Treasury note

91282CME8 · 4.25% due December 31, 2026

Original term
2-Year
Maturity
Dec 31, 2026
Coupon
4.250%
Pays
Semi-Annual
Dated
Dec 31, 2024
First coupon
Jun 30, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$69.67bn
Held stripped
$218.4m
Share stripped
0.31%

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. The index figures are published per holding.

Risk, September 9, 2026

Yield to maturity
4.009%
Modified duration
0.301 yr
DV01
0.0030
Convexity
0.181
Dirty price
100.894

Where its rate sensitivity sits

3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 2 of twelve buckets, summing to 0.307 years against a modified duration of 0.301.

Against the fitted curve

Priced 1.2 bp cheap to the curve on that day, 0.35 cents per 100 of face.

That is 1.72 standard deviations from its own typical residual.

Yield to maturity, 424 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Dec 31, 2024Sep 9, 2026Dec 31, 2024Yield to maturity4.250%Jan 3, 2025Yield to maturity4.283%Jan 7, 2025Yield to maturity4.299%Jan 9, 2025Yield to maturity4.266%Jan 13, 2025Yield to maturity4.400%Jan 15, 2025Yield to maturity4.266%Jan 17, 2025Yield to maturity4.266%Jan 22, 2025Yield to maturity4.283%Jan 24, 2025Yield to maturity4.266%Jan 28, 2025Yield to maturity4.197%Jan 30, 2025Yield to maturity4.197%Feb 3, 2025Yield to maturity4.265%Feb 5, 2025Yield to maturity4.196%Feb 7, 2025Yield to maturity4.300%Feb 11, 2025Yield to maturity4.300%Feb 13, 2025Yield to maturity4.318%Feb 18, 2025Yield to maturity4.300%Feb 20, 2025Yield to maturity4.265%Feb 24, 2025Yield to maturity4.176%Feb 26, 2025Yield to maturity4.087%Feb 28, 2025Yield to maturity4.015%Mar 4, 2025Yield to maturity3.978%Mar 6, 2025Yield to maturity3.995%Mar 10, 2025Yield to maturity3.922%Mar 12, 2025Yield to maturity4.029%Mar 14, 2025Yield to maturity4.046%Mar 18, 2025Yield to maturity4.064%Mar 20, 2025Yield to maturity3.971%Mar 24, 2025Yield to maturity4.062%Mar 26, 2025Yield to maturity4.043%Mar 28, 2025Yield to maturity3.949%Apr 1, 2025Yield to maturity3.910%Apr 3, 2025Yield to maturity3.779%Apr 7, 2025Yield to maturity3.776%Apr 9, 2025Yield to maturity3.963%Apr 11, 2025Yield to maturity3.999%Apr 15, 2025Yield to maturity3.903%Apr 17, 2025Yield to maturity3.864%Apr 21, 2025Yield to maturity3.804%Apr 23, 2025Yield to maturity3.937%Apr 25, 2025Yield to maturity3.839%Apr 29, 2025Yield to maturity3.740%May 1, 2025Yield to maturity3.778%May 5, 2025Yield to maturity3.912%May 7, 2025Yield to maturity3.852%May 9, 2025Yield to maturity3.949%May 13, 2025Yield to maturity4.087%May 15, 2025Yield to maturity4.047%May 19, 2025Yield to maturity4.046%May 21, 2025Yield to maturity4.065%May 23, 2025Yield to maturity4.064%May 28, 2025Yield to maturity4.084%May 30, 2025Yield to maturity4.000%Jun 