · 0.125% due January 15, 2030

Original term
10-Year
Maturity
Jan 15, 2030
Coupon
0.125%
Pays
Semi-Annual
Dated
Jan 15, 2020
First coupon
Jul 15, 2020
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$53.22bn
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
2.109%
Index ratio
1.2980
Real duration
3.303 yr
DV01
0.0309
Convexity
12.562
Real clean price
93.625
Accrued (real)
0.019
Real dirty price
93.644
Indexed principal
129.795
Money clean price
121.521

The index ratio is a multiplier, not a percentage: 1.2980 means the principal is worth that many times its original face today. So the real clean price of 93.625 is not what a buyer pays , multiply by the ratio to get 121.521 per 100 of original face.

Against the fitted real curve

Priced 3.4 bp cheap to the real curve on that day, 10.50 cents per 100 of face.

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

Real yield, 1,655 observations

-2%-1%0%1%2%3%Jan 31, 2020Sep 9, 2026Jan 31, 2020Real yield-0.137%Feb 11, 2020Real yield-0.060%Feb 21, 2020Real yield-0.154%Mar 3, 2020Real yield-0.432%Mar 12, 2020Real yield-0.046%Mar 23, 2020Real yield-0.037%Apr 1, 2020Real yield-0.290%Apr 13, 2020Real yield-0.506%Apr 22, 2020Real yield-0.428%May 1, 2020Real yield-0.424%May 12, 2020Real yield-0.404%May 21, 2020Real yield-0.460%Jun 2, 2020Real yield-0.499%Jun 11, 2020Real yield-0.562%Jun 22, 2020Real yield-0.638%Jul 1, 2020Real yield-0.698%Jul 13, 2020Real yield-0.800%Jul 22, 2020Real yield-0.896%Jul 31, 2020Real yield-0.974%Aug 11, 2020Real yield-0.968%Aug 20, 2020Real yield-0.950%Aug 31, 2020Real yield-1.064%Sep 10, 2020Real yield-0.999%Sep 21, 2020Real yield-0.939%Sep 30, 2020Real yield-0.944%Oct 9, 2020Real yield-0.945%Oct 21, 2020Real yield-0.917%Oct 30, 2020Real yield-0.827%Nov 10, 2020Real yield-0.793%Nov 20, 2020Real yield-0.865%Dec 2, 2020Real yield-0.911%Dec 11, 2020Real yield-0.983%Dec 22, 2020Real yield-1.027%Jan 4, 2021Real yield-1.112%Jan 13, 2021Real yield-0.994%Jan 25, 2021Real yield-1.129%Feb 3, 2021Real yield-1.155%Feb 12, 2021Real yield-1.150%Feb 24, 2021Real yield-0.919%Mar 5, 2021Real yield-0.790%Mar 16, 2021Real yield-0.825%Mar 25, 2021Real yield-0.844%Apr 5, 2021Real yield-0.775%Apr 14, 2021Real yield-0.846%Apr 23, 2021Real yield-0.915%May 4, 2021Real yield-0.981%May 13, 2021Real yield-1.016%May 24, 2021Real yield-0.988%Jun 3, 2021Real yield-0.952%Jun 14, 2021Real yield-0.979%Jun 23, 2021Real yield-0.952%Jul 2, 2021Real yield-1.009%Jul 14, 2021Real yield-1.099%Jul 23, 2021Real yield-1.189%Aug 3, 2021Real yield-1.338%Aug 12, 