Inflation-linked (TIPS)

91282CEZ0 · 0.625% due July 15, 2032

Original term
10-Year
Maturity
Jul 15, 2032
Coupon
0.625%
Pays
Semi-Annual
Dated
Jul 15, 2022
First coupon
Jan 15, 2023
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$54.68bn
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
2.152%
Index ratio
1.1494
Real duration
5.676 yr
DV01
0.0521
Convexity
35.426
Real clean price
91.656
Accrued (real)
0.097
Real dirty price
91.753
Indexed principal
114.935
Money clean price
105.345

The index ratio is a multiplier, not a percentage: 1.1494 means the principal is worth that many times its original face today. So the real clean price of 91.656 is not what a buyer pays , multiply by the ratio to get 105.345 per 100 of original face.

Against the fitted real curve

Priced 3.6 bp rich to the real curve on that day, 18.87 cents per 100 of face.

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

Real yield, 1,030 observations

0.00%0.50%1.00%1.50%2.00%2.50%3.00%Jul 29, 2022Sep 9, 2026Jul 29, 2022Real yield0.132%Aug 5, 2022Real yield0.368%Aug 12, 2022Real yield0.371%Aug 19, 2022Real yield0.425%Aug 26, 2022Real yield0.466%Sep 2, 2022Real yield0.734%Sep 12, 2022Real yield0.945%Sep 19, 2022Real yield1.148%Sep 26, 2022Real yield1.560%Oct 3, 2022Real yield1.425%Oct 11, 2022Real yield1.619%Oct 18, 2022Real yield1.602%Oct 25, 2022Real yield1.590%Nov 1, 2022Real yield1.555%Nov 8, 2022Real yield1.641%Nov 16, 2022Real yield1.377%Nov 23, 2022Real yield1.397%Dec 1, 2022Real yield1.169%Dec 8, 2022Real yield1.202%Dec 15, 2022Real yield1.278%Dec 22, 2022Real yield1.480%Dec 30, 2022Real yield1.582%Jan 9, 2023Real yield1.316%Jan 17, 2023Real yield1.361%Jan 24, 2023Real yield1.170%Jan 31, 2023Real yield1.254%Feb 7, 2023Real yield1.343%Feb 14, 2023Real yield1.444%Feb 22, 2023Real yield1.506%Mar 1, 2023Real yield1.549%Mar 8, 2023Real yield1.638%Mar 15, 2023Real yield1.207%Mar 22, 2023Real yield1.183%Mar 29, 2023Real yield1.221%Apr 5, 2023Real yield1.047%Apr 12, 2023Real yield1.117%Apr 19, 2023Real yield1.302%Apr 26, 2023Real yield1.159%May 3, 2023Real yield1.149%May 10, 2023Real yield1.239%May 17, 2023Real yield1.330%May 24, 2023Real yield1.457%Jun 1, 2023Real yield1.424%Jun 8, 2023Real yield1.506%Jun 15, 2023Real yield1.493%Jun 23, 2023Real yield1.526%Jun 30, 2023Real yield1.594%Jul 10, 2023Real yield1.750%Jul 17, 2023Real yield1.548%Jul 24, 2023Real yield1.522%Jul 31, 2023Real yield1.650%Aug 7, 2023Real yield1.720%Aug 14, 2023Real yield1.879%Aug 21, 2023Real yield2.033%Aug 28, 2023Real yield1.941%Sep 5, 2023Real yield1.998%Sep 12, 2023Real yield1.955%Sep 19, 2023Real yield2.016%Sep 26, 2023Real yield2.254%Oct 3, 2023Real yield2.464%Oct 11, 2023Real yield2.266%Oct 18, 2023Real yield2.459%Oct 25, 2023Real yield2.502%Nov 1, 2023Real yield2.341%Nov 8, 2023Real yield2.143%Nov 15, 2023Real yield2.215%Nov 22, 2023Real yield2.159%Nov 30, 2023Real yield2.128%Dec 7, 2023Real yield1.970%Dec 14, 2023Real yield1.685%Dec 21, 2023Real yield1.687%Dec 29, 2023Real yield1.707%Jan 8, 2024Real yield1.772%Jan 16, 2024Real yield1.754%Jan 23, 2024Real yield1.815%Jan 30, 2024Real yield1.751%Feb 6, 2024Real yield1.795%Feb 13, 2024Real yield1.968%Feb 21, 2024Real yield1.925%Feb 28, 2024Real yield1.889%Mar 6, 2024Real yield1.755%Mar 13, 2024Real yield1.843%Mar 20, 2024Real yield1.902%Mar 27, 2024Real yield1.836%Apr 3, 2024Real yield1.947%Apr 10, 