3, 2025Yield to maturity4.062%Jun 5, 2025Yield to maturity4.020%Jun 9, 2025Yield to maturity4.081%Jun 11, 2025Yield to maturity4.018%Jun 13, 2025Yield to maturity4.016%Jun 17, 2025Yield to maturity4.037%Jun 20, 2025Yield to maturity3.993%Jun 24, 2025Yield to maturity3.906%Jun 26, 2025Yield to maturity3.841%Jun 30, 2025Yield to maturity3.838%Jul 2, 2025Yield to maturity3.902%Jul 7, 2025Yield to maturity4.008%Jul 9, 2025Yield to maturity3.963%Jul 11, 2025Yield to maturity4.005%Jul 15, 2025Yield to maturity4.048%Jul 17, 2025Yield to maturity4.025%Jul 21, 2025Yield to maturity3.978%Jul 23, 2025Yield to maturity3.999%Jul 25, 2025Yield to maturity4.020%Jul 29, 2025Yield to maturity3.996%Jul 31, 2025Yield to maturity4.087%Aug 4, 2025Yield to maturity3.809%Aug 6, 2025Yield to maturity3.830%Aug 8, 2025Yield to maturity3.873%Aug 12, 2025Yield to maturity3.848%Aug 14, 2025Yield to maturity3.847%Aug 18, 2025Yield to maturity3.891%Aug 20, 2025Yield to maturity3.866%Aug 22, 2025Yield to maturity3.815%Aug 26, 2025Yield to maturity3.789%Aug 28, 2025Yield to maturity3.811%Sep 2, 2025Yield to maturity3.807%Sep 4, 2025Yield to maturity3.756%Sep 8, 2025Yield to maturity3.654%Sep 10, 2025Yield to maturity3.676%Sep 12, 2025Yield to maturity3.671%Sep 16, 2025Yield to maturity3.644%Sep 18, 2025Yield to maturity3.666%Sep 22, 2025Yield to maturity3.687%Sep 24, 2025Yield to maturity3.710%Sep 26, 2025Yield to maturity3.731%Sep 30, 2025Yield to maturity3.703%Oct 2, 2025Yield to maturity3.649%Oct 6, 2025Yield to maturity3.670%Oct 8, 2025Yield to maturity3.667%Oct 10, 2025Yield to maturity3.608%Oct 15, 2025Yield to maturity3.605%Oct 17, 2025Yield to maturity3.573%Oct 21, 2025Yield to maturity3.570%Oct 23, 2025Yield to maturity3.594%Oct 27, 2025Yield to maturity3.615%Oct 29, 2025Yield to maturity3.695%Oct 31, 2025Yield to maturity3.717%Nov 4, 2025Yield to maturity3.687%Nov 6, 2025Yield to maturity3.657%Nov 10, 2025Yield to maturity3.678%Nov 13, 2025Yield to maturity3.676%Nov 17, 2025Yield to maturity3.699%Nov 19, 2025Yield to maturity3.697%Nov 21, 2025Yield to maturity3.633%Nov 25, 2025Yield to maturity3.631%Nov 28, 2025Yield to maturity3.623%Dec 2, 2025Yield to maturity3.620%Dec 4, 2025Yield to maturity3.617%Dec 8, 2025Yield to maturity3.641%Dec 10, 2025Yield to maturity3.608%Dec 12, 2025Yield to maturity3.571%Dec 16, 2025Yield to maturity3.537%Dec 18, 2025Yield to maturity3.534%Dec 22, 2025Yield to maturity3.558%Dec 24, 2025Yield to maturity3.584%Dec 29, 2025Yield to maturity3.546%Dec 31, 2025Yield to maturity3.540%Jan 5, 2026Yield to maturity3.532%Jan 7, 2026Yield to maturity3.528%Jan 9, 2026Yield to maturity3.552%Jan 13, 2026Yield to maturity3.581%Jan 15, 2026Yield to maturity3.611%Jan 20, 2026Yield to maturity3.601%Jan 22, 2026Yield to maturity3.597%Jan 