Inflation-linked (TIPS)

91282CCM1 · 0.125% due July 15, 2031

Original term
10-Year
Maturity
Jul 15, 2031
Coupon
0.125%
Pays
Semi-Annual
Dated
Jul 15, 2021
First coupon
Jan 15, 2022
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$57.22bn
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
2.073%
Index ratio
1.2460
Real duration
4.781 yr
DV01
0.0435
Convexity
25.267
Real clean price
91.063
Accrued (real)
0.019
Real dirty price
91.082
Indexed principal
124.595
Money clean price
113.460

The index ratio is a multiplier, not a percentage: 1.2460 means the principal is worth that many times its original face today. So the real clean price of 91.063 is not what a buyer pays , multiply by the ratio to get 113.460 per 100 of original face.

Against the fitted real curve

Priced 5.2 bp rich to the real curve on that day, 22.43 cents per 100 of face.

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

Real yield, 1,279 observations

-2%-1%0%1%2%3%Jul 30, 2021Sep 9, 2026Jul 30, 2021Real yield-1.160%Aug 9, 2021Real yield-1.046%Aug 17, 2021Real yield-1.071%Aug 25, 2021Real yield-1.003%Sep 2, 2021Real yield-1.042%Sep 13, 2021Real yield-1.045%Sep 21, 2021Real yield-0.974%Sep 29, 2021Real yield-0.835%Oct 7, 2021Real yield-0.895%Oct 18, 2021Real yield-0.965%Oct 26, 2021Real yield-1.071%Nov 3, 2021Real yield-0.949%Nov 12, 2021Real yield-1.163%Nov 22, 2021Real yield-0.999%Dec 1, 2021Real yield-1.022%Dec 9, 2021Real yield-1.027%Dec 17, 2021Real yield-1.007%Dec 28, 2021Real yield-1.057%Jan 5, 2022Real yield-0.867%Jan 13, 2022Real yield-0.773%Jan 24, 2022Real yield-0.746%Feb 1, 2022Real yield-0.723%Feb 9, 2022Real yield-0.558%Feb 17, 2022Real yield-0.541%Feb 28, 2022Real yield-0.880%Mar 8, 2022Real yield-1.123%Mar 16, 2022Real yield-0.659%Mar 24, 2022Real yield-0.652%Apr 1, 2022Real yield-0.451%Apr 11, 2022Real yield-0.156%Apr 20, 2022Real yield-0.111%Apr 28, 2022Real yield-0.164%May 6, 2022Real yield0.228%May 16, 2022Real yield0.180%May 24, 2022Real yield0.173%Jun 2, 2022Real yield0.225%Jun 10, 2022Real yield0.356%Jun 21, 2022Real yield0.681%Jun 29, 2022Real yield0.744%Jul 8, 2022Real yield0.710%Jul 18, 2022Real yield0.564%Jul 26, 2022Real yield0.463%Aug 3, 2022Real yield0.231%Aug 11, 2022Real yield0.400%Aug 19, 2022Real yield0.430%Aug 29, 2022Real yield0.555%Sep 7, 2022Real yield0.852%Sep 15, 2022Real yield1.046%Sep 23, 2022Real yield1.365%Oct 3, 2022Real yield1.485%Oct 12, 2022Real yield1.665%Oct 20, 2022Real yield1.773%Oct 28, 2022Real yield1.550%Nov 7, 2022Real yield1.728%Nov 16, 2022Real yield1.422%Nov 25, 2022Real yield1.406%Dec 5, 2022Real yield1.250%Dec 13, 2022Real yield1.298%Dec 21, 2022Real yield1.432%Dec 30, 2022Real yield1.621%Jan 10, 2023Real yield1.399%Jan 19, 2023Real yield1.181%Jan 27, 2023Real yield1.192%Feb 6, 2023Real yield1.373%Feb 14, 2023Real yield1.451%Feb 23, 2023Real yield1.485%Mar 3, 2023Real yield1.426%Mar 13, 2023Real yield1.291%Mar 21, 2023Real yield1.340%Mar 29, 2023Real yield1.217%Apr 6, 2023Real yield1.021%Apr 14, 2023Real yield1.195%Apr 24, 2023Real yield1.206%May 2, 2023Real yield1.217%May 10, 2023Real yield1.233%May 18, 2023Real yield1.406%May 26, 2023Real yield1.550%Jun 6, 2023Real yield1.502%Jun 14, 2023Real yield1.633%Jun 23, 2023Real yield1.559%Jul 3, 2023Real yield1.657%Jul 12, 2023Real yield1.634%Jul 20, 2023Real yield1.589%Jul 28, 2023Real yield1.661%Aug 7, 2023Real yield1.724%Aug 15, 2023Real yield1.930%Aug 23, 2023Real yield1.884%Aug 31, 2023Real yield1.880%Sep 11, 2023Real