Inflation-linked (TIPS)

91282CFR7 · 1.625% due October 15, 2027

Original term
5-Year
Maturity
Oct 15, 2027
Coupon
1.625%
Pays
Semi-Annual
Dated
Oct 15, 2022
First coupon
Apr 15, 2023
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$45.07bn
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
1.885%
Index ratio
1.1273
Real duration
1.073 yr
DV01
0.0108
Convexity
1.694
Real clean price
99.719
Accrued (real)
0.657
Real dirty price
100.376
Indexed principal
112.731
Money clean price
112.414

The index ratio is a multiplier, not a percentage: 1.1273 means the principal is worth that many times its original face today. So the real clean price of 99.719 is not what a buyer pays , multiply by the ratio to get 112.414 per 100 of original face.

Against the fitted real curve

Priced 29.9 bp rich to the real curve on that day, 32.21 cents per 100 of face.

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

Real yield, 966 observations

0.00%0.50%1.00%1.50%2.00%2.50%3.00%Oct 31, 2022Sep 9, 2026Oct 31, 2022Real yield1.605%Nov 7, 2022Real yield1.718%Nov 15, 2022Real yield1.532%Nov 22, 2022Real yield1.585%Nov 30, 2022Real yield1.412%Dec 7, 2022Real yield1.298%Dec 14, 2022Real yield1.397%Dec 21, 2022Real yield1.470%Dec 29, 2022Real yield1.625%Jan 6, 2023Real yield1.516%Jan 13, 2023Real yield1.406%Jan 23, 2023Real yield1.337%Jan 30, 2023Real yield1.384%Feb 6, 2023Real yield1.493%Feb 13, 2023Real yield1.493%Feb 21, 2023Real yield1.590%Feb 28, 2023Real yield1.611%Mar 7, 2023Real yield1.795%Mar 14, 2023Real yield1.441%Mar 21, 2023Real yield1.490%Mar 28, 2023Real yield1.298%Apr 4, 2023Real yield1.065%Apr 11, 2023Real yield1.189%Apr 18, 2023Real yield1.366%Apr 25, 2023Real yield1.157%May 2, 2023Real yield1.256%May 9, 2023Real yield1.269%May 16, 2023Real yield1.398%May 23, 2023Real yield1.551%May 31, 2023Real yield1.677%Jun 7, 2023Real yield1.782%Jun 14, 2023Real yield1.919%Jun 22, 2023Real yield1.867%Jun 29, 2023Real yield2.030%Jul 7, 2023Real yield2.164%Jul 14, 2023Real yield1.948%Jul 21, 2023Real yield1.919%Jul 28, 2023Real yield1.951%Aug 4, 2023Real yield1.921%Aug 11, 2023Real yield2.049%Aug 18, 2023Real yield2.195%Aug 25, 2023Real yield2.222%Sep 1, 2023Real yield2.144%Sep 11, 2023Real yield2.146%Sep 18, 2023Real yield2.189%Sep 25, 2023Real yield2.373%Oct 2, 2023Real yield2.493%Oct 10, 2023Real yield2.439%Oct 17, 2023Real yield2.527%Oct 24, 2023Real yield2.532%Oct 31, 2023Real yield2.502%Nov 7, 2023Real yield2.310%Nov 14, 2023Real yield2.288%Nov 21, 2023Real yield2.316%Nov 29, 2023Real yield2.174%Dec 6, 2023Real yield2.177%Dec 13, 2023Real yield2.007%Dec 20, 2023Real yield1.812%Dec 28, 2023Real yield1.830%Jan 5, 2024Real yield1.936%Jan 12, 2024Real yield1.694%Jan 22, 2024Real yield1.834%Jan 29, 2024Real yield1.773%Feb 5, 2024Real yield1.942%Feb 12, 2024Real yield1.908%Feb 20, 2024Real yield1.910%Feb 27, 2024Real yield1.975%Mar 5, 2024Real yield1.777%Mar 12, 2024Real yield1.851%Mar 19, 2024Real yield1.962%Mar 26, 2024Real yield1.899%Apr 2, 2024Real yield1.975%Apr 9, 2024Real yield1.986%Apr 16, 2024Real yield2.195%Apr 23, 2024Real yield2.169%Apr 30, 2024Real yield2.287%May 7, 2024Real yield2.185%May 14, 2024Real yield2.178%May 21, 2024Real