Inflation-linked (TIPS)

91282CGK1 · 1.125% due January 15, 2033

Original term
10-Year
Maturity
Jan 15, 2033
Coupon
1.125%
Pays
Semi-Annual
Dated
Jan 15, 2023
First coupon
Jul 15, 2023
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$55.44bn
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
2.246%
Index ratio
1.1211
Real duration
6.054 yr
DV01
0.0567
Convexity
40.513
Real clean price
93.406
Accrued (real)
0.174
Real dirty price
93.581
Indexed principal
112.108
Money clean price
104.716

The index ratio is a multiplier, not a percentage: 1.1211 means the principal is worth that many times its original face today. So the real clean price of 93.406 is not what a buyer pays , multiply by the ratio to get 104.716 per 100 of original face.

Against the fitted real curve

Priced 2.2 bp cheap to the real curve on that day, 12.55 cents per 100 of face.

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

Real yield, 905 observations

1.00%1.25%1.50%1.75%2.00%2.25%2.50%2.75%Jan 31, 2023Sep 9, 2026Jan 31, 2023Real yield1.276%Feb 6, 2023Real yield1.375%Feb 10, 2023Real yield1.406%Feb 16, 2023Real yield1.486%Feb 23, 2023Real yield1.490%Mar 1, 2023Real yield1.574%Mar 7, 2023Real yield1.586%Mar 13, 2023Real yield1.312%Mar 17, 2023Real yield1.291%Mar 23, 2023Real yield1.132%Mar 29, 2023Real yield1.240%Apr 4, 2023Real yield1.095%Apr 10, 2023Real yield1.142%Apr 14, 2023Real yield1.220%Apr 20, 2023Real yield1.276%Apr 26, 2023Real yield1.176%May 2, 2023Real yield1.242%May 8, 2023Real yield1.283%May 12, 2023Real yield1.284%May 18, 2023Real yield1.427%May 24, 2023Real yield1.481%May 31, 2023Real yield1.464%Jun 6, 2023Real yield1.504%Jun 12, 2023Real yield1.562%Jun 16, 2023Real yield1.552%Jun 23, 2023Real yield1.538%Jun 29, 2023Real yield1.655%Jul 6, 2023Real yield1.788%Jul 12, 2023Real yield1.605%Jul 18, 2023Real yield1.577%Jul 24, 2023Real yield1.538%Jul 28, 2023Real yield1.644%Aug 3, 2023Real yield1.891%Aug 9, 2023Real yield1.727%Aug 15, 2023Real yield1.954%Aug 21, 2023Real yield2.066%Aug 25, 2023Real yield1.995%Aug 31, 2023Real yield1.915%Sep 7, 2023Real yield2.009%Sep 13, 2023Real yield1.960%Sep 19, 2023Real yield2.050%Sep 25, 2023Real yield2.236%Sep 29, 2023Real yield2.289%Oct 5, 2023Real yield2.463%Oct 12, 2023Real yield2.409%Oct 18, 2023Real yield2.508%Oct 24, 2023Real yield2.474%Oct 30, 2023Real yield2.480%Nov 3, 2023Real yield2.220%Nov 9, 2023Real yield2.327%Nov 15, 2023Real yield2.264%Nov 