2024Real yield2.103%Apr 17, 2024Real yield2.142%Apr 24, 2024Real yield2.181%May 1, 2024Real yield2.194%May 8, 2024Real yield2.112%May 15, 2024Real yield1.991%May 22, 2024Real yield2.039%May 30, 2024Real yield2.128%Jun 6, 2024Real yield1.939%Jun 13, 2024Real yield1.969%Jun 21, 2024Real yield1.960%Jun 28, 2024Real yield2.012%Jul 8, 2024Real yield1.935%Jul 15, 2024Real yield1.876%Jul 22, 2024Real yield1.919%Jul 29, 2024Real yield1.873%Aug 5, 2024Real yield1.658%Aug 12, 2024Real yield1.731%Aug 19, 2024Real yield1.729%Aug 26, 2024Real yield1.590%Sep 3, 2024Real yield1.646%Sep 10, 2024Real yield1.538%Sep 17, 2024Real yield1.439%Sep 24, 2024Real yield1.441%Oct 1, 2024Real yield1.438%Oct 8, 2024Real yield1.667%Oct 16, 2024Real yield1.643%Oct 23, 2024Real yield1.813%Oct 30, 2024Real yield1.848%Nov 6, 2024Real yield1.916%Nov 14, 2024Real yield1.994%Nov 21, 2024Real yield1.979%Nov 29, 2024Real yield1.820%Dec 6, 2024Real yield1.809%Dec 13, 2024Real yield1.962%Dec 20, 2024Real yield2.136%Dec 30, 2024Real yield2.150%Jan 7, 2025Real yield2.183%Jan 14, 2025Real yield2.216%Jan 22, 2025Real yield2.080%Jan 29, 2025Real yield1.979%Feb 5, 2025Real yield1.834%Feb 12, 2025Real yield1.986%Feb 20, 2025Real yield1.870%Feb 27, 2025Real yield1.744%Mar 6, 2025Real yield1.752%Mar 13, 2025Real yield1.769%Mar 20, 2025Real yield1.720%Mar 27, 2025Real yield1.751%Apr 3, 2025Real yield1.507%Apr 10, 2025Real yield1.980%Apr 17, 2025Real yield1.862%Apr 24, 2025Real yield1.773%May 1, 2025Real yield1.732%May 8, 2025Real yield1.823%May 15, 2025Real yield1.840%May 22, 2025Real yield1.883%May 30, 2025Real yield1.750%Jun 6, 2025Real yield1.926%Jun 13, 2025Real yield1.845%Jun 23, 2025Real yield1.735%Jun 30, 2025Real yield1.630%Jul 8, 2025Real yield1.741%Jul 15, 2025Real yield1.744%Jul 22, 2025Real yield1.589%Jul 29, 2025Real yield1.587%Aug 5, 2025Real yield1.530%Aug 12, 2025Real yield1.562%Aug 19, 2025Real yield1.589%Aug 26, 2025Real yield1.438%Sep 3, 2025Real yield1.416%Sep 10, 2025Real yield1.315%Sep 17, 2025Real yield1.331%Sep 24, 2025Real yield1.428%Oct 1, 2025Real yield1.425%Oct 8, 2025Real yield1.447%Oct 16, 2025Real yield1.385%Oct 23, 2025Real yield1.387%Oct 30, 2025Real yield1.510%Nov 6, 2025Real yield1.502%Nov 14, 2025Real yield1.526%Nov 21, 2025Real yield1.473%Dec 1, 2025Real yield1.511%Dec 8, 2025Real yield1.581%Dec 15, 2025Real yield1.594%Dec 22, 2025Real yield1.618%Dec 30, 2025Real yield1.584%Jan 7, 2026Real yield1.551%Jan 14, 2026Real yield1.517%Jan 22, 2026Real yield1.578%Jan 29, 2026Real yield1.465%Feb 5, 2026Real yield1.446%Feb 12, 2026Real yield1.375%Feb 20, 2026Real yield1.378%Feb 27, 2026Real yield1.260%Mar 6, 2026Real yield1.330%Mar 13, 2026Real yield1.433%Mar 20, 2026Real yield1.548%Mar 27, 2026Real yield1.681%Apr 3, 2026Real yield1.553%Apr 10, 2026Real yield1.524%Apr 17, 2026Real yield1.456%Apr 24, 2026Real yield1.404%May 1, 2026Real yield1.407%May 8, 2026Real yield1.458%May 15, 2026Real yield1.620%May 22, 2026Real yield1.752%Jun 1, 2026Real yield1.666%Jun 8, 2026Real yield1.838%Jun 15, 2026Real yield1.796%Jun 23, 2026Real yield2.001%Jun 30, 2026Real yield1.902%Jul 8, 2026Real yield1.975%Jul 15, 2026Real yield1.974%Jul 22, 2026Real yield2.071%Jul 29, 2026Real yield2.094%Aug 5, 2026Real yield2.104%Aug 12, 2026Real yield2.091%Aug 19, 2026Real yield2.013%Aug 26, 2026Real yield2.005%Sep 2, 2026Real yield2.135%Sep 9, 2026Real yield2.152%

