Inflation-linked (TIPS)

91282CHP9 · 1.375% due July 15, 2033

Original term
10-Year
Maturity
Jul 15, 2033
Coupon
1.375%
Pays
Semi-Annual
Dated
Jul 15, 2023
First coupon
Jan 15, 2024
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$51.39bn
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
2.231%
Index ratio
1.0995
Real duration
6.460 yr
DV01
0.0612
Convexity
46.221
Real clean price
94.594
Accrued (real)
0.213
Real dirty price
94.807
Indexed principal
109.955
Money clean price
104.010

The index ratio is a multiplier, not a percentage: 1.0995 means the principal is worth that many times its original face today. So the real clean price of 94.594 is not what a buyer pays , multiply by the ratio to get 104.010 per 100 of original face.

Against the fitted real curve

Priced 2.7 bp rich to the real curve on that day, 16.61 cents per 100 of face.

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

Real yield, 780 observations

1.2%1.4%1.6%1.8%2.0%2.2%2.4%2.6%Jul 31, 2023Sep 9, 2026Jul 31, 2023Real yield1.596%Aug 4, 2023Real yield1.673%Aug 10, 2023Real yield1.754%Aug 16, 2023Real yield1.953%Aug 22, 2023Real yield1.983%Aug 28, 2023Real yield1.901%Sep 1, 2023Real yield1.920%Sep 8, 2023Real yield1.928%Sep 14, 2023Real yield1.954%Sep 20, 2023Real yield2.002%Sep 26, 2023Real yield2.231%Oct 2, 2023Real yield2.341%Oct 6, 2023Real yield2.469%Oct 13, 2023Real yield2.284%Oct 19, 2023Real yield2.487%Oct 25, 2023Real yield2.515%Oct 31, 2023Real yield2.459%Nov 6, 2023Real yield2.248%Nov 10, 2023Real yield2.291%Nov 16, 2023Real yield2.175%Nov 22, 2023Real yield2.161%Nov 29, 2023Real yield2.058%Dec 5, 2023Real yield2.007%Dec 11, 2023Real yield2.038%Dec 15, 2023Real yield1.694%Dec 21, 2023Real yield1.698%Dec 28, 2023Real yield1.677%Jan 4, 2024Real yield1.772%Jan 10, 2024Real yield1.821%Jan 17, 2024Real yield1.796%Jan 23, 2024Real yield1.826%Jan 29, 2024Real yield1.749%Feb 2, 2024Real yield1.783%Feb 8, 2024Real yield1.872%Feb 14, 2024Real yield1.929%Feb 21, 2024Real yield1.938%Feb 27, 2024Real yield1.946%Mar 4, 2024Real yield1.835%Mar 8, 2024Real yield1.757%Mar 14, 2024Real yield1.949%Mar 20, 2024Real yield1.908%Mar 26, 2024Real yield1.879%Apr 1, 2024Real yield1.940%Apr 5, 2024Real yield1.975%Apr 11, 2024Real yield2.118%Apr 17, 2024Real yield2.158%Apr 23, 2024Real yield2.160%Apr 29, 2024Real yield2.180%May 3, 2024Real yield2.104%May 9, 2024Real yield2.089%May 15, 2024Real yield2.009%May 21, 2024Real yield2.041%May 28, 2024Real yield2.163%Jun 3, 2024Real yield2.032%Jun 7, 2024Real yield2.099%Jun 13, 2024Real yield1.998%Jun 20, 2024Real yield1.965%Jun 26, 2024Real yield2.024%Jul 2, 2024Real yield2.092%Jul 9, 2024Real yield1.995%Jul 15, 2024Real yield1.914%Jul 19, 2024Real yield1.935%Jul 25, 2024Real yield1.978%Jul 31, 2024Real yield1.835%Aug 6, 2024Real yield1.770%Aug 12, 2024Real yield1.774%Aug 16, 2024Real yield1.790%Aug 22, 2024Real yield1.737%Aug 28, 2024Real yield1.652%Sep 4, 2024Real yield1.664%Sep 10, 2024Real yield1.588%Sep 16, 2024Real yield1.492%Sep 20, 2024Real yield1.531%Sep 26, 2024Real yield1.570%Oct 2, 2024Real yield1.512%Oct 8, 2024Real yield1.718%Oct 15, 2024Real yield1.699%Oct 21, 2024Real yield1.822%Oct 25, 2024Real yield1.903%Oct 31, 2024Real yield1.907%Nov 