Inflation-linked (TIPS)

91282CML2 · 2.125% due January 15, 2035

Original term
10-Year
Maturity
Jan 15, 2035
Coupon
2.125%
Pays
Semi-Annual
Dated
Jan 15, 2025
First coupon
Jul 15, 2025
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$60.85bn
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
2.382%
Index ratio
1.0582
Real duration
7.568 yr
DV01
0.0745
Convexity
64.299
Real clean price
98.063
Accrued (real)
0.329
Real dirty price
98.392
Indexed principal
105.816
Money clean price
103.766

The index ratio is a multiplier, not a percentage: 1.0582 means the principal is worth that many times its original face today. So the real clean price of 98.063 is not what a buyer pays , multiply by the ratio to get 103.766 per 100 of original face.

Against the fitted real curve

Priced 1.3 bp cheap to the real curve on that day, 10.01 cents per 100 of face.

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

Real yield, 403 observations

1.6%1.8%2.0%2.2%2.4%Jan 31, 2025Sep 9, 2026Jan 31, 2025Real yield2.164%Feb 4, 2025Real yield2.073%Feb 6, 2025Real yield2.024%Feb 10, 2025Real yield2.065%Feb 12, 2025Real yield2.157%Feb 14, 2025Real yield2.041%Feb 19, 2025Real yield2.072%Feb 21, 2025Real yield1.999%Feb 25, 2025Real yield1.909%Feb 27, 2025Real yield1.916%Mar 3, 2025Real yield1.792%Mar 5, 2025Real yield1.936%Mar 7, 2025Real yield1.978%Mar 11, 2025Real yield1.960%Mar 13, 2025Real yield1.967%Mar 17, 2025Real yield2.009%Mar 19, 2025Real yield1.928%Mar 21, 2025Real yield1.918%Mar 25, 2025Real yield1.953%Mar 27, 2025Real yield1.977%Mar 31, 2025Real yield1.831%Apr 2, 2025Real yield1.869%Apr 4, 2025Real yield1.820%Apr 8, 2025Real yield2.029%Apr 10, 2025Real yield2.200%Apr 14, 2025Real yield2.136%Apr 16, 2025Real yield2.103%Apr 18, 2025Real yield2.096%Apr 22, 2025Real yield2.125%Apr 24, 2025Real yield2.008%Apr 28, 2025Real yield1.965%Apr 30, 2025Real yield1.919%May 2, 2025Real yield2.046%May 6, 2025Real yield2.018%May 8, 2025Real yield2.064%May 12, 2025Real yield2.143%May 14, 2025Real yield2.146%May 16, 2025Real yield2.071%May 20, 2025Real yield2.114%May 22, 2025Real yield2.179%May 27, 2025Real yield2.092%May 29, 2025Real yield2.085%Jun 2, 2025Real yield2.103%Jun 4, 2025Real yield2.042%Jun 6, 2025Real yield2.183%Jun 10, 2025Real yield2.158%Jun 12, 2025Real yield2.085%Jun 16, 2025Real yield2.136%Jun 18, 2025Real yield2.049%Jun 23, 2025Real yield2.013%Jun 25, 2025Real yield1.981%Jun 27, 2025Real yield1.970%Jul 1, 2025Real yield1.945%Jul 3, 2025Real yield1.995%Jul 8, 2025Real yield2.041%Jul 10, 2025Real yield1.984%Jul 14, 2025Real yield2.012%Jul 16, 2025Real yield2.012%Jul 18, 2025Real yield1.991%Jul 22, 2025Real yield1.926%Jul 24, 2025Real yield1.980%Jul 28, 2025Real yield1.983%Jul 30, 2025Real yield1.954%Aug 1, 2025Real yield1.896%Aug 5, 2025Real yield1.860%Aug 7, 2025Real yield1.878%Aug 11, 2025Real yield1.867%Aug 13, 2025Real yield1.860%Aug 15, 2025Real yield1.939%Aug 19, 2025Real yield1.939%Aug 21, 2025Real yield1.931%Aug 25, 2025Real yield1.859%Aug 27, 2025Real yield1.791%Aug 29, 2025Real yield1.801%Sep 3, 2025Real yield1.804%Sep 5, 2025Real yield1.715%Sep 9, 2025Real yield1.704%Sep 11, 2025Real yield1.650%Sep 15, 2025Real yield1.667%Sep 17, 2025Real yield1.664%Sep 19, 2025Real yield1.738%Sep 23, 2025Real yield1.738%Sep 25, 2025Real yield1.781%Sep 