Inflation-linked (TIPS)

91282CKL4 · 2.125% due April 15, 2029

Original term
5-Year
Maturity
Apr 15, 2029
Coupon
2.125%
Pays
Semi-Annual
Dated
Apr 15, 2024
First coupon
Oct 15, 2024
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$46.37bn
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
2.162%
Index ratio
1.0796
Real duration
2.491 yr
DV01
0.0251
Convexity
7.571
Real clean price
99.906
Accrued (real)
0.859
Real dirty price
100.766
Indexed principal
107.964
Money clean price
107.863

The index ratio is a multiplier, not a percentage: 1.0796 means the principal is worth that many times its original face today. So the real clean price of 99.906 is not what a buyer pays , multiply by the ratio to get 107.863 per 100 of original face.

Against the fitted real curve

Priced 8.3 bp cheap to the real curve on that day, 20.83 cents per 100 of face.

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

Real yield, 591 observations

1.00%1.25%1.50%1.75%2.00%2.25%2.50%Apr 30, 2024Sep 9, 2026Apr 30, 2024Real yield2.293%May 3, 2024Real yield2.132%May 8, 2024Real yield2.185%May 13, 2024Real yield2.172%May 16, 2024Real yield2.098%May 21, 2024Real yield2.105%May 24, 2024Real yield2.199%May 30, 2024Real yield2.220%Jun 4, 2024Real yield2.070%Jun 7, 2024Real yield2.186%Jun 12, 2024Real yield2.152%Jun 17, 2024Real yield2.145%Jun 21, 2024Real yield2.084%Jun 26, 2024Real yield2.125%Jul 1, 2024Real yield2.145%Jul 5, 2024Real yield2.000%Jul 10, 2024Real yield2.021%Jul 15, 2024Real yield1.924%Jul 18, 2024Real yield1.917%Jul 23, 2024Real yield1.986%Jul 26, 2024Real yield1.930%Jul 31, 2024Real yield1.839%Aug 5, 2024Real yield1.707%Aug 8, 2024Real yield1.845%Aug 13, 2024Real yield1.719%Aug 16, 2024Real yield1.801%Aug 21, 2024Real yield1.703%Aug 26, 2024Real yield1.633%Aug 29, 2024Real yield1.646%Sep 4, 2024Real yield1.658%Sep 9, 2024Real yield1.608%Sep 12, 2024Real yield1.537%Sep 17, 2024Real yield1.459%Sep 20, 2024Real yield1.443%Sep 25, 2024Real yield1.449%Sep 30, 2024Real yield1.503%Oct 3, 2024Real yield1.495%Oct 8, 2024Real yield1.678%Oct 11, 2024Real yield1.612%Oct 17, 2024Real yield1.668%Oct 22, 2024Real yield1.739%Oct 25, 2024Real yield1.861%Oct 30, 2024Real yield1.875%Nov 4, 2024Real yield1.955%Nov 7, 2024Real yield1.859%Nov 13, 2024Real yield1.984%Nov 18, 2024Real yield1.961%Nov 21, 2024Real yield1.968%Nov 26, 2024Real yield1.931%Dec 2, 2024Real yield1.840%Dec 5, 2024Real yield1.810%Dec 10, 2024Real yield1.824%Dec 13, 2024Real yield1.928%Dec 18, 2024Real yield2.109%Dec 23, 2024Real yield2.155%Dec 27, 2024Real yield2.155%Jan 2, 2025Real yield2.063%Jan 7, 2025Real yield2.102%Jan 10, 2025Real yield2.156%Jan 15, 2025Real yield1.986%Jan 21, 2025Real yield1.985%Jan 24, 2025Real yield1.962%Jan 29, 2025Real yield1.876%Feb 3, 2025Real yield1.783%Feb 6, 2025Real yield1.751%Feb 11, 2025Real yield1.781%Feb 14, 2025Real yield1.764%Feb 20, 2025Real yield1.725%Feb 25, 2025Real yield1.591%Feb 28, 2025Real yield1.473%Mar 5, 2025Real yield1.542%Mar 10, 2025Real yield1.517%Mar 13, 2025Real yield1.570%Mar 18, 2025Real yield1.639%Mar 21, 2025Real yield1.512%Mar 26, 2025Real yield1.534%Mar 31, 2025Real yield1.351%Apr 3, 2025Real yield1.232%Apr 8, 2025Real yield1.505%Apr 11, 2025Real yield1.800%Apr 16, 2025Real