6, 2024Real yield1.985%Nov 13, 2024Real yield2.047%Nov 19, 2024Real yield2.003%Nov 25, 2024Real yield1.943%Dec 2, 2024Real yield1.892%Dec 6, 2024Real yield1.865%Dec 12, 2024Real yield1.959%Dec 18, 2024Real yield2.145%Dec 24, 2024Real yield2.205%Dec 31, 2024Real yield2.202%Jan 7, 2025Real yield2.250%Jan 13, 2025Real yield2.290%Jan 17, 2025Real yield2.140%Jan 24, 2025Real yield2.116%Jan 30, 2025Real yield2.038%Feb 5, 2025Real yield1.902%Feb 11, 2025Real yield1.965%Feb 18, 2025Real yield1.983%Feb 24, 2025Real yield1.868%Feb 28, 2025Real yield1.750%Mar 6, 2025Real yield1.832%Mar 12, 2025Real yield1.862%Mar 18, 2025Real yield1.876%Mar 24, 2025Real yield1.860%Mar 28, 2025Real yield1.753%Apr 3, 2025Real yield1.610%Apr 9, 2025Real yield1.938%Apr 15, 2025Real yield2.015%Apr 21, 2025Real yield2.042%Apr 25, 2025Real yield1.869%May 1, 2025Real yield1.845%May 7, 2025Real yield1.858%May 13, 2025Real yield2.012%May 19, 2025Real yield1.932%May 23, 2025Real yield1.998%May 30, 2025Real yield1.879%Jun 5, 2025Real yield1.935%Jun 11, 2025Real yield1.971%Jun 17, 2025Real yield1.899%Jun 24, 2025Real yield1.827%Jun 30, 2025Real yield1.752%Jul 7, 2025Real yield1.842%Jul 11, 2025Real yield1.847%Jul 17, 2025Real yield1.805%Jul 23, 2025Real yield1.797%Jul 29, 2025Real yield1.721%Aug 4, 2025Real yield1.653%Aug 8, 2025Real yield1.679%Aug 14, 2025Real yield1.693%Aug 20, 2025Real yield1.715%Aug 26, 2025Real yield1.591%Sep 2, 2025Real yield1.617%Sep 8, 2025Real yield1.464%Sep 12, 2025Real yield1.477%Sep 18, 2025Real yield1.511%Sep 24, 2025Real yield1.558%Sep 30, 2025Real yield1.585%Oct 6, 2025Real yield1.620%Oct 10, 2025Real yield1.538%Oct 17, 2025Real yield1.547%Oct 23, 2025Real yield1.504%Oct 29, 2025Real yield1.595%Nov 4, 2025Real yield1.600%Nov 10, 2025Real yield1.627%Nov 17, 2025Real yield1.636%Nov 21, 2025Real yield1.593%Nov 28, 2025Real yield1.571%Dec 4, 2025Real yield1.625%Dec 10, 2025Real yield1.665%Dec 16, 2025Real yield1.701%Dec 22, 2025Real yield1.729%Dec 29, 2025Real yield1.694%Jan 5, 2026Real yield1.690%Jan 9, 2026Real yield1.691%Jan 15, 2026Real yield1.660%Jan 22, 2026Real yield1.697%Jan 28, 2026Real yield1.620%Feb 3, 2026Real yield1.612%Feb 9, 2026Real yield1.554%Feb 13, 2026Real yield1.460%Feb 20, 2026Real yield1.496%Feb 26, 2026Real yield1.424%Mar 4, 2026Real yield1.487%Mar 10, 2026Real yield1.483%Mar 16, 2026Real yield1.529%Mar 20, 2026Real yield1.685%Mar 26, 2026Real yield1.787%Apr 1, 2026Real yield1.714%Apr 7, 2026Real yield1.650%Apr 13, 2026Real yield1.604%Apr 17, 2026Real yield1.581%Apr 23, 2026Real yield1.595%Apr 29, 2026Real yield1.610%May 5, 2026Real yield1.615%May 11, 2026Real yield1.602%May 15, 2026Real yield1.753%May 21, 2026Real yield1.834%May 28, 2026Real yield1.749%Jun 3, 2026Real yield1.827%Jun 9, 2026Real yield1.933%Jun 15, 2026Real yield1.896%Jun 22, 2026Real yield2.063%Jun 26, 2026Real yield1.952%Jul 2, 2026Real yield2.032%Jul 9, 2026Real yield2.058%Jul 15, 2026Real yield2.064%Jul 21, 2026Real yield2.125%Jul 27, 2026Real yield2.237%Jul 31, 2026Real yield2.229%Aug 6, 2026Real yield2.200%Aug 12, 2026Real yield2.172%Aug 18, 2026Real yield2.143%Aug 24, 2026Real yield2.125%Aug 28, 2026Real yield2.192%Sep 3, 2026Real yield2.183%Sep 9, 2026Real yield2.231%