29, 2025Real yield1.777%Oct 1, 2025Real yield1.755%Oct 3, 2025Real yield1.780%Oct 7, 2025Real yield1.772%Oct 9, 2025Real yield1.783%Oct 14, 2025Real yield1.714%Oct 16, 2025Real yield1.692%Oct 20, 2025Real yield1.724%Oct 22, 2025Real yield1.666%Oct 24, 2025Real yield1.706%Oct 28, 2025Real yield1.691%Oct 30, 2025Real yield1.803%Nov 3, 2025Real yield1.799%Nov 5, 2025Real yield1.850%Nov 7, 2025Real yield1.809%Nov 12, 2025Real yield1.787%Nov 14, 2025Real yield1.838%Nov 18, 2025Real yield1.827%Nov 20, 2025Real yield1.834%Nov 24, 2025Real yield1.790%Nov 26, 2025Real yield1.742%Dec 1, 2025Real yield1.830%Dec 3, 2025Real yield1.796%Dec 5, 2025Real yield1.848%Dec 9, 2025Real yield1.903%Dec 11, 2025Real yield1.866%Dec 15, 2025Real yield1.903%Dec 17, 2025Real yield1.899%Dec 19, 2025Real yield1.895%Dec 23, 2025Real yield1.910%Dec 26, 2025Real yield1.887%Dec 30, 2025Real yield1.876%Jan 2, 2026Real yield1.909%Jan 6, 2026Real yield1.883%Jan 8, 2026Real yield1.890%Jan 12, 2026Real yield1.871%Jan 14, 2026Real yield1.823%Jan 16, 2026Real yield1.882%Jan 21, 2026Real yield1.882%Jan 23, 2026Real yield1.852%Jan 27, 2026Real yield1.821%Jan 29, 2026Real yield1.810%Feb 2, 2026Real yield1.855%Feb 4, 2026Real yield1.847%Feb 6, 2026Real yield1.790%Feb 10, 2026Real yield1.742%Feb 12, 2026Real yield1.704%Feb 17, 2026Real yield1.696%Feb 19, 2026Real yield1.700%Feb 23, 2026Real yield1.680%Feb 25, 2026Real yield1.680%Feb 27, 2026Real yield1.616%Mar 3, 2026Real yield1.672%Mar 5, 2026Real yield1.720%Mar 9, 2026Real yield1.682%Mar 11, 2026Real yield1.738%Mar 13, 2026Real yield1.813%Mar 17, 2026Real yield1.719%Mar 19, 2026Real yield1.779%Mar 23, 2026Real yield1.920%Mar 25, 2026Real yield1.935%Mar 27, 2026Real yield2.031%Mar 31, 2026Real yield1.896%Apr 2, 2026Real yield1.869%Apr 6, 2026Real yield1.884%Apr 8, 2026Real yield1.865%Apr 10, 2026Real yield1.853%Apr 14, 2026Real yield1.784%Apr 16, 2026Real yield1.826%Apr 20, 2026Real yield1.803%Apr 22, 2026Real yield1.806%Apr 24, 2026Real yield1.775%Apr 28, 2026Real yield1.802%Apr 30, 2026Real yield1.817%May 4, 2026Real yield1.824%May 6, 2026Real yield1.824%May 8, 2026Real yield1.816%May 12, 2026Real yield1.870%May 14, 2026Real yield1.885%May 18, 2026Real yield2.010%May 20, 2026Real yield2.022%May 22, 2026Real yield2.065%May 27, 2026Real yield1.982%May 29, 2026Real yield1.967%Jun 2, 2026Real yield1.974%Jun 4, 2026Real yield2.014%Jun 8, 2026Real yield2.121%Jun 10, 2026Real yield2.129%Jun 12, 2026Real yield2.089%Jun 16, 2026Real yield2.057%Jun 18, 2026Real yield2.137%Jun 23, 2026Real yield2.222%Jun 25, 2026Real yield2.117%Jun 29, 2026Real yield2.089%Jul 1, 2026Real yield2.177%Jul 6, 2026Real yield2.161%Jul 8, 2026Real yield2.226%Jul 10, 2026Real yield2.239%Jul 14, 2026Real yield2.243%Jul 16, 2026Real yield2.259%Jul 20, 2026Real yield2.259%Jul 22, 2026Real yield2.304%Jul 24, 2026Real yield2.362%Jul 28, 2026Real yield2.346%Jul 30, 2026Real yield2.338%Aug 3, 2026Real yield2.359%Aug 5, 2026Real yield2.334%Aug 7, 2026Real yield2.314%Aug 11, 2026Real yield2.351%Aug 13, 2026Real yield2.306%Aug 17, 2026Real yield2.343%Aug 19, 2026Real yield2.256%Aug 21, 2026Real yield2.302%Aug 25, 2026Real yield2.232%Aug 27, 2026Real yield2.256%Aug 31, 2026Real yield2.352%Sep 2, 2026Real yield2.369%Sep 4, 2026Real yield2.353%Sep 9, 2026Real yield2.382%