yield2.142%May 29, 2024Real yield2.292%Jun 5, 2024Real yield2.099%Jun 12, 2024Real yield2.230%Jun 20, 2024Real yield2.125%Jun 27, 2024Real yield2.138%Jul 5, 2024Real yield2.042%Jul 12, 2024Real yield2.004%Jul 19, 2024Real yield2.016%Jul 26, 2024Real yield1.968%Aug 2, 2024Real yield1.776%Aug 9, 2024Real yield1.849%Aug 16, 2024Real yield1.829%Aug 23, 2024Real yield1.666%Aug 30, 2024Real yield1.687%Sep 9, 2024Real yield1.594%Sep 16, 2024Real yield1.396%Sep 23, 2024Real yield1.363%Sep 30, 2024Real yield1.414%Oct 7, 2024Real yield1.582%Oct 15, 2024Real yield1.529%Oct 22, 2024Real yield1.614%Oct 29, 2024Real yield1.723%Nov 5, 2024Real yield1.778%Nov 13, 2024Real yield1.746%Nov 20, 2024Real yield1.702%Nov 27, 2024Real yield1.692%Dec 5, 2024Real yield1.647%Dec 12, 2024Real yield1.681%Dec 19, 2024Real yield1.968%Dec 27, 2024Real yield1.925%Jan 6, 2025Real yield1.846%Jan 13, 2025Real yield1.800%Jan 21, 2025Real yield1.660%Jan 28, 2025Real yield1.530%Feb 4, 2025Real yield1.411%Feb 11, 2025Real yield1.421%Feb 19, 2025Real yield1.384%Feb 26, 2025Real yield1.237%Mar 5, 2025Real yield1.186%Mar 12, 2025Real yield1.195%Mar 19, 2025Real yield1.192%Mar 26, 2025Real yield1.164%Apr 2, 2025Real yield1.036%Apr 9, 2025Real yield1.057%Apr 16, 2025Real yield1.128%Apr 23, 2025Real yield1.061%Apr 30, 2025Real yield0.801%May 7, 2025Real yield0.975%May 14, 2025Real yield1.269%May 21, 2025Real yield1.174%May 29, 2025Real yield1.184%Jun 5, 2025Real yield1.234%Jun 12, 2025Real yield1.312%Jun 20, 2025Real yield1.171%Jun 27, 2025Real yield1.113%Jul 7, 2025Real yield1.122%Jul 14, 2025Real yield1.047%Jul 21, 2025Real yield0.944%Jul 28, 2025Real yield1.080%Aug 4, 2025Real yield0.918%Aug 11, 2025Real yield0.927%Aug 18, 2025Real yield0.964%Aug 25, 2025Real yield0.826%Sep 2, 2025Real yield0.745%Sep 9, 2025Real yield0.707%Sep 16, 2025Real yield0.699%Sep 23, 2025Real yield0.796%Sep 30, 2025Real yield0.819%Oct 7, 2025Real yield0.796%Oct 15, 2025Real yield0.819%Oct 22, 2025Real yield0.748%Oct 29, 2025Real yield0.995%Nov 5, 2025Real yield1.037%Nov 13, 2025Real yield1.047%Nov 20, 2025Real yield1.091%Nov 28, 2025Real yield1.083%Dec 5, 2025Real yield1.078%Dec 12, 2025Real yield1.141%Dec 19, 2025Real yield1.188%Dec 29, 2025Real yield1.200%Jan 6, 2026Real yield1.124%Jan 13, 2026Real yield1.047%Jan 21, 2026Real yield1.003%Jan 28, 2026Real yield0.849%Feb 4, 2026Real yield0.767%Feb 11, 2026Real yield0.757%Feb 19, 2026Real yield0.765%Feb 26, 2026Real yield0.678%Mar 5, 2026Real yield0.609%Mar 12, 2026Real yield0.597%Mar 19, 2026Real yield0.545%Mar 26, 2026Real yield0.773%Apr 2, 2026Real yield0.620%Apr 9, 2026Real yield0.628%Apr 16, 2026Real yield0.574%Apr 23, 2026Real yield0.602%Apr 30, 2026Real yield0.504%May 7, 2026Real yield0.749%May 14, 2026Real yield0.671%May 21, 2026Real yield0.949%May 29, 2026Real yield1.027%Jun 5, 2026Real yield1.158%Jun 12, 2026Real yield1.340%Jun 22, 2026Real yield1.891%Jun 29, 2026Real yield1.969%Jul 7, 2026Real yield2.000%Jul 14, 2026Real yield2.184%Jul 21, 2026Real yield2.193%Jul 28, 2026Real yield2.386%Aug 4, 2026Real yield2.425%Aug 11, 2026Real yield2.275%Aug 18, 2026Real yield2.230%Aug 25, 2026Real yield2.044%Sep 1, 2026Real yield1.994%Sep 9, 2026Real yield1.885%