2021Real yield-1.197%Aug 23, 2021Real yield-1.168%Sep 1, 2021Real yield-1.175%Sep 13, 2021Real yield-1.184%Sep 22, 2021Real yield-1.117%Oct 1, 2021Real yield-1.063%Oct 13, 2021Real yield-1.115%Oct 22, 2021Real yield-1.130%Nov 2, 2021Real yield-1.109%Nov 12, 2021Real yield-1.303%Nov 23, 2021Real yield-1.094%Dec 3, 2021Real yield-1.175%Dec 14, 2021Real yield-1.050%Dec 23, 2021Real yield-1.090%Jan 4, 2022Real yield-1.058%Jan 13, 2022Real yield-0.857%Jan 25, 2022Real yield-0.822%Feb 3, 2022Real yield-0.729%Feb 14, 2022Real yield-0.625%Feb 24, 2022Real yield-0.739%Mar 7, 2022Real yield-1.130%Mar 16, 2022Real yield-0.715%Mar 25, 2022Real yield-0.556%Apr 5, 2022Real yield-0.300%Apr 14, 2022Real yield-0.104%Apr 26, 2022Real yield-0.141%May 5, 2022Real yield0.129%May 16, 2022Real yield0.170%May 25, 2022Real yield0.179%Jun 6, 2022Real yield0.266%Jun 15, 2022Real yield0.632%Jun 27, 2022Real yield0.696%Jul 7, 2022Real yield0.728%Jul 18, 2022Real yield0.608%Jul 27, 2022Real yield0.380%Aug 5, 2022Real yield0.377%Aug 16, 2022Real yield0.395%Aug 25, 2022Real yield0.452%Sep 6, 2022Real yield0.918%Sep 15, 2022Real yield1.095%Sep 26, 2022Real yield1.726%Oct 5, 2022Real yield1.712%Oct 17, 2022Real yield1.695%Oct 26, 2022Real yield1.700%Nov 4, 2022Real yield1.821%Nov 16, 2022Real yield1.511%Nov 28, 2022Real yield1.572%Dec 7, 2022Real yield1.279%Dec 16, 2022Real yield1.450%Dec 28, 2022Real yield1.683%Jan 9, 2023Real yield1.421%Jan 19, 2023Real yield1.249%Jan 30, 2023Real yield1.318%Feb 8, 2023Real yield1.357%Feb 17, 2023Real yield1.524%Mar 1, 2023Real yield1.630%Mar 10, 2023Real yield1.535%Mar 21, 2023Real yield1.418%Mar 30, 2023Real yield1.236%Apr 10, 2023Real yield1.166%Apr 19, 2023Real yield1.352%Apr 28, 2023Real yield1.266%May 9, 2023Real yield1.285%May 18, 2023Real yield1.454%May 30, 2023Real yield1.587%Jun 8, 2023Real yield1.629%Jun 20, 2023Real yield1.669%Jun 29, 2023Real yield1.852%Jul 11, 2023Real yield1.954%Jul 20, 2023Real yield1.715%Jul 31, 2023Real yield1.793%Aug 9, 2023Real yield1.783%Aug 18, 2023Real yield2.063%Aug 29, 2023Real yield1.964%Sep 8, 2023Real yield2.030%Sep 19, 2023Real yield2.099%Sep 28, 2023Real yield2.296%Oct 10, 2023Real yield2.407%Oct 19, 2023Real yield2.510%Oct 30, 2023Real yield2.474%Nov 8, 2023Real yield2.236%Nov 17, 2023Real yield2.234%Nov 29, 2023Real yield2.121%Dec 8, 2023Real yield2.125%Dec 19, 2023Real yield1.783%Dec 29, 2023Real yield1.758%Jan 10, 2024Real yield1.846%Jan 22, 2024Real yield1.797%Jan 31, 2024Real yield1.687%Feb 9, 2024Real yield1.901%Feb 21, 2024Real yield1.951%Mar 