Price history

1,030 trading days to Sep 9, 2026

859095100105110Jul 29, 2022Sep 9, 2026Jul 29, 2022Close104.875Aug 5, 2022Close102.500Aug 12, 2022Close102.469Aug 19, 2022Close101.938Aug 26, 2022Close101.531Sep 2, 2022Close98.969Sep 12, 2022Close97.000Sep 19, 2022Close95.156Sep 26, 2022Close91.531Oct 3, 2022Close92.719Oct 11, 2022Close91.063Oct 18, 2022Close91.219Oct 25, 2022Close91.344Nov 1, 2022Close91.656Nov 8, 2022Close90.938Nov 16, 2022Close93.219Nov 23, 2022Close93.063Dec 1, 2022Close95.063Dec 8, 2022Close94.781Dec 15, 2022Close94.125Dec 22, 2022Close92.406Dec 30, 2022Close91.563Jan 9, 2023Close93.844Jan 17, 2023Close93.469Jan 24, 2023Close95.125Jan 31, 2023Close94.406Feb 7, 2023Close93.656Feb 14, 2023Close92.813Feb 22, 2023Close92.313Mar 1, 2023Close91.969Mar 8, 2023Close91.250Mar 15, 2023Close94.875Mar 22, 2023Close95.094Mar 29, 2023Close94.781Apr 5, 2023Close96.281Apr 12, 2023Close95.688Apr 19, 2023Close94.125Apr 26, 2023Close95.344May 3, 2023Close95.438May 10, 2023Close94.688May 17, 2023Close93.938May 24, 2023Close92.906Jun 1, 2023Close93.188Jun 8, 2023Close92.531Jun 15, 2023Close92.656Jun 23, 2023Close92.406Jun 30, 2023Close91.875Jul 10, 2023Close90.656Jul 17, 2023Close92.281Jul 24, 2023Close92.500Jul 31, 2023Close91.500Aug 7, 2023Close90.969Aug 14, 2023Close89.750Aug 21, 2023Close88.594Aug 28, 2023Close89.313Sep 5, 2023Close88.906Sep 12, 2023Close89.250Sep 19, 2023Close88.813Sep 26, 2023Close87.063Oct 3, 2023Close85.563Oct 11, 2023Close87.031Oct 18, 2023Close85.656Oct 25, 2023Close85.375Nov 1, 2023Close86.563Nov 8, 2023Close88.031Nov 15, 2023Close87.531Nov 22, 2023Close87.969Nov 30, 2023Close88.219Dec 7, 2023Close89.406Dec 14, 2023Close91.563Dec 21, 2023Close91.563Dec 29, 2023Close91.438Jan 8, 2024Close90.969Jan 16, 2024Close91.125Jan 23, 2024Close90.688Jan 30, 2024Close91.188Feb 6, 2024Close90.875Feb 13, 2024Close89.625Feb 21, 2024Close89.969Feb 28, 2024Close90.250Mar 6, 2024Close91.250Mar 13, 2024Close90.625Mar 20, 2024Close90.219Mar 27, 2024Close90.719Apr 3, 2024Close89.938Apr 10, 2024Close88.844Apr 17, 2024Close88.594Apr 24, 2024Close88.344May 1, 2024Close88.281May 8, 2024Close88.875May 15, 2024Close89.750May 22, 2024Close89.438May 30, 2024Close88.844Jun 6, 2024Close90.188Jun 13, 2024Close90.000Jun 21, 2024Close90.094Jun 28, 2024Close89.750Jul 8, 2024Close90.313Jul 15, 2024Close90.750Jul 22, 2024Close90.469Jul 29, 2024Close90.813Aug 5, 2024Close92.344Aug 12, 2024Close91.844Aug 19, 2024Close91.875Aug 26, 2024Close92.875Sep 3, 2024Close92.500Sep 10, 2024Close93.281Sep 17, 2024Close94.000Sep 24, 2024Close94.000Oct 1, 2024Close94.031Oct 8, 2024Close92.438Oct 16, 2024Close92.625Oct 23, 2024Close91.469Oct 30, 2024Close91.250Nov 6, 2024Close90.813Nov 14, 2024Close90.313Nov 21, 2024Close90.438Nov 29, 2024Close91.531Dec 6, 2024Close91.625Dec 13, 2024Close90.625Dec 20, 2024Close89.500Dec 30, 2024Close89.438Jan 7, 2025Close89.250Jan 14, 2025Close89.063Jan 