Price history

780 trading days to Sep 9, 2026

9092949698100Jul 31, 2023Sep 9, 2026Jul 31, 2023Close97.969Aug 4, 2023Close97.281Aug 10, 2023Close96.563Aug 16, 2023Close94.813Aug 22, 2023Close94.563Aug 28, 2023Close95.281Sep 1, 2023Close95.125Sep 8, 2023Close95.063Sep 14, 2023Close94.844Sep 20, 2023Close94.438Sep 26, 2023Close92.500Oct 2, 2023Close91.594Oct 6, 2023Close90.563Oct 13, 2023Close92.094Oct 19, 2023Close90.438Oct 25, 2023Close90.219Oct 31, 2023Close90.688Nov 6, 2023Close92.438Nov 10, 2023Close92.094Nov 16, 2023Close93.063Nov 22, 2023Close93.188Nov 29, 2023Close94.063Dec 5, 2023Close94.500Dec 11, 2023Close94.250Dec 15, 2023Close97.188Dec 21, 2023Close97.156Dec 28, 2023Close97.344Jan 4, 2024Close96.531Jan 10, 2024Close96.125Jan 17, 2024Close96.344Jan 23, 2024Close96.094Jan 29, 2024Close96.750Feb 2, 2024Close96.469Feb 8, 2024Close95.719Feb 14, 2024Close95.250Feb 21, 2024Close95.188Feb 27, 2024Close95.125Mar 4, 2024Close96.063Mar 8, 2024Close96.719Mar 14, 2024Close95.125Mar 20, 2024Close95.469Mar 26, 2024Close95.719Apr 1, 2024Close95.219Apr 5, 2024Close94.938Apr 11, 2024Close93.781Apr 17, 2024Close93.469Apr 23, 2024Close93.469Apr 29, 2024Close93.313May 3, 2024Close93.938May 9, 2024Close94.063May 15, 2024Close94.719May 21, 2024Close94.469May 28, 2024Close93.500Jun 3, 2024Close94.563Jun 7, 2024Close94.031Jun 13, 2024Close94.844Jun 20, 2024Close95.125Jun 26, 2024Close94.656Jul 2, 2024Close94.125Jul 9, 2024Close94.906Jul 15, 2024Close95.563Jul 19, 2024Close95.406Jul 25, 2024Close95.063Jul 31, 2024Close96.219Aug 6, 2024Close96.750Aug 12, 2024Close96.719Aug 16, 2024Close96.594Aug 22, 2024Close97.031Aug 28, 2024Close97.719Sep 4, 2024Close97.625Sep 10, 2024Close98.250Sep 16, 2024Close99.031Sep 20, 2024Close98.719Sep 26, 2024Close98.406Oct 2, 2024Close98.875Oct 8, 2024Close97.219Oct 15, 2024Close97.375Oct 21, 2024Close96.406Oct 25, 2024Close95.781Oct 31, 2024Close95.750Nov 6, 2024Close95.156Nov 13, 2024Close94.688Nov 19, 2024Close95.031Nov 25, 2024Close95.500Dec 2, 2024Close95.906Dec 6, 2024Close96.125Dec 12, 2024Close95.406Dec 18, 2024Close94.000Dec 24, 2024Close93.563Dec 31, 2024Close93.594Jan 7, 2025Close93.250Jan 13, 2025Close92.969Jan 17, 2025Close94.094Jan 24, 2025Close94.281Jan 30, 2025Close94.875Feb 5, 2025Close95.906Feb 11, 2025Close95.438Feb 18, 2025Close95.313Feb 24, 2025Close96.188Feb 28, 2025Close97.094Mar 6, 2025Close96.469Mar 12, 2025Close96.250Mar 18, 2025Close96.156Mar 24, 2025Close96.281Mar 28, 2025Close97.094Apr 3, 2025Close98.188Apr 9, 2025Close95.719Apr 15, 2025Close95.156Apr 21, 2025Close94.969Apr 25, 2025Close96.250May 1, 2025Close96.438May 7, 2025Close96.344May 13, 2025Close95.219May 19, 2025Close95.813May 23, 2025Close95.344May 30, 2025Close96.219Jun 5, 2025Close95.813Jun 11, 2025Close95.563Jun 17, 2025Close96.094Jun 