26, 2026Yield to maturity3.589%Jan 28, 2026Yield to maturity3.585%Jan 30, 2026Yield to maturity3.577%Feb 3, 2026Yield to maturity3.608%Feb 5, 2026Yield to maturity3.533%Feb 9, 2026Yield to maturity3.524%Feb 11, 2026Yield to maturity3.592%Feb 13, 2026Yield to maturity3.545%Feb 18, 2026Yield to maturity3.577%Feb 20, 2026Yield to maturity3.568%Feb 24, 2026Yield to maturity3.564%Feb 26, 2026Yield to maturity3.559%Mar 2, 2026Yield to maturity3.588%Mar 4, 2026Yield to maturity3.661%Mar 6, 2026Yield to maturity3.653%Mar 10, 2026Yield to maturity3.649%Mar 12, 2026Yield to maturity3.725%Mar 16, 2026Yield to maturity3.677%Mar 18, 2026Yield to maturity3.714%Mar 20, 2026Yield to maturity3.871%Mar 24, 2026Yield to maturity3.868%Mar 26, 2026Yield to maturity3.865%Mar 30, 2026Yield to maturity3.775%Apr 1, 2026Yield to maturity3.771%Apr 3, 2026Yield to maturity3.808%Apr 7, 2026Yield to maturity3.761%Apr 9, 2026Yield to maturity3.757%Apr 13, 2026Yield to maturity3.750%Apr 15, 2026Yield to maturity3.746%Apr 17, 2026Yield to maturity3.693%Apr 21, 2026Yield to maturity3.734%Apr 23, 2026Yield to maturity3.730%Apr 27, 2026Yield to maturity3.722%Apr 29, 2026Yield to maturity3.765%May 1, 2026Yield to maturity3.758%May 5, 2026Yield to maturity3.754%May 7, 2026Yield to maturity3.750%May 11, 2026Yield to maturity3.741%May 13, 2026Yield to maturity3.737%May 15, 2026Yield to maturity3.780%May 19, 2026Yield to maturity3.776%May 21, 2026Yield to maturity3.772%May 26, 2026Yield to maturity3.815%May 28, 2026Yield to maturity3.811%Jun 1, 2026Yield to maturity3.803%Jun 3, 2026Yield to maturity3.799%Jun 5, 2026Yield to maturity3.848%Jun 9, 2026Yield to maturity3.844%Jun 11, 2026Yield to maturity3.841%Jun 15, 2026Yield to maturity3.833%Jun 17, 2026Yield to maturity3.948%Jun 22, 2026Yield to maturity4.003%Jun 24, 2026Yield to maturity4.001%Jun 26, 2026Yield to maturity3.933%Jun 30, 2026Yield to maturity3.993%Jul 2, 2026Yield to maturity3.984%Jul 7, 2026Yield to maturity3.980%Jul 9, 2026Yield to maturity3.976%Jul 13, 2026Yield to maturity4.037%Jul 15, 2026Yield to maturity3.964%Jul 17, 2026Yield to maturity3.955%Jul 21, 2026Yield to maturity3.951%Jul 23, 2026Yield to maturity4.019%Jul 27, 2026Yield to maturity4.012%Jul 29, 2026Yield to maturity3.933%Jul 31, 2026Yield to maturity3.923%Aug 4, 2026Yield to maturity3.918%Aug 6, 2026Yield to maturity3.913%Aug 10, 2026Yield to maturity3.984%Aug 12, 2026Yield to maturity3.897%Aug 14, 2026Yield to maturity3.885%Aug 18, 2026Yield to maturity3.879%Aug 20, 2026Yield to maturity3.873%Aug 24, 2026Yield to maturity3.861%Aug 26, 2026Yield to maturity3.854%Aug 28, 2026Yield to maturity3.935%Sep 1, 2026Yield to maturity3.930%Sep 3, 2026Yield to maturity3.924%Sep 8, 2026Yield to maturity3.909%Sep 9, 2026Yield to maturity4.009%