22, 2025Close89.969Jan 29, 2025Close90.656Feb 5, 2025Close91.625Feb 12, 2025Close90.656Feb 20, 2025Close91.438Feb 27, 2025Close92.281Mar 6, 2025Close92.250Mar 13, 2025Close92.156Mar 20, 2025Close92.500Mar 27, 2025Close92.313Apr 3, 2025Close93.938Apr 10, 2025Close90.875Apr 17, 2025Close91.656Apr 24, 2025Close92.250May 1, 2025Close92.531May 8, 2025Close91.969May 15, 2025Close91.875May 22, 2025Close91.625May 30, 2025Close92.500Jun 6, 2025Close91.406Jun 13, 2025Close91.938Jun 23, 2025Close92.656Jun 30, 2025Close93.344Jul 8, 2025Close92.656Jul 15, 2025Close92.656Jul 22, 2025Close93.656Jul 29, 2025Close93.688Aug 5, 2025Close94.063Aug 12, 2025Close93.875Aug 19, 2025Close93.719Aug 26, 2025Close94.688Sep 3, 2025Close94.844Sep 10, 2025Close95.500Sep 17, 2025Close95.406Sep 24, 2025Close94.813Oct 1, 2025Close94.844Oct 8, 2025Close94.719Oct 16, 2025Close95.125Oct 23, 2025Close95.125Oct 30, 2025Close94.375Nov 6, 2025Close94.438Nov 14, 2025Close94.313Nov 21, 2025Close94.656Dec 1, 2025Close94.438Dec 8, 2025Close94.031Dec 15, 2025Close93.969Dec 22, 2025Close93.844Dec 30, 2025Close94.063Jan 7, 2026Close94.281Jan 14, 2026Close94.500Jan 22, 2026Close94.156Jan 29, 2026Close94.844Feb 5, 2026Close94.969Feb 12, 2026Close95.406Feb 20, 2026Close95.406Feb 27, 2026Close96.125Mar 6, 2026Close95.719Mar 13, 2026Close95.125Mar 20, 2026Close94.469Mar 27, 2026Close93.719Apr 3, 2026Close94.469Apr 10, 2026Close94.656Apr 17, 2026Close95.063Apr 24, 2026Close95.375May 1, 2026Close95.375May 8, 2026Close95.094May 15, 2026Close94.188May 22, 2026Close93.469Jun 1, 2026Close93.969Jun 8, 2026Close93.031Jun 15, 2026Close93.281Jun 23, 2026Close92.188Jun 30, 2026Close92.750Jul 8, 2026Close92.375Jul 15, 2026Close92.406Jul 22, 2026Close91.906Jul 29, 2026Close91.813Aug 5, 2026Close91.781Aug 12, 2026Close91.875Aug 19, 2026Close92.313Aug 26, 2026Close92.375Sep 2, 2026Close91.719Sep 9, 2026Close91.656
The most recent 20 trading days of prices for 91282CEZ0.
DateBidOfferClose
Sep 9, 202691.64191.59491.656
Sep 8, 202691.84491.81391.813
Sep 4, 202691.81391.78191.813
Sep 3, 202692.07892.06391.906
Sep 2, 202691.75091.71991.719
Sep 1, 202691.78191.75091.750
Aug 31, 202691.76691.75091.781
Aug 28, 202692.00091.93891.781
Aug 27, 202692.40692.37592.313
Aug 26, 202692.37592.34492.375
Aug 25, 202692.48492.43892.469
Aug 24, 202692.31392.28192.188
Aug 21, 202692.21992.18892.156
Aug 20, 202692.28192.25092.375
Aug 19, 202692.34492.31392.313
Aug 18, 202692.09492.06392.094
Aug 17, 202692.03192.00091.938
Aug 14, 202692.06392.03192.031
Aug 13, 202692.15692.12592.094
Aug 12, 202692.00091.96991.875

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 91282CEZ0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 21, 2022Jul 29, 2022New issue$17.0bn$17.0bn2.18x0.630%
Sep 22, 2022Sep 30, 2022Reopening$15.0bn$15.0bn2.54x1.248%
Nov 17, 2022Nov 30, 2022Reopening$15.0bn$16.6bn2.25x1.485%

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.