1, 2024Real yield1.829%Mar 12, 2024Real yield1.830%Mar 21, 2024Real yield1.874%Apr 1, 2024Real yield1.950%Apr 10, 2024Real yield2.129%Apr 19, 2024Real yield2.183%Apr 30, 2024Real yield2.255%May 9, 2024Real yield2.089%May 20, 2024Real yield2.080%May 30, 2024Real yield2.159%Jun 10, 2024Real yield2.145%Jun 20, 2024Real yield1.990%Jul 1, 2024Real yield2.096%Jul 11, 2024Real yield1.883%Jul 22, 2024Real yield1.924%Jul 31, 2024Real yield1.779%Aug 9, 2024Real yield1.763%Aug 20, 2024Real yield1.681%Aug 29, 2024Real yield1.586%Sep 10, 2024Real yield1.512%Sep 19, 2024Real yield1.404%Sep 30, 2024Real yield1.462%Oct 9, 2024Real yield1.630%Oct 21, 2024Real yield1.692%Oct 30, 2024Real yield1.818%Nov 8, 2024Real yield1.809%Nov 20, 2024Real yield1.891%Dec 2, 2024Real yield1.801%Dec 11, 2024Real yield1.809%Dec 20, 2024Real yield2.093%Jan 2, 2025Real yield2.021%Jan 13, 2025Real yield2.123%Jan 23, 2025Real yield1.980%Feb 3, 2025Real yield1.797%Feb 12, 2025Real yield1.875%Feb 24, 2025Real yield1.676%Mar 5, 2025Real yield1.580%Mar 14, 2025Real yield1.680%Mar 25, 2025Real yield1.568%Apr 3, 2025Real yield1.295%Apr 14, 2025Real yield1.706%Apr 23, 2025Real yield1.607%May 2, 2025Real yield1.544%May 13, 2025Real yield1.682%May 22, 2025Real yield1.625%Jun 3, 2025Real yield1.592%Jun 12, 2025Real yield1.629%Jun 24, 2025Real yield1.492%Jul 3, 2025Real yield1.488%Jul 15, 2025Real yield1.473%Jul 24, 2025Real yield1.390%Aug 4, 2025Real yield1.242%Aug 13, 2025Real yield1.248%Aug 22, 2025Real yield1.165%Sep 3, 2025Real yield1.111%Sep 12, 2025Real yield1.103%Sep 23, 2025Real yield1.147%Oct 2, 2025Real yield1.191%Oct 14, 2025Real yield1.153%Oct 23, 2025Real yield1.159%Nov 3, 2025Real yield1.292%Nov 13, 2025Real yield1.315%Nov 24, 2025Real yield1.300%Dec 4, 2025Real yield1.340%Dec 15, 2025Real yield1.414%Dec 24, 2025Real yield1.439%Jan 6, 2026Real yield1.383%Jan 15, 2026Real yield1.366%Jan 27, 2026Real yield1.277%Feb 5, 2026Real yield1.192%Feb 17, 2026Real yield1.176%Feb 26, 2026Real yield1.081%Mar 9, 2026Real yield1.072%Mar 18, 2026Real yield1.121%Mar 27, 2026Real yield1.397%Apr 7, 2026Real yield1.240%Apr 16, 2026Real yield1.203%Apr 27, 2026Real yield1.106%May 6, 2026Real yield1.228%May 15, 2026Real yield1.381%May 27, 2026Real yield1.509%Jun 5, 2026Real yield1.687%Jun 16, 2026Real yield1.707%Jun 26, 2026Real yield1.892%Jul 8, 2026Real yield1.935%Jul 17, 2026Real yield1.980%Jul 28, 2026Real yield2.179%Aug 6, 2026Real yield2.144%Aug 17, 2026Real yield2.062%Aug 26, 2026Real yield1.977%Sep 4, 2026Real yield2.085%Sep 9, 2026Real yield2.109%