21, 2023Real yield2.213%Nov 28, 2023Real yield2.164%Dec 4, 2023Real yield2.122%Dec 8, 2023Real yield2.076%Dec 14, 2023Real yield1.745%Dec 20, 2023Real yield1.719%Dec 27, 2023Real yield1.682%Jan 3, 2024Real yield1.749%Jan 9, 2024Real yield1.831%Jan 16, 2024Real yield1.801%Jan 22, 2024Real yield1.822%Jan 26, 2024Real yield1.871%Feb 1, 2024Real yield1.680%Feb 7, 2024Real yield1.869%Feb 13, 2024Real yield2.021%Feb 20, 2024Real yield1.951%Feb 26, 2024Real yield1.977%Mar 1, 2024Real yield1.866%Mar 7, 2024Real yield1.812%Mar 13, 2024Real yield1.892%Mar 19, 2024Real yield1.998%Mar 25, 2024Real yield1.915%Mar 29, 2024Real yield1.884%Apr 4, 2024Real yield1.966%Apr 10, 2024Real yield2.151%Apr 16, 2024Real yield2.240%Apr 22, 2024Real yield2.213%Apr 26, 2024Real yield2.244%May 2, 2024Real yield2.208%May 8, 2024Real yield2.168%May 14, 2024Real yield2.120%May 20, 2024Real yield2.110%May 24, 2024Real yield2.141%May 31, 2024Real yield2.155%Jun 6, 2024Real yield2.003%Jun 12, 2024Real yield2.087%Jun 18, 2024Real yield2.002%Jun 25, 2024Real yield2.012%Jul 1, 2024Real yield2.156%Jul 8, 2024Real yield1.999%Jul 12, 2024Real yield1.934%Jul 18, 2024Real yield1.918%Jul 24, 2024Real yield2.012%Jul 30, 2024Real yield1.917%Aug 5, 2024Real yield1.720%Aug 9, 2024Real yield1.849%Aug 15, 2024Real yield1.813%Aug 21, 2024Real yield1.723%Aug 27, 2024Real yield1.675%Sep 3, 2024Real yield1.721%Sep 9, 2024Real yield1.652%Sep 13, 2024Real yield1.555%Sep 19, 2024Real yield1.543%Sep 25, 2024Real yield1.576%Oct 1, 2024Real yield1.524%Oct 7, 2024Real yield1.744%Oct 11, 2024Real yield1.721%Oct 18, 2024Real yield1.738%Oct 24, 2024Real yield1.874%Oct 30, 2024Real yield1.923%Nov 5, 2024Real yield1.963%Nov 12, 2024Real yield2.051%Nov 18, 2024Real yield2.044%Nov 22, 2024Real yield2.038%Nov 29, 2024Real yield1.888%Dec 5, 2024Real yield1.885%Dec 11, 2024Real yield1.929%Dec 17, 2024Real yield2.066%Dec 23, 2024Real yield2.241%Dec 30, 2024Real yield2.212%Jan 6, 2025Real yield2.242%Jan 10, 2025Real yield2.311%Jan 16, 2025Real yield2.147%Jan 23, 2025Real yield2.158%Jan 29, 2025Real yield2.062%Feb 4, 2025Real yield1.979%Feb 10, 2025Real yield1.977%Feb 14, 2025Real yield1.956%Feb 21, 2025Real yield1.918%Feb 27, 2025Real yield1.831%Mar 5, 2025Real yield1.832%Mar 11, 2025Real yield1.851%Mar 17, 2025Real yield1.915%Mar 21, 2025Real yield1.810%Mar 27, 2025Real yield1.851%Apr 2, 2025Real yield1.750%Apr 8, 2025Real yield1.907%Apr 14, 2025Real yield2.027%Apr 