yield1.598%Apr 21, 2025Real yield1.588%Apr 24, 2025Real yield1.435%Apr 29, 2025Real yield1.344%May 2, 2025Real yield1.478%May 7, 2025Real yield1.404%May 12, 2025Real yield1.646%May 15, 2025Real yield1.563%May 20, 2025Real yield1.537%May 23, 2025Real yield1.559%May 29, 2025Real yield1.517%Jun 3, 2025Real yield1.556%Jun 6, 2025Real yield1.679%Jun 11, 2025Real yield1.636%Jun 16, 2025Real yield1.634%Jun 20, 2025Real yield1.507%Jun 25, 2025Real yield1.464%Jun 30, 2025Real yield1.386%Jul 3, 2025Real yield1.475%Jul 9, 2025Real yield1.423%Jul 14, 2025Real yield1.396%Jul 17, 2025Real yield1.343%Jul 22, 2025Real yield1.273%Jul 25, 2025Real yield1.363%Jul 30, 2025Real yield1.362%Aug 4, 2025Real yield1.222%Aug 7, 2025Real yield1.255%Aug 12, 2025Real yield1.269%Aug 15, 2025Real yield1.291%Aug 20, 2025Real yield1.264%Aug 25, 2025Real yield1.157%Aug 28, 2025Real yield1.051%Sep 3, 2025Real yield1.072%Sep 8, 2025Real yield1.008%Sep 11, 2025Real yield1.049%Sep 16, 2025Real yield1.045%Sep 19, 2025Real yield1.111%Sep 24, 2025Real yield1.144%Sep 29, 2025Real yield1.203%Oct 2, 2025Real yield1.165%Oct 7, 2025Real yield1.179%Oct 10, 2025Real yield1.166%Oct 16, 2025Real yield1.119%Oct 21, 2025Real yield1.124%Oct 24, 2025Real yield1.166%Oct 29, 2025Real yield1.309%Nov 3, 2025Real yield1.306%Nov 6, 2025Real yield1.313%Nov 12, 2025Real yield1.309%Nov 17, 2025Real yield1.362%Nov 20, 2025Real yield1.351%Nov 25, 2025Real yield1.310%Dec 1, 2025Real yield1.363%Dec 4, 2025Real yield1.342%Dec 9, 2025Real yield1.453%Dec 12, 2025Real yield1.412%Dec 17, 2025Real yield1.429%Dec 22, 2025Real yield1.455%Dec 26, 2025Real yield1.462%Dec 31, 2025Real yield1.459%Jan 6, 2026Real yield1.389%Jan 9, 2026Real yield1.386%Jan 14, 2026Real yield1.316%Jan 20, 2026Real yield1.390%Jan 23, 2026Real yield1.309%Jan 28, 2026Real yield1.228%Feb 2, 2026Real yield1.195%Feb 5, 2026Real yield1.173%Feb 10, 2026Real yield1.129%Feb 13, 2026Real yield1.115%Feb 19, 2026Real yield1.152%Feb 24, 2026Real yield1.138%Feb 27, 2026Real yield1.023%Mar 4, 2026Real yield1.121%Mar 9, 2026Real yield1.036%Mar 12, 2026Real yield1.134%Mar 17, 2026Real yield1.028%Mar 20, 2026Real yield1.197%Mar 25, 2026Real yield1.329%Mar 30, 2026Real yield1.222%Apr 2, 2026Real yield1.220%Apr 7, 2026Real yield1.174%Apr 10, 2026Real yield1.201%Apr 15, 2026Real yield1.136%Apr 20, 2026Real yield1.153%Apr 23, 2026Real yield1.150%Apr 28, 2026Real yield1.072%May 1, 2026Real yield1.067%May 6, 2026Real yield1.192%May 11, 2026Real yield1.188%May 14, 2026Real yield1.250%May 19, 2026Real yield1.430%May 22, 2026Real yield1.580%May 28, 2026Real yield1.469%Jun 2, 2026Real yield1.488%Jun 5, 2026Real yield1.674%Jun 10, 2026Real yield1.695%Jun 15, 2026Real yield1.716%Jun 18, 2026Real yield1.953%Jun 24, 2026Real yield2.044%Jun 29, 2026Real yield1.986%Jul 2, 2026Real yield2.066%Jul 8, 2026Real yield2.031%Jul 13, 2026Real yield2.101%Jul 16, 2026Real yield2.113%Jul 21, 2026Real yield2.160%Jul 24, 2026Real yield2.267%Jul 29, 2026Real yield2.208%Aug 3, 2026Real yield2.269%Aug 6, 2026Real yield2.269%Aug 11, 2026Real yield2.209%Aug 14, 2026Real yield2.161%Aug 19, 2026Real yield2.100%Aug 24, 2026Real yield2.088%Aug 27, 2026Real yield2.076%Sep 1, 2026Real yield2.162%Sep 4, 2026Real yield2.149%Sep 9, 2026Real yield2.162%