Price history

966 trading days to Sep 9, 2026

96979899100101102103Oct 31, 2022Sep 9, 2026Oct 31, 2022Close100.094Nov 7, 2022Close99.563Nov 15, 2022Close100.438Nov 22, 2022Close100.188Nov 30, 2022Close101.000Dec 7, 2022Close101.531Dec 14, 2022Close101.063Dec 21, 2022Close100.719Dec 29, 2022Close100.000Jan 6, 2023Close100.500Jan 13, 2023Close101.000Jan 23, 2023Close101.313Jan 30, 2023Close101.094Feb 6, 2023Close100.594Feb 13, 2023Close100.594Feb 21, 2023Close100.156Feb 28, 2023Close100.063Mar 7, 2023Close99.250Mar 14, 2023Close100.813Mar 21, 2023Close100.594Mar 28, 2023Close101.438Apr 4, 2023Close102.469Apr 11, 2023Close101.906Apr 18, 2023Close101.125Apr 25, 2023Close102.031May 2, 2023Close101.594May 9, 2023Close101.531May 16, 2023Close100.969May 23, 2023Close100.313May 31, 2023Close99.781Jun 7, 2023Close99.344Jun 14, 2023Close98.781Jun 22, 2023Close99.000Jun 29, 2023Close98.344Jul 7, 2023Close97.813Jul 14, 2023Close98.688Jul 21, 2023Close98.813Jul 28, 2023Close98.688Aug 4, 2023Close98.813Aug 11, 2023Close98.313Aug 18, 2023Close97.750Aug 25, 2023Close97.656Sep 1, 2023Close97.969Sep 11, 2023Close97.969Sep 18, 2023Close97.813Sep 25, 2023Close97.125Oct 2, 2023Close96.688Oct 10, 2023Close96.906Oct 17, 2023Close96.594Oct 24, 2023Close96.594Oct 31, 2023Close96.719Nov 7, 2023Close97.438Nov 14, 2023Close97.531Nov 21, 2023Close97.438Nov 29, 2023Close97.969Dec 6, 2023Close97.969Dec 13, 2023Close98.594Dec 20, 2023Close99.313Dec 28, 2023Close99.250Jan 5, 2024Close98.875Jan 12, 2024Close99.750Jan 22, 2024Close99.250Jan 29, 2024Close99.469Feb 5, 2024Close98.875Feb 12, 2024Close99.000Feb 20, 2024Close99.000Feb 27, 2024Close98.781Mar 5, 2024Close99.469Mar 12, 2024Close99.219Mar 19, 2024Close98.844Mar 26, 2024Close99.063Apr 2, 2024Close98.813Apr 9, 2024Close98.781Apr 16, 2024Close98.094Apr 23, 2024Close98.188Apr 30, 2024Close97.813May 7, 2024Close98.156May 14, 2024Close98.188May 21, 2024Close98.313May 29, 2024Close97.844Jun 5, 2024Close98.469Jun 12, 2024Close98.063Jun 20, 2024Close98.406Jun 27, 2024Close98.375Jul 5, 2024Close98.688Jul 12, 2024Close98.813Jul 19, 2024Close98.781Jul 26, 2024Close98.938Aug 2, 2024Close99.531Aug 9, 2024Close99.313Aug 16, 2024Close99.375Aug 23, 2024Close99.875Aug 30, 2024Close99.813Sep 9, 2024Close100.094Sep 16, 2024Close100.688Sep 23, 2024Close100.781Sep 30, 2024Close100.625Oct 7, 2024Close100.125Oct 15, 2024Close100.281Oct 22, 2024Close100.031Oct 29, 2024Close99.719Nov 5, 2024Close99.563Nov 13, 2024Close99.656Nov 20, 2024Close99.781Nov 27, 2024Close99.813Dec 5, 2024Close99.938Dec 12, 2024Close99.844Dec 19, 2024Close99.063Dec 27, 2024Close99.188Jan 6, 2025Close99.406Jan 13, 2025Close99.531Jan 21, 2025Close99.906Jan 28, 2025Close100.250Feb 4, 2025Close100.563Feb 11, 2025Close100.531Feb 19, 2025Close100.625Feb 26, 2025Close101.000Mar 5, 2025Close101.125Mar 12, 2025Close101.094Mar 19, 2025Close101.094Mar 26, 