yield1.956%Sep 19, 2023Real yield2.008%Sep 27, 2023Real yield2.280%Oct 5, 2023Real yield2.417%Oct 16, 2023Real yield2.323%Oct 24, 2023Real yield2.422%Nov 1, 2023Real yield2.331%Nov 9, 2023Real yield2.286%Nov 17, 2023Real yield2.150%Nov 28, 2023Real yield2.103%Dec 6, 2023Real yield1.974%Dec 14, 2023Real yield1.671%Dec 22, 2023Real yield1.682%Jan 3, 2024Real yield1.682%Jan 11, 2024Real yield1.720%Jan 22, 2024Real yield1.745%Jan 30, 2024Real yield1.716%Feb 7, 2024Real yield1.784%Feb 15, 2024Real yield1.861%Feb 26, 2024Real yield1.907%Mar 5, 2024Real yield1.737%Mar 13, 2024Real yield1.815%Mar 21, 2024Real yield1.845%Mar 29, 2024Real yield1.807%Apr 8, 2024Real yield1.956%Apr 16, 2024Real yield2.162%Apr 24, 2024Real yield2.153%May 2, 2024Real yield2.119%May 10, 2024Real yield2.070%May 20, 2024Real yield2.021%May 29, 2024Real yield2.160%Jun 6, 2024Real yield1.906%Jun 14, 2024Real yield1.943%Jun 25, 2024Real yield1.924%Jul 3, 2024Real yield1.987%Jul 12, 2024Real yield1.835%Jul 22, 2024Real yield1.882%Jul 30, 2024Real yield1.815%Aug 7, 2024Real yield1.739%Aug 15, 2024Real yield1.683%Aug 23, 2024Real yield1.556%Sep 3, 2024Real yield1.602%Sep 11, 2024Real yield1.475%Sep 19, 2024Real yield1.403%Sep 27, 2024Real yield1.423%Oct 7, 2024Real yield1.612%Oct 16, 2024Real yield1.581%Oct 24, 2024Real yield1.727%Nov 1, 2024Real yield1.887%Nov 12, 2024Real yield1.930%Nov 20, 2024Real yield1.909%Nov 29, 2024Real yield1.778%Dec 9, 2024Real yield1.784%Dec 17, 2024Real yield1.940%Dec 26, 2024Real yield2.089%Jan 6, 2025Real yield2.098%Jan 14, 2025Real yield2.149%Jan 23, 2025Real yield2.007%Jan 31, 2025Real yield1.921%Feb 10, 2025Real yield1.823%Feb 19, 2025Real yield1.829%Feb 27, 2025Real yield1.659%Mar 7, 2025Real yield1.688%Mar 17, 2025Real yield1.754%Mar 25, 2025Real yield1.638%Apr 2, 2025Real yield1.555%Apr 10, 2025Real yield1.861%Apr 18, 2025Real yield1.745%Apr 28, 2025Real yield1.572%May 6, 2025Real yield1.644%May 14, 2025Real yield1.774%May 22, 2025Real yield1.746%Jun 2, 2025Real yield1.680%Jun 10, 2025Real yield1.782%Jun 18, 2025Real yield1.663%Jun 27, 2025Real yield1.544%Jul 8, 2025Real yield1.602%Jul 16, 2025Real yield1.538%Jul 24, 2025Real yield1.509%Aug 1, 2025Real yield1.412%Aug 11, 2025Real yield1.382%Aug 19, 2025Real yield1.433%Aug 27, 2025Real yield1.219%Sep 5, 2025Real yield1.184%Sep 15, 2025Real yield1.188%Sep 23, 2025Real yield1.256%Oct 1, 2025Real yield1.283%Oct 9, 2025Real yield1.328%Oct 20, 2025Real yield1.288%Oct 28, 2025Real yield1.298%Nov 5, 2025Real yield1.427%Nov 14, 2025Real yield1.404%Nov 24, 2025Real yield1.355%Dec 3, 2025Real yield1.373%Dec 11, 2025Real yield1.450%Dec 19, 2025Real yield1.475%Dec 30, 2025Real yield1.475%Jan 8, 2026Real yield1.468%Jan 16, 2026Real yield1.470%Jan 27, 2026Real yield1.370%Feb 4, 2026Real yield1.356%Feb 12, 2026Real yield1.243%Feb 23, 2026Real yield1.212%Mar 3, 2026Real yield1.192%Mar 11, 2026Real yield1.215%Mar 19, 2026Real yield1.295%Mar 27, 2026Real yield1.524%Apr 6, 2026Real yield1.408%Apr 14, 2026Real yield1.298%Apr 22, 2026Real yield1.316%Apr 30, 2026Real yield1.282%May 8, 2026Real yield1.315%May 18, 2026Real yield1.516%May 27, 2026Real yield1.556%Jun 4, 2026Real yield1.608%Jun 12, 2026Real yield1.724%Jun 23, 2026Real yield1.929%Jul 1, 2026Real yield1.869%Jul 10, 2026Real yield1.907%Jul 20, 2026Real yield1.936%Jul 28, 2026Real yield2.077%Aug 5, 2026Real yield2.029%Aug 13, 2026Real yield1.974%Aug 21, 2026Real yield1.963%Aug 31, 2026Real yield2.049%Sep 9, 2026Real yield2.073%