Price history

1,655 trading days to Sep 9, 2026

859095100105110115Jan 31, 2020Sep 9, 2026Jan 31, 2020Close102.625Feb 11, 2020Close101.844Feb 21, 2020Close102.781Mar 3, 2020Close105.625Mar 12, 2020Close101.688Mar 23, 2020Close101.594Apr 1, 2020Close104.125Apr 13, 2020Close106.313Apr 22, 2020Close105.500May 1, 2020Close105.438May 12, 2020Close105.219May 21, 2020Close105.781Jun 2, 2020Close106.156Jun 11, 2020Close106.781Jun 22, 2020Close107.531Jul 1, 2020Close108.125Jul 13, 2020Close109.156Jul 22, 2020Close110.125Jul 31, 2020Close110.906Aug 11, 2020Close110.813Aug 20, 2020Close110.594Aug 31, 2020Close111.750Sep 10, 2020Close111.031Sep 21, 2020Close110.375Sep 30, 2020Close110.406Oct 9, 2020Close110.375Oct 21, 2020Close110.063Oct 30, 2020Close109.125Nov 10, 2020Close108.750Nov 20, 2020Close109.438Dec 2, 2020Close109.875Dec 11, 2020Close110.563Dec 22, 2020Close110.969Jan 4, 2021Close111.781Jan 13, 2021Close110.563Jan 25, 2021Close111.875Feb 3, 2021Close112.094Feb 12, 2021Close112.000Feb 24, 2021Close109.688Mar 5, 2021Close108.406Mar 16, 2021Close108.719Mar 25, 2021Close108.875Apr 5, 2021Close108.188Apr 14, 2021Close108.844Apr 23, 2021Close109.469May 4, 2021Close110.063May 13, 2021Close110.375May 24, 2021Close110.063Jun 3, 2021Close109.688Jun 14, 2021Close109.906Jun 23, 2021Close109.625Jul 2, 2021Close110.125Jul 14, 2021Close110.938Jul 23, 2021Close111.750Aug 3, 2021Close113.125Aug 12, 2021Close111.750Aug 23, 2021Close111.438Sep 1, 2021Close111.469Sep 13, 2021Close111.500Sep 22, 2021Close110.844Oct 1, 2021Close110.313Oct 13, 2021Close110.750Oct 22, 2021Close110.844Nov 2, 2021Close110.625Nov 12, 2021Close112.344Nov 23, 2021Close110.406Dec 3, 2021Close111.094Dec 14, 2021Close109.938Dec 23, 2021Close110.250Jan 4, 2022Close109.938Jan 13, 2022Close108.156Jan 25, 2022Close107.813Feb 3, 2022Close107.000Feb 14, 2022Close106.094Feb 24, 2022Close107.031Mar 7, 2022Close110.344Mar 16, 2022Close106.781Mar 25, 2022Close105.438Apr 5, 2022Close103.344Apr 14, 2022Close101.781Apr 26, 2022Close102.063May 5, 2022Close99.969May 16, 2022Close99.656May 25, 2022Close99.594Jun 6, 2022Close98.938Jun 15, 2022Close96.250Jun 27, 2022Close95.813Jul 7, 2022Close95.594Jul 18, 2022Close96.469Jul 27, 2022Close98.125Aug 5, 2022Close98.156Aug 16, 2022Close98.031Aug 25, 2022Close97.625Sep 6, 2022Close94.375Sep 15, 2022Close93.188Sep 26, 2022Close89.063Oct 5, 2022Close89.188Oct 17, 2022Close89.344Oct 26, 2022Close89.344Nov 4, 2022Close88.625Nov 16, 2022Close90.625Nov 28, 2022Close90.281Dec 7, 2022Close92.188Dec 16, 2022Close91.125Dec 28, 2022Close89.688Jan 9, 2023Close91.375Jan 19, 2023Close92.500Jan 30, 2023Close92.094Feb 8, 2023Close91.875Feb 17, 2023Close90.875Mar 1, 2023Close90.250Mar 10, 2023Close90.875Mar 21, 2023Close91.625Mar 30, 2023Close92.781Apr 10, 2023Close93.250Apr 19, 2023Close92.125Apr 28, 2023Close92.688May 9, 2023Close92.594May 18, 2023Close91.594May 30, 2023Close90.844Jun 8, 2023Close90.625Jun 20, 2023Close90.438Jun 29, 2023Close89.406Jul 11, 2023Close88.875Jul 20, 2023Close90.281Jul 31, 2023Close89.875Aug 9, 2023Close89.969Aug 18, 2023Close88.438Aug 29, 2023Close89.031Sep 8, 2023Close88.719Sep 19, 2023Close88.375Sep 28, 2023Close87.344Oct 10, 2023Close86.813Oct 19, 2023Close86.313Oct 30, 2023Close86.563Nov 8, 2023Close87.875Nov 17, 2023Close87.938Nov 29, 2023Close88.594Dec 