2025Close101.156Apr 2, 2025Close101.469Apr 9, 2025Close101.406Apr 16, 2025Close101.219Apr 23, 2025Close101.375Apr 30, 2025Close102.000May 7, 2025Close101.563May 14, 2025Close100.844May 21, 2025Close101.063May 29, 2025Close101.031Jun 5, 2025Close100.906Jun 12, 2025Close100.719Jun 20, 2025Close101.031Jun 27, 2025Close101.156Jul 7, 2025Close101.125Jul 14, 2025Close101.281Jul 21, 2025Close101.500Jul 28, 2025Close101.188Aug 4, 2025Close101.531Aug 11, 2025Close101.500Aug 18, 2025Close101.406Aug 25, 2025Close101.688Sep 2, 2025Close101.844Sep 9, 2025Close101.906Sep 16, 2025Close101.906Sep 23, 2025Close101.688Sep 30, 2025Close101.625Oct 7, 2025Close101.656Oct 15, 2025Close101.594Oct 22, 2025Close101.719Oct 29, 2025Close101.219Nov 5, 2025Close101.125Nov 13, 2025Close101.094Nov 20, 2025Close101.000Nov 28, 2025Close101.000Dec 5, 2025Close101.000Dec 12, 2025Close100.875Dec 19, 2025Close100.781Dec 29, 2025Close100.750Jan 6, 2026Close100.875Jan 13, 2026Close101.000Jan 21, 2026Close101.063Jan 28, 2026Close101.313Feb 4, 2026Close101.438Feb 11, 2026Close101.438Feb 19, 2026Close101.406Feb 26, 2026Close101.531Mar 5, 2026Close101.625Mar 12, 2026Close101.625Mar 19, 2026Close101.688Mar 26, 2026Close101.313Apr 2, 2026Close101.531Apr 9, 2026Close101.500Apr 16, 2026Close101.563Apr 23, 2026Close101.500Apr 30, 2026Close101.625May 7, 2026Close101.250May 14, 2026Close101.344May 21, 2026Close100.938May 29, 2026Close100.813Jun 5, 2026Close100.625Jun 12, 2026Close100.375Jun 22, 2026Close99.656Jun 29, 2026Close99.563Jul 7, 2026Close99.531Jul 14, 2026Close99.313Jul 21, 2026Close99.313Jul 28, 2026Close99.094Aug 4, 2026Close99.063Aug 11, 2026Close99.250Aug 18, 2026Close99.313Aug 25, 2026Close99.531Sep 1, 2026Close99.594Sep 9, 2026Close99.719
The most recent 20 trading days of prices for 91282CFR7.
DateBidOfferClose
Sep 9, 202699.75099.71999.719
Sep 8, 202699.71999.68899.688
Sep 4, 202699.62599.59499.656
Sep 3, 202699.65699.62599.625
Sep 2, 202699.62599.59499.563
Sep 1, 202699.56399.53199.594
Aug 31, 202699.51699.50099.500
Aug 28, 202699.48499.43899.406
Aug 27, 202699.56399.53199.531
Aug 26, 202699.53199.50099.531
Aug 25, 202699.54799.50099.531
Aug 24, 202699.54799.53199.500
Aug 21, 202699.56399.53199.531
Aug 20, 202699.50099.46999.500
Aug 19, 202699.40699.37599.375
Aug 18, 202699.34499.31399.313
Aug 17, 202699.28199.25099.281
Aug 14, 202699.28199.25099.250
Aug 13, 202699.28199.25099.219
Aug 12, 202699.26699.21999.219

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.

2 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 91282CFR7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 20, 2022Oct 31, 2022New issue$21.0bn$21.0bn2.38x1.732%
Dec 22, 2022Dec 30, 2022Reopening$19.0bn$19.0bn2.51x1.504%

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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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.