Price history

424 trading days to Sep 9, 2026

99.5099.75100.00100.25100.50100.75101.00Dec 31, 2024Sep 9, 2026Dec 31, 2024Close100.000Jan 3, 2025Close99.938Jan 7, 2025Close99.906Jan 9, 2025Close99.969Jan 13, 2025Close99.719Jan 15, 2025Close99.969Jan 17, 2025Close99.969Jan 22, 2025Close99.938Jan 24, 2025Close99.969Jan 28, 2025Close100.094Jan 30, 2025Close100.094Feb 3, 2025Close99.969Feb 5, 2025Close100.094Feb 7, 2025Close99.906Feb 11, 2025Close99.906Feb 13, 2025Close99.875Feb 18, 2025Close99.906Feb 20, 2025Close99.969Feb 24, 2025Close100.125Feb 26, 2025Close100.281Feb 28, 2025Close100.406Mar 4, 2025Close100.469Mar 6, 2025Close100.438Mar 10, 2025Close100.563Mar 12, 2025Close100.375Mar 14, 2025Close100.344Mar 18, 2025Close100.313Mar 20, 2025Close100.469Mar 24, 2025Close100.313Mar 26, 2025Close100.344Mar 28, 2025Close100.500Apr 1, 2025Close100.563Apr 3, 2025Close100.781Apr 7, 2025Close100.781Apr 9, 2025Close100.469Apr 11, 2025Close100.406Apr 15, 2025Close100.563Apr 17, 2025Close100.625Apr 21, 2025Close100.719Apr 23, 2025Close100.500Apr 25, 2025Close100.656Apr 29, 2025Close100.813May 1, 2025Close100.750May 5, 2025Close100.531May 7, 2025Close100.625May 9, 2025Close100.469May 13, 2025Close100.250May 15, 2025Close100.313May 19, 2025Close100.313May 21, 2025Close100.281May 23, 2025Close100.281May 28, 2025Close100.250May 30, 2025Close100.375Jun 3, 2025Close100.281Jun 5, 2025Close100.344Jun 9, 2025Close100.250Jun 11, 2025Close100.344Jun 13, 2025Close100.344Jun 17, 2025Close100.313Jun 20, 2025Close100.375Jun 24, 2025Close100.500Jun 26, 2025Close100.594Jun 30, 2025Close100.594Jul 2, 2025Close100.500Jul 7, 2025Close100.344Jul 9, 2025Close100.406Jul 11, 2025Close100.344Jul 15, 2025Close100.281Jul 17, 2025Close100.313Jul 21, 2025Close100.375Jul 23, 2025Close100.344Jul 25, 2025Close100.313Jul 29, 2025Close100.344Jul 31, 2025Close100.219Aug 4, 2025Close100.594Aug 6, 2025Close100.563Aug 8, 2025Close100.500Aug 12, 2025Close100.531Aug 14, 2025Close100.531Aug 18, 2025Close100.469Aug 20, 2025Close100.500Aug 22, 2025Close100.563Aug 26, 2025Close100.594Aug 28, 2025Close100.563Sep 2, 2025Close100.563Sep 4, 2025Close100.625Sep 8, 2025Close100.750Sep 10, 2025Close100.719Sep 12, 2025Close100.719Sep 16, 2025Close100.750Sep 18, 2025Close100.719Sep 22, 2025Close100.688Sep 24, 2025Close100.656Sep 26, 2025Close100.625Sep 30, 2025Close100.656Oct 2, 2025Close100.719Oct 6, 2025Close100.688Oct 8, 2025Close100.688Oct 10, 2025Close100.750Oct 15, 2025Close100.750Oct 17, 2025Close100.781Oct 21, 2025Close100.781Oct 23, 2025Close100.750Oct 27, 2025Close100.719Oct 29, 2025Close100.625Oct 31, 2025Close100.594Nov 4, 2025Close100.625Nov 6, 2025Close100.656Nov 10, 2025Close100.625Nov 13, 2025Close100.625Nov 17, 2025Close100.594Nov 19, 2025Close100.594Nov 21, 2025Close100.656Nov 25, 2025Close100.656Nov 28, 2025Close100.656Dec 2, 2025Close100.656Dec 4, 2025Close100.656Dec 8, 2025Close100.625Dec 10, 2025Close100.656Dec 12, 2025Close100.688Dec 16, 2025Close100.719Dec 18, 2025Close100.719Dec 22, 2025Close100.688Dec 24, 2025Close100.656Dec 