24, 2025Close96.625Jun 30, 2025Close97.188Jul 7, 2025Close96.531Jul 11, 2025Close96.500Jul 17, 2025Close96.813Jul 23, 2025Close96.875Jul 29, 2025Close97.438Aug 4, 2025Close97.938Aug 8, 2025Close97.750Aug 14, 2025Close97.656Aug 20, 2025Close97.500Aug 26, 2025Close98.406Sep 2, 2025Close98.219Sep 8, 2025Close99.344Sep 12, 2025Close99.250Sep 18, 2025Close99.000Sep 24, 2025Close98.656Sep 30, 2025Close98.469Oct 6, 2025Close98.219Oct 10, 2025Close98.813Oct 17, 2025Close98.750Oct 23, 2025Close99.063Oct 29, 2025Close98.406Nov 4, 2025Close98.375Nov 10, 2025Close98.188Nov 17, 2025Close98.125Nov 21, 2025Close98.438Nov 28, 2025Close98.594Dec 4, 2025Close98.219Dec 10, 2025Close97.938Dec 16, 2025Close97.688Dec 22, 2025Close97.500Dec 29, 2025Close97.750Jan 5, 2026Close97.781Jan 9, 2026Close97.781Jan 15, 2026Close98.000Jan 22, 2026Close97.750Jan 28, 2026Close98.281Feb 3, 2026Close98.344Feb 9, 2026Close98.750Feb 13, 2026Close99.406Feb 20, 2026Close99.156Feb 26, 2026Close99.656Mar 4, 2026Close99.219Mar 10, 2026Close99.250Mar 16, 2026Close98.938Mar 20, 2026Close97.875Mar 26, 2026Close97.188Apr 1, 2026Close97.688Apr 7, 2026Close98.125Apr 13, 2026Close98.438Apr 17, 2026Close98.594Apr 23, 2026Close98.500Apr 29, 2026Close98.406May 5, 2026Close98.375May 11, 2026Close98.469May 15, 2026Close97.469May 21, 2026Close96.938May 28, 2026Close97.500Jun 3, 2026Close97.000Jun 9, 2026Close96.313Jun 15, 2026Close96.563Jun 22, 2026Close95.500Jun 26, 2026Close96.219Jul 2, 2026Close95.719Jul 9, 2026Close95.563Jul 15, 2026Close95.531Jul 21, 2026Close95.156Jul 27, 2026Close94.469Jul 31, 2026Close94.531Aug 6, 2026Close94.719Aug 12, 2026Close94.906Aug 18, 2026Close95.094Aug 24, 2026Close95.219Aug 28, 2026Close94.813Sep 3, 2026Close94.875Sep 9, 2026Close94.594
The most recent 20 trading days of prices for 91282CHP9.
DateBidOfferClose
Sep 9, 202694.57894.53194.594
Sep 8, 202694.78194.75094.750
Sep 4, 202694.78194.75094.750
Sep 3, 202695.07895.06394.875
Sep 2, 202694.71994.68894.656
Sep 1, 202694.75094.71994.719
Aug 31, 202694.75094.71994.781
Aug 28, 202695.04795.00094.813
Aug 27, 202695.48495.46995.375
Aug 26, 202695.46995.43895.438
Aug 25, 202695.56395.53195.563
Aug 24, 202695.34495.31395.219
Aug 21, 202695.21995.18895.125
Aug 20, 202695.31395.28195.406
Aug 19, 202695.40695.37595.406
Aug 18, 202695.06395.03195.094
Aug 17, 202695.03195.00094.906
Aug 14, 202695.04795.00095.063
Aug 13, 202695.18895.15695.125
Aug 12, 202695.03195.00094.906

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 91282CHP9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 20, 2023Jul 31, 2023New issue$17.0bn$17.0bn2.51x1.495%
Sep 21, 2023Sep 29, 2023Reopening$15.0bn$15.0bn2.44x2.094%
Nov 21, 2023Nov 30, 2023Reopening$15.0bn$15.2bn2.32x2.180%

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.