18, 2025Real yield1.978%Apr 24, 2025Real yield1.885%Apr 30, 2025Real yield1.778%May 6, 2025Real yield1.883%May 12, 2025Real yield2.012%May 16, 2025Real yield1.918%May 22, 2025Real yield2.002%May 29, 2025Real yield1.912%Jun 4, 2025Real yield1.882%Jun 10, 2025Real yield2.007%Jun 16, 2025Real yield1.982%Jun 23, 2025Real yield1.850%Jun 27, 2025Real yield1.797%Jul 3, 2025Real yield1.821%Jul 10, 2025Real yield1.799%Jul 16, 2025Real yield1.805%Jul 22, 2025Real yield1.720%Jul 28, 2025Real yield1.785%Aug 1, 2025Real yield1.690%Aug 7, 2025Real yield1.672%Aug 13, 2025Real yield1.641%Aug 19, 2025Real yield1.716%Aug 25, 2025Real yield1.621%Aug 29, 2025Real yield1.544%Sep 5, 2025Real yield1.472%Sep 11, 2025Real yield1.431%Sep 17, 2025Real yield1.454%Sep 23, 2025Real yield1.529%Sep 29, 2025Real yield1.576%Oct 3, 2025Real yield1.577%Oct 9, 2025Real yield1.587%Oct 16, 2025Real yield1.504%Oct 22, 2025Real yield1.472%Oct 28, 2025Real yield1.520%Nov 3, 2025Real yield1.610%Nov 7, 2025Real yield1.615%Nov 14, 2025Real yield1.640%Nov 20, 2025Real yield1.632%Nov 26, 2025Real yield1.538%Dec 3, 2025Real yield1.596%Dec 9, 2025Real yield1.721%Dec 15, 2025Real yield1.713%Dec 19, 2025Real yield1.710%Dec 26, 2025Real yield1.711%Jan 2, 2026Real yield1.732%Jan 8, 2026Real yield1.704%Jan 14, 2026Real yield1.628%Jan 21, 2026Real yield1.682%Jan 27, 2026Real yield1.620%Feb 2, 2026Real yield1.631%Feb 6, 2026Real yield1.564%Feb 12, 2026Real yield1.487%Feb 19, 2026Real yield1.488%Feb 25, 2026Real yield1.460%Mar 3, 2026Real yield1.446%Mar 9, 2026Real yield1.437%Mar 13, 2026Real yield1.560%Mar 19, 2026Real yield1.546%Mar 25, 2026Real yield1.721%Mar 31, 2026Real yield1.677%Apr 6, 2026Real yield1.679%Apr 10, 2026Real yield1.645%Apr 16, 2026Real yield1.606%Apr 22, 2026Real yield1.592%Apr 28, 2026Real yield1.563%May 4, 2026Real yield1.584%May 8, 2026Real yield1.585%May 14, 2026Real yield1.646%May 20, 2026Real yield1.796%May 27, 2026Real yield1.777%Jun 2, 2026Real yield1.789%Jun 8, 2026Real yield1.951%Jun 12, 2026Real yield1.927%Jun 18, 2026Real yield2.003%Jun 25, 2026Real yield1.989%Jul 1, 2026Real yield2.038%Jul 8, 2026Real yield2.073%Jul 14, 2026Real yield2.097%Jul 20, 2026Real yield2.110%Jul 24, 2026Real yield2.225%Jul 30, 2026Real yield2.189%Aug 5, 2026Real yield2.192%Aug 11, 2026Real yield2.200%Aug 17, 2026Real yield2.175%Aug 21, 2026Real yield2.145%Aug 27, 2026Real yield2.109%Sep 2, 2026Real yield2.226%Sep 9, 2026Real yield2.246%