Price history

1,279 trading days to Sep 9, 2026

80859095100105110115Jul 30, 2021Sep 9, 2026Jul 30, 2021Close113.594Aug 9, 2021Close112.281Aug 17, 2021Close112.531Aug 25, 2021Close111.750Sep 2, 2021Close112.156Sep 13, 2021Close112.156Sep 21, 2021Close111.344Sep 29, 2021Close109.813Oct 7, 2021Close110.438Oct 18, 2021Close111.156Oct 26, 2021Close112.281Nov 3, 2021Close110.938Nov 12, 2021Close113.219Nov 22, 2021Close111.406Dec 1, 2021Close111.625Dec 9, 2021Close111.656Dec 17, 2021Close111.406Dec 28, 2021Close111.906Jan 5, 2022Close109.875Jan 13, 2022Close108.875Jan 24, 2022Close108.563Feb 1, 2022Close108.313Feb 9, 2022Close106.625Feb 17, 2022Close106.438Feb 28, 2022Close109.844Mar 8, 2022Close112.344Mar 16, 2022Close107.563Mar 24, 2022Close107.469Apr 1, 2022Close105.469Apr 11, 2022Close102.625Apr 20, 2022Close102.188Apr 28, 2022Close102.688May 6, 2022Close99.063May 16, 2022Close99.500May 24, 2022Close99.563Jun 2, 2022Close99.094Jun 10, 2022Close97.938Jun 21, 2022Close95.125Jun 29, 2022Close94.594Jul 8, 2022Close94.906Jul 18, 2022Close96.156Jul 26, 2022Close97.031Aug 3, 2022Close99.063Aug 11, 2022Close97.594Aug 19, 2022Close97.344Aug 29, 2022Close96.281Sep 7, 2022Close93.813Sep 15, 2022Close92.250Sep 23, 2022Close89.750Oct 3, 2022Close88.844Oct 12, 2022Close87.500Oct 20, 2022Close86.719Oct 28, 2022Close88.438Nov 7, 2022Close87.125Nov 16, 2022Close89.469Nov 25, 2022Close89.625Dec 5, 2022Close90.844Dec 13, 2022Close90.500Dec 21, 2022Close89.500Dec 30, 2022Close88.125Jan 10, 2023Close89.813Jan 19, 2023Close91.500Jan 27, 2023Close91.438Feb 6, 2023Close90.094Feb 14, 2023Close89.531Feb 23, 2023Close89.313Mar 3, 2023Close89.781Mar 13, 2023Close90.813Mar 21, 2023Close90.469Mar 29, 2023Close91.406Apr 6, 2023Close92.906Apr 14, 2023Close91.625Apr 24, 2023Close91.563May 2, 2023Close91.500May 10, 2023Close91.406May 18, 2023Close90.156May 26, 2023Close89.156Jun 6, 2023Close89.531Jun 14, 2023Close88.625Jun 23, 2023Close89.188Jul 3, 2023Close88.531Jul 12, 2023Close88.719Jul 20, 2023Close89.063Jul 28, 2023Close88.594Aug 7, 2023Close88.188Aug 15, 2023Close86.813Aug 23, 2023Close87.156Aug 31, 2023Close87.219Sep 11, 2023Close86.750Sep 19, 2023Close86.438Sep 27, 2023Close84.688Oct 5, 2023Close83.844Oct 16, 2023Close84.500Oct 24, 2023Close83.906Nov 1, 2023Close84.531Nov 9, 2023Close84.875Nov 17, 2023Close85.781Nov 28, 2023Close86.125Dec 6, 2023Close87.000Dec 14, 2023Close89.031Dec 22, 2023Close89.000Jan 3, 2024Close89.031Jan 11, 2024Close88.813Jan 22, 2024Close88.688Jan 30, 2024Close88.906Feb 7, 2024Close88.500Feb 15, 2024Close88.031Feb 26, 2024Close87.781Mar 5, 2024Close88.906Mar 13, 2024Close88.438Mar 21, 2024Close88.281Mar 29, 2024Close88.563Apr 8, 2024Close87.656Apr 16, 2024Close86.406Apr 24, 2024Close86.500May 2, 2024Close86.750May 10, 2024Close87.094May 20, 2024Close87.438May 29, 2024Close86.625Jun 6, 2024Close88.219Jun 14, 2024Close88.031Jun 25, 2024Close88.188Jul 3, 2024Close87.844Jul 12, 2024Close88.813Jul 22, 2024Close88.563Jul 30, 2024Close89.000Aug 7, 2024Close89.500Aug 