Price history

591 trading days to Sep 9, 2026

99100101102103104Apr 30, 2024Sep 9, 2026Apr 30, 2024Close99.219May 3, 2024Close99.969May 8, 2024Close99.719May 13, 2024Close99.781May 16, 2024Close100.125May 21, 2024Close100.094May 24, 2024Close99.656May 30, 2024Close99.563Jun 4, 2024Close100.250Jun 7, 2024Close99.719Jun 12, 2024Close99.875Jun 17, 2024Close99.906Jun 21, 2024Close100.188Jun 26, 2024Close100.000Jul 1, 2024Close99.906Jul 5, 2024Close100.563Jul 10, 2024Close100.469Jul 15, 2024Close100.906Jul 18, 2024Close100.938Jul 23, 2024Close100.625Jul 26, 2024Close100.875Jul 31, 2024Close101.281Aug 5, 2024Close101.875Aug 8, 2024Close101.250Aug 13, 2024Close101.813Aug 16, 2024Close101.438Aug 21, 2024Close101.875Aug 26, 2024Close102.188Aug 29, 2024Close102.125Sep 4, 2024Close102.063Sep 9, 2024Close102.281Sep 12, 2024Close102.594Sep 17, 2024Close102.938Sep 20, 2024Close103.000Sep 25, 2024Close102.969Sep 30, 2024Close102.719Oct 3, 2024Close102.750Oct 8, 2024Close101.938Oct 11, 2024Close102.219Oct 17, 2024Close101.969Oct 22, 2024Close101.656Oct 25, 2024Close101.125Oct 30, 2024Close101.063Nov 4, 2024Close100.719Nov 7, 2024Close101.125Nov 13, 2024Close100.594Nov 18, 2024Close100.688Nov 21, 2024Close100.656Nov 26, 2024Close100.813Dec 2, 2024Close101.188Dec 5, 2024Close101.313Dec 10, 2024Close101.250Dec 13, 2024Close100.813Dec 18, 2024Close100.063Dec 23, 2024Close99.875Dec 27, 2024Close99.875Jan 2, 2025Close100.250Jan 7, 2025Close100.094Jan 10, 2025Close99.875Jan 15, 2025Close100.563Jan 21, 2025Close100.563Jan 24, 2025Close100.656Jan 29, 2025Close101.000Feb 3, 2025Close101.375Feb 6, 2025Close101.500Feb 11, 2025Close101.375Feb 14, 2025Close101.438Feb 20, 2025Close101.594Feb 25, 2025Close102.125Feb 28, 2025Close102.594Mar 5, 2025Close102.313Mar 10, 2025Close102.406Mar 13, 2025Close102.188Mar 18, 2025Close101.906Mar 21, 2025Close102.406Mar 26, 2025Close102.313Mar 31, 2025Close103.031Apr 3, 2025Close103.500Apr 8, 2025Close102.406Apr 11, 2025Close101.250Apr 16, 2025Close102.031Apr 21, 2025Close102.063Apr 24, 2025Close102.656Apr 29, 2025Close103.000May 2, 2025Close102.469May 7, 2025Close102.750May 12, 2025Close101.813May 15, 2025Close102.125May 20, 2025Close102.219May 23, 2025Close102.125May 29, 2025Close102.281Jun 3, 2025Close102.125Jun 6, 2025Close101.656Jun 11, 2025Close101.813Jun 16, 2025Close101.813Jun 20, 2025Close102.281Jun 25, 2025Close102.438Jun 30, 2025Close102.719Jul 3, 2025Close102.375Jul 9, 2025Close102.563Jul 14, 2025Close102.656Jul 17, 2025Close102.844Jul 22, 2025Close103.094Jul 25, 2025Close102.750Jul 30, 2025Close102.750Aug 4, 2025Close103.250Aug 7, 2025Close103.125Aug 12, 2025Close103.063Aug 15, 2025Close102.969Aug 20, 2025Close103.063Aug 25, 2025Close103.438Aug 28, 2025Close103.813Sep 3, 2025Close103.719Sep 8, 2025Close103.938Sep 11, 2025Close103.781Sep 16, 2025Close103.781Sep 19, 2025Close103.531Sep 24, 2025Close103.406Sep 29, 