8, 2023Close88.625Dec 19, 2023Close90.500Dec 29, 2023Close90.688Jan 10, 2024Close90.250Jan 22, 2024Close90.563Jan 31, 2024Close91.188Feb 9, 2024Close90.094Feb 21, 2024Close89.875Mar 1, 2024Close90.563Mar 12, 2024Close90.594Mar 21, 2024Close90.406Apr 1, 2024Close90.063Apr 10, 2024Close89.188Apr 19, 2024Close88.969Apr 30, 2024Close88.656May 9, 2024Close89.531May 20, 2024Close89.625May 30, 2024Close89.281Jun 10, 2024Close89.406Jun 20, 2024Close90.219Jul 1, 2024Close89.750Jul 11, 2024Close90.844Jul 22, 2024Close90.688Jul 31, 2024Close91.438Aug 9, 2024Close91.563Aug 20, 2024Close92.000Aug 29, 2024Close92.500Sep 10, 2024Close92.906Sep 19, 2024Close93.469Sep 30, 2024Close93.219Oct 9, 2024Close92.438Oct 21, 2024Close92.188Oct 30, 2024Close91.625Nov 8, 2024Close91.719Nov 20, 2024Close91.375Dec 2, 2024Close91.844Dec 11, 2024Close91.844Dec 20, 2024Close90.594Jan 2, 2025Close90.969Jan 13, 2025Close90.563Jan 23, 2025Close91.250Feb 3, 2025Close92.125Feb 12, 2025Close91.813Feb 24, 2025Close92.750Mar 5, 2025Close93.219Mar 14, 2025Close92.813Mar 25, 2025Close93.344Apr 3, 2025Close94.594Apr 14, 2025Close92.813Apr 23, 2025Close93.281May 2, 2025Close93.594May 13, 2025Close93.031May 22, 2025Close93.313Jun 3, 2025Close93.500Jun 12, 2025Close93.375Jun 24, 2025Close94.000Jul 3, 2025Close94.063Jul 15, 2025Close94.156Jul 24, 2025Close94.531Aug 4, 2025Close95.188Aug 13, 2025Close95.188Aug 22, 2025Close95.563Sep 3, 2025Close95.813Sep 12, 2025Close95.875Sep 23, 2025Close95.719Oct 2, 2025Close95.563Oct 14, 2025Close95.750Oct 23, 2025Close95.750Nov 3, 2025Close95.250Nov 13, 2025Close95.188Nov 24, 2025Close95.281Dec 4, 2025Close95.156Dec 15, 2025Close94.906Dec 24, 2025Close94.844Jan 6, 2026Close95.094Jan 15, 2026Close95.188Jan 27, 2026Close95.563Feb 5, 2026Close95.906Feb 17, 2026Close96.000Feb 26, 2026Close96.375Mar 9, 2026Close96.438Mar 18, 2026Close96.281Mar 27, 2026Close95.313Apr 7, 2026Close95.906Apr 16, 2026Close96.063Apr 27, 2026Close96.438May 6, 2026Close96.031May 15, 2026Close95.531May 27, 2026Close95.125Jun 5, 2026Close94.563Jun 16, 2026Close94.531Jun 26, 2026Close93.969Jul 8, 2026Close93.875Jul 17, 2026Close93.781Jul 28, 2026Close93.188Aug 6, 2026Close93.344Aug 17, 2026Close93.656Aug 26, 2026Close93.969Sep 4, 2026Close93.688Sep 9, 2026Close93.625
The most recent 20 trading days of prices for 912828Z37.
DateBidOfferClose
Sep 9, 202693.65693.62593.625
Sep 8, 202693.75093.71993.719
Sep 4, 202693.68893.65693.688
Sep 3, 202693.84493.81393.719
Sep 2, 202693.65693.62593.594
Sep 1, 202693.62593.59493.625
Aug 31, 202693.65693.62593.625
Aug 28, 202693.71993.68893.594
Aug 27, 202694.00093.96993.938
Aug 26, 202693.96993.93893.969
Aug 25, 202694.03194.00094.031
Aug 24, 202693.93893.90693.875
Aug 21, 202693.90693.87593.875
Aug 20, 202693.90693.87593.969
Aug 19, 202693.87593.84493.844
Aug 18, 202693.78193.75093.750
Aug 17, 202693.71993.68893.656
Aug 14, 202693.68893.65693.656
Aug 13, 202693.71993.68893.656
Aug 12, 202693.60993.59493.531

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 912828Z37.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 23, 2020Jan 31, 2020New issue$14.0bn$15.4bn2.33x0.036%
Mar 19, 2020Mar 31, 2020Reopening$12.0bn$13.6bn2.32x0.680%
May 21, 2020May 29, 2020Reopening$12.0bn$12.0bn2.39x-0.470%

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.