Price history

905 trading days to Sep 9, 2026

87.590.092.595.097.5100.0102.5Jan 31, 2023Sep 9, 2026Jan 31, 2023Close98.594Feb 6, 2023Close97.688Feb 10, 2023Close97.406Feb 16, 2023Close96.688Feb 23, 2023Close96.656Mar 1, 2023Close95.906Mar 7, 2023Close95.813Mar 13, 2023Close98.281Mar 17, 2023Close98.469Mar 23, 2023Close99.938Mar 29, 2023Close98.938Apr 4, 2023Close100.281Apr 10, 2023Close99.844Apr 14, 2023Close99.125Apr 20, 2023Close98.625Apr 26, 2023Close99.531May 2, 2023Close98.938May 8, 2023Close98.563May 12, 2023Close98.563May 18, 2023Close97.281May 24, 2023Close96.813May 31, 2023Close96.969Jun 6, 2023Close96.625Jun 12, 2023Close96.125Jun 16, 2023Close96.219Jun 23, 2023Close96.344Jun 29, 2023Close95.344Jul 6, 2023Close94.219Jul 12, 2023Close95.781Jul 18, 2023Close96.031Jul 24, 2023Close96.375Jul 28, 2023Close95.469Aug 3, 2023Close93.406Aug 9, 2023Close94.781Aug 15, 2023Close92.906Aug 21, 2023Close92.000Aug 25, 2023Close92.594Aug 31, 2023Close93.250Sep 7, 2023Close92.500Sep 13, 2023Close92.906Sep 19, 2023Close92.188Sep 25, 2023Close90.719Sep 29, 2023Close90.313Oct 5, 2023Close88.969Oct 12, 2023Close89.406Oct 18, 2023Close88.656Oct 24, 2023Close88.938Oct 30, 2023Close88.906Nov 3, 2023Close90.938Nov 9, 2023Close90.125Nov 15, 2023Close90.625Nov 21, 2023Close91.031Nov 28, 2023Close91.438Dec 4, 2023Close91.781Dec 8, 2023Close92.156Dec 14, 2023Close94.813Dec 20, 2023Close95.031Dec 27, 2023Close95.344Jan 3, 2024Close94.813Jan 9, 2024Close94.156Jan 16, 2024Close94.406Jan 22, 2024Close94.250Jan 26, 2024Close93.875Feb 1, 2024Close95.406Feb 7, 2024Close93.906Feb 13, 2024Close92.719Feb 20, 2024Close93.281Feb 26, 2024Close93.094Mar 1, 2024Close93.969Mar 7, 2024Close94.406Mar 13, 2024Close93.781Mar 19, 2024Close92.969Mar 25, 2024Close93.625Mar 29, 2024Close93.875Apr 4, 2024Close93.250Apr 10, 2024Close91.844Apr 16, 2024Close91.188Apr 22, 2024Close91.406Apr 26, 2024Close91.188May 2, 2024Close91.469May 8, 2024Close91.781May 14, 2024Close92.156May 20, 2024Close92.250May 24, 2024Close92.031May 31, 2024Close91.938Jun 6, 2024Close93.094Jun 12, 2024Close92.469Jun 18, 2024Close93.125Jun 25, 2024Close93.063Jul 1, 2024Close92.000Jul 8, 2024Close93.188Jul 12, 2024Close93.688Jul 18, 2024Close93.813Jul 24, 2024Close93.125Jul 30, 2024Close93.844Aug 5, 2024Close95.344Aug 9, 2024Close94.375Aug 15, 2024Close94.656Aug 21, 2024Close95.344Aug 27, 2024Close95.719Sep 3, 2024Close95.375Sep 9, 2024Close95.906Sep 13, 2024Close96.656Sep 19, 2024Close96.750Sep 25, 2024Close96.500Oct 1, 2024Close96.906Oct 7, 2024Close95.250Oct 11, 2024Close95.438Oct 18, 2024Close95.313Oct 24, 2024Close94.313Oct 30, 2024Close93.969Nov 5, 2024Close93.688Nov 12, 2024Close93.063Nov 18, 2024Close93.125Nov 22, 2024Close93.188Nov 29, 2024Close94.281Dec 5, 2024Close94.313Dec 11, 2024Close94.000Dec 17, 2024Close93.031Dec 23, 2024Close91.813Dec 30, 2024Close92.031Jan 6, 2025Close91.844Jan 10, 2025Close91.375Jan 16, 2025Close92.531Jan 23, 2025Close92.469Jan 29, 2025Close93.156Feb 4, 2025Close93.750Feb 10, 2025Close93.781Feb 14, 2025Close93.938Feb 21, 2025Close94.219Feb 27, 2025Close94.844Mar 5, 2025Close94.844Mar 11, 2025Close94.719Mar 17, 2025Close94.281Mar 