2025Close103.188Oct 2, 2025Close103.313Oct 7, 2025Close103.250Oct 10, 2025Close103.281Oct 16, 2025Close103.438Oct 21, 2025Close103.406Oct 24, 2025Close103.250Oct 29, 2025Close102.750Nov 3, 2025Close102.750Nov 6, 2025Close102.719Nov 12, 2025Close102.719Nov 17, 2025Close102.531Nov 20, 2025Close102.563Nov 25, 2025Close102.688Dec 1, 2025Close102.500Dec 4, 2025Close102.563Dec 9, 2025Close102.188Dec 12, 2025Close102.313Dec 17, 2025Close102.250Dec 22, 2025Close102.156Dec 26, 2025Close102.125Dec 31, 2025Close102.125Jan 6, 2026Close102.344Jan 9, 2026Close102.344Jan 14, 2026Close102.563Jan 20, 2026Close102.313Jan 23, 2026Close102.563Jan 28, 2026Close102.813Feb 2, 2026Close102.906Feb 5, 2026Close102.969Feb 10, 2026Close103.094Feb 13, 2026Close103.125Feb 19, 2026Close103.000Feb 24, 2026Close103.031Feb 27, 2026Close103.375Mar 4, 2026Close103.063Mar 9, 2026Close103.313Mar 12, 2026Close103.000Mar 17, 2026Close103.313Mar 20, 2026Close102.781Mar 25, 2026Close102.375Mar 30, 2026Close102.688Apr 2, 2026Close102.688Apr 7, 2026Close102.813Apr 10, 2026Close102.719Apr 15, 2026Close102.906Apr 20, 2026Close102.844Apr 23, 2026Close102.844Apr 28, 2026Close103.063May 1, 2026Close103.063May 6, 2026Close102.688May 11, 2026Close102.688May 14, 2026Close102.500May 19, 2026Close101.969May 22, 2026Close101.531May 28, 2026Close101.844Jun 2, 2026Close101.781Jun 5, 2026Close101.250Jun 10, 2026Close101.188Jun 15, 2026Close101.125Jun 18, 2026Close100.469Jun 24, 2026Close100.219Jun 29, 2026Close100.375Jul 2, 2026Close100.156Jul 8, 2026Close100.250Jul 13, 2026Close100.063Jul 16, 2026Close100.031Jul 21, 2026Close99.906Jul 24, 2026Close99.625Jul 29, 2026Close99.781Aug 3, 2026Close99.625Aug 6, 2026Close99.625Aug 11, 2026Close99.781Aug 14, 2026Close99.906Aug 19, 2026Close100.063Aug 24, 2026Close100.094Aug 27, 2026Close100.125Sep 1, 2026Close99.906Sep 4, 2026Close99.938Sep 9, 2026Close99.906
The most recent 20 trading days of prices for 91282CKL4.
DateBidOfferClose
Sep 9, 202699.93899.90699.906
Sep 8, 2026100.00099.96999.969
Sep 4, 202699.93899.90699.938
Sep 3, 2026100.078100.063100.000
Sep 2, 202699.93899.90699.875
Sep 1, 202699.89199.87599.906
Aug 31, 202699.89199.87599.875
Aug 28, 202699.93899.90699.813
Aug 27, 2026100.188100.156100.125
Aug 26, 2026100.156100.125100.156
Aug 25, 2026100.219100.188100.188
Aug 24, 2026100.156100.125100.094
Aug 21, 2026100.125100.094100.125
Aug 20, 2026100.125100.094100.156
Aug 19, 2026100.063100.031100.063
Aug 18, 2026100.00099.969100.000
Aug 17, 202699.96999.93899.906
Aug 14, 202699.93899.90699.906
Aug 13, 202699.92299.90699.875
Aug 12, 202699.85999.84499.813

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 91282CKL4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 18, 2024Apr 30, 2024New issue$23.0bn$23.1bn2.58x2.242%
Jun 20, 2024Jun 28, 2024Reopening$21.0bn$21.0bn2.52x2.050%

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.