15, 2024Close89.875Aug 23, 2024Close90.688Sep 3, 2024Close90.438Sep 11, 2024Close91.250Sep 19, 2024Close91.719Sep 27, 2024Close91.625Oct 7, 2024Close90.500Oct 16, 2024Close90.719Oct 24, 2024Close89.875Nov 1, 2024Close88.969Nov 12, 2024Close88.750Nov 20, 2024Close88.906Nov 29, 2024Close89.719Dec 9, 2024Close89.719Dec 17, 2024Close88.844Dec 26, 2024Close88.031Jan 6, 2025Close88.031Jan 14, 2025Close87.781Jan 23, 2025Close88.625Jan 31, 2025Close89.156Feb 10, 2025Close89.750Feb 19, 2025Close89.750Feb 27, 2025Close90.750Mar 7, 2025Close90.625Mar 17, 2025Close90.281Mar 25, 2025Close90.969Apr 2, 2025Close91.469Apr 10, 2025Close89.781Apr 18, 2025Close90.469Apr 28, 2025Close91.469May 6, 2025Close91.094May 14, 2025Close90.406May 22, 2025Close90.594Jun 2, 2025Close91.000Jun 10, 2025Close90.469Jun 18, 2025Close91.156Jun 27, 2025Close91.844Jul 8, 2025Close91.563Jul 16, 2025Close91.938Jul 24, 2025Close92.125Aug 1, 2025Close92.688Aug 11, 2025Close92.875Aug 19, 2025Close92.625Aug 27, 2025Close93.813Sep 5, 2025Close94.031Sep 15, 2025Close94.031Sep 23, 2025Close93.688Oct 1, 2025Close93.563Oct 9, 2025Close93.344Oct 20, 2025Close93.594Oct 28, 2025Close93.563Nov 5, 2025Close92.906Nov 14, 2025Close93.063Nov 24, 2025Close93.344Dec 3, 2025Close93.281Dec 11, 2025Close92.906Dec 19, 2025Close92.813Dec 30, 2025Close92.844Jan 8, 2026Close92.906Jan 16, 2026Close92.938Jan 27, 2026Close93.469Feb 4, 2026Close93.563Feb 12, 2026Close94.156Feb 23, 2026Close94.344Mar 3, 2026Close94.469Mar 11, 2026Close94.375Mar 19, 2026Close94.000Mar 27, 2026Close92.906Apr 6, 2026Close93.500Apr 14, 2026Close94.063Apr 22, 2026Close94.000Apr 30, 2026Close94.188May 8, 2026Close94.063May 18, 2026Close93.125May 27, 2026Close92.969Jun 4, 2026Close92.750Jun 12, 2026Close92.250Jun 23, 2026Close91.344Jul 1, 2026Close91.656Jul 10, 2026Close91.531Jul 20, 2026Close91.438Jul 28, 2026Close90.844Aug 5, 2026Close91.094Aug 13, 2026Close91.375Aug 21, 2026Close91.469Aug 31, 2026Close91.125Sep 9, 2026Close91.063
The most recent 20 trading days of prices for 91282CCM1.
DateBidOfferClose
Sep 9, 202691.09491.06391.063
Sep 8, 202691.21991.18891.188
Sep 4, 202691.18891.15691.188
Sep 3, 202691.40691.37591.250
Sep 2, 202691.10991.09491.063
Sep 1, 202691.12591.09491.094
Aug 31, 202691.14191.12591.125
Aug 28, 202691.28191.25091.094
Aug 27, 202691.67291.65691.594
Aug 26, 202691.65691.62591.656
Aug 25, 202691.75091.71991.750
Aug 24, 202691.59491.56391.500
Aug 21, 202691.51691.50091.469
Aug 20, 202691.59491.56391.656
Aug 19, 202691.59491.56391.563
Aug 18, 202691.43891.40691.438
Aug 17, 202691.35991.34491.313
Aug 14, 202691.37591.34491.344
Aug 13, 202691.43891.40691.375
Aug 12, 202691.31391.28191.219

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 91282CCM1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 22, 2021Jul 30, 2021New issue$16.0bn$16.0bn2.50x-1.016%
Sep 23, 2021Sep 30, 2021Reopening$14.0bn$15.7bn2.55x-0.939%
Nov 18, 2021Nov 30, 2021Reopening$14.0bn$15.2bn2.43x-1.145%

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.