29, 2025Close100.688Dec 31, 2025Close100.688Jan 5, 2026Close100.688Jan 7, 2026Close100.688Jan 9, 2026Close100.656Jan 13, 2026Close100.625Jan 15, 2026Close100.594Jan 20, 2026Close100.594Jan 22, 2026Close100.594Jan 26, 2026Close100.594Jan 28, 2026Close100.594Jan 30, 2026Close100.594Feb 3, 2026Close100.563Feb 5, 2026Close100.625Feb 9, 2026Close100.625Feb 11, 2026Close100.563Feb 13, 2026Close100.594Feb 18, 2026Close100.563Feb 20, 2026Close100.563Feb 24, 2026Close100.563Feb 26, 2026Close100.563Mar 2, 2026Close100.531Mar 4, 2026Close100.469Mar 6, 2026Close100.469Mar 10, 2026Close100.469Mar 12, 2026Close100.406Mar 16, 2026Close100.438Mar 18, 2026Close100.406Mar 20, 2026Close100.281Mar 24, 2026Close100.281Mar 26, 2026Close100.281Mar 30, 2026Close100.344Apr 1, 2026Close100.344Apr 3, 2026Close100.313Apr 7, 2026Close100.344Apr 9, 2026Close100.344Apr 13, 2026Close100.344Apr 15, 2026Close100.344Apr 17, 2026Close100.375Apr 21, 2026Close100.344Apr 23, 2026Close100.344Apr 27, 2026Close100.344Apr 29, 2026Close100.313May 1, 2026Close100.313May 5, 2026Close100.313May 7, 2026Close100.313May 11, 2026Close100.313May 13, 2026Close100.313May 15, 2026Close100.281May 19, 2026Close100.281May 21, 2026Close100.281May 26, 2026Close100.250May 28, 2026Close100.250Jun 1, 2026Close100.250Jun 3, 2026Close100.250Jun 5, 2026Close100.219Jun 9, 2026Close100.219Jun 11, 2026Close100.219Jun 15, 2026Close100.219Jun 17, 2026Close100.156Jun 22, 2026Close100.125Jun 24, 2026Close100.125Jun 26, 2026Close100.156Jun 30, 2026Close100.125Jul 2, 2026Close100.125Jul 7, 2026Close100.125Jul 9, 2026Close100.125Jul 13, 2026Close100.094Jul 15, 2026Close100.125Jul 17, 2026Close100.125Jul 21, 2026Close100.125Jul 23, 2026Close100.094Jul 27, 2026Close100.094Jul 29, 2026Close100.125Jul 31, 2026Close100.125Aug 4, 2026Close100.125Aug 6, 2026Close100.125Aug 10, 2026Close100.094Aug 12, 2026Close100.125Aug 14, 2026Close100.125Aug 18, 2026Close100.125Aug 20, 2026Close100.125Aug 24, 2026Close100.125Aug 26, 2026Close100.125Aug 28, 2026Close100.094Sep 1, 2026Close100.094Sep 3, 2026Close100.094Sep 8, 2026Close100.094Sep 9, 2026Close100.063
The most recent 20 trading days of prices for 91282CME8.
DateBidOfferClose
Sep 9, 2026–100.063100.063
Sep 8, 2026–100.094100.094
Sep 4, 2026–100.094100.094
Sep 3, 2026–100.094100.094
Sep 2, 2026–100.094100.094
Sep 1, 2026–100.094100.094
Aug 31, 2026–100.094100.094
Aug 28, 2026–100.094100.094
Aug 27, 2026–100.125100.125
Aug 26, 2026–100.125100.125
Aug 25, 2026–100.125100.125
Aug 24, 2026–100.125100.125
Aug 21, 2026–100.125100.125
Aug 20, 2026–100.125100.125
Aug 19, 2026–100.125100.125
Aug 18, 2026–100.125100.125
Aug 17, 2026–100.125100.125
Aug 14, 2026–100.125100.125
Aug 13, 2026–100.125100.125
Aug 12, 2026–100.125100.125

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.

Auction

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 91282CME8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 23, 2024Dec 31, 2024New issue$69.0bn$69.7bn2.73x4.335%

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.