21, 2025Close95.031Mar 27, 2025Close94.750Apr 2, 2025Close95.469Apr 8, 2025Close94.375Apr 14, 2025Close93.563Apr 18, 2025Close93.906Apr 24, 2025Close94.563Apr 30, 2025Close95.313May 6, 2025Close94.594May 12, 2025Close93.719May 16, 2025Close94.375May 22, 2025Close93.813May 29, 2025Close94.438Jun 4, 2025Close94.656Jun 10, 2025Close93.813Jun 16, 2025Close94.000Jun 23, 2025Close94.906Jun 27, 2025Close95.281Jul 3, 2025Close95.125Jul 10, 2025Close95.281Jul 16, 2025Close95.250Jul 22, 2025Close95.844Jul 28, 2025Close95.406Aug 1, 2025Close96.063Aug 7, 2025Close96.188Aug 13, 2025Close96.406Aug 19, 2025Close95.906Aug 25, 2025Close96.563Aug 29, 2025Close97.094Sep 5, 2025Close97.594Sep 11, 2025Close97.875Sep 17, 2025Close97.719Sep 23, 2025Close97.219Sep 29, 2025Close96.906Oct 3, 2025Close96.906Oct 9, 2025Close96.844Oct 16, 2025Close97.406Oct 22, 2025Close97.625Oct 28, 2025Close97.313Nov 3, 2025Close96.719Nov 7, 2025Close96.688Nov 14, 2025Close96.531Nov 20, 2025Close96.594Nov 26, 2025Close97.219Dec 3, 2025Close96.844Dec 9, 2025Close96.031Dec 15, 2025Close96.094Dec 19, 2025Close96.125Dec 26, 2025Close96.125Jan 2, 2026Close96.000Jan 8, 2026Close96.188Jan 14, 2026Close96.688Jan 21, 2026Close96.344Jan 27, 2026Close96.750Feb 2, 2026Close96.688Feb 6, 2026Close97.125Feb 12, 2026Close97.625Feb 19, 2026Close97.625Feb 25, 2026Close97.813Mar 3, 2026Close97.906Mar 9, 2026Close97.969Mar 13, 2026Close97.188Mar 19, 2026Close97.281Mar 25, 2026Close96.188Mar 31, 2026Close96.469Apr 6, 2026Close96.469Apr 10, 2026Close96.688Apr 16, 2026Close96.938Apr 22, 2026Close97.031Apr 28, 2026Close97.219May 4, 2026Close97.094May 8, 2026Close97.094May 14, 2026Close96.719May 20, 2026Close95.813May 27, 2026Close95.938Jun 2, 2026Close95.875Jun 8, 2026Close94.906Jun 12, 2026Close95.063Jun 18, 2026Close94.625Jun 25, 2026Close94.719Jul 1, 2026Close94.438Jul 8, 2026Close94.250Jul 14, 2026Close94.125Jul 20, 2026Close94.063Jul 24, 2026Close93.406Jul 30, 2026Close93.625Aug 5, 2026Close93.625Aug 11, 2026Close93.594Aug 17, 2026Close93.750Aug 21, 2026Close93.938Aug 27, 2026Close94.156Sep 2, 2026Close93.500Sep 9, 2026Close93.406
The most recent 20 trading days of prices for 91282CGK1.
DateBidOfferClose
Sep 9, 202693.39193.34493.406
Sep 8, 202693.59493.56393.563
Sep 4, 202693.59493.56393.563
Sep 3, 202693.87593.84493.688
Sep 2, 202693.53193.50093.500
Sep 1, 202693.56393.53193.531
Aug 31, 202693.57893.56393.594
Aug 28, 202693.85993.81393.625
Aug 27, 202694.26694.25094.156
Aug 26, 202694.25094.21994.219
Aug 25, 202694.34494.31394.344
Aug 24, 202694.15694.12594.031
Aug 21, 202694.03194.00093.938
Aug 20, 202694.12594.09494.219
Aug 19, 202694.18894.15694.188
Aug 18, 202693.89193.87593.906
Aug 17, 202693.84493.81393.750
Aug 14, 202693.84493.81393.844
Aug 13, 202693.96993.93893.906
Aug 12, 202693.81393.78193.688

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 91282CGK1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 19, 2023Jan 31, 2023New issue$17.0bn$17.0bn2.79x1.220%
Mar 23, 2023Mar 31, 2023Reopening$15.0bn$15.0bn2.28x1.182%
May 18, 2023May 31, 2023Reopening$15.0bn$17.8bn2.31x1.395%

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.