Price history

403 trading days to Sep 9, 2026

9899100101102103104105Jan 31, 2025Sep 9, 2026Jan 31, 2025Close99.656Feb 4, 2025Close100.469Feb 6, 2025Close100.906Feb 10, 2025Close100.531Feb 12, 2025Close99.719Feb 14, 2025Close100.750Feb 19, 2025Close100.469Feb 21, 2025Close101.125Feb 25, 2025Close101.938Feb 27, 2025Close101.875Mar 3, 2025Close103.000Mar 5, 2025Close101.688Mar 7, 2025Close101.313Mar 11, 2025Close101.469Mar 13, 2025Close101.406Mar 17, 2025Close101.031Mar 19, 2025Close101.750Mar 21, 2025Close101.844Mar 25, 2025Close101.531Mar 27, 2025Close101.313Mar 31, 2025Close102.625Apr 2, 2025Close102.281Apr 4, 2025Close102.719Apr 8, 2025Close100.844Apr 10, 2025Close99.344Apr 14, 2025Close99.906Apr 16, 2025Close100.188Apr 18, 2025Close100.250Apr 22, 2025Close100.000Apr 24, 2025Close101.031Apr 28, 2025Close101.406Apr 30, 2025Close101.813May 2, 2025Close100.688May 6, 2025Close100.938May 8, 2025Close100.531May 12, 2025Close99.844May 14, 2025Close99.813May 16, 2025Close100.469May 20, 2025Close100.094May 22, 2025Close99.531May 27, 2025Close100.281May 29, 2025Close100.344Jun 2, 2025Close100.188Jun 4, 2025Close100.719Jun 6, 2025Close99.500Jun 10, 2025Close99.719Jun 12, 2025Close100.344Jun 16, 2025Close99.906Jun 18, 2025Close100.656Jun 23, 2025Close100.969Jun 25, 2025Close101.250Jun 27, 2025Close101.344Jul 1, 2025Close101.563Jul 3, 2025Close101.125Jul 8, 2025Close100.719Jul 10, 2025Close101.219Jul 14, 2025Close100.969Jul 16, 2025Close100.969Jul 18, 2025Close101.156Jul 22, 2025Close101.719Jul 24, 2025Close101.250Jul 28, 2025Close101.219Jul 30, 2025Close101.469Aug 1, 2025Close101.969Aug 5, 2025Close102.281Aug 7, 2025Close102.125Aug 11, 2025Close102.219Aug 13, 2025Close102.281Aug 15, 2025Close101.594Aug 19, 2025Close101.594Aug 21, 2025Close101.656Aug 25, 2025Close102.281Aug 27, 2025Close102.875Aug 29, 2025Close102.781Sep 3, 2025Close102.750Sep 5, 2025Close103.531Sep 9, 2025Close103.625Sep 11, 2025Close104.094Sep 15, 2025Close103.938Sep 17, 2025Close103.969Sep 19, 2025Close103.313Sep 23, 2025Close103.313Sep 25, 2025Close102.938Sep 29, 2025Close102.969Oct 1, 2025Close103.156Oct 3, 2025Close102.938Oct 7, 2025Close103.000Oct 9, 2025Close102.906Oct 14, 2025Close103.500Oct 16, 2025Close103.688Oct 20, 2025Close103.406Oct 22, 2025Close103.906Oct 24, 2025Close103.563Oct 28, 2025Close103.688Oct 30, 2025Close102.719Nov 3, 2025Close102.750Nov 5, 2025Close102.313Nov 7, 2025Close102.656Nov 12, 2025Close102.844Nov 14, 2025Close102.406Nov 18, 2025Close102.500Nov 20, 2025Close102.438Nov 24, 2025Close102.813Nov 26, 2025Close103.219Dec 1, 2025Close102.469Dec 3, 2025Close102.750Dec 5, 2025Close102.313Dec 9, 2025Close101.844Dec 11, 2025Close102.156Dec 15, 2025Close101.844Dec 17, 2025Close101.875Dec 19, 2025Close101.906Dec 23, 2025Close101.781Dec 26, 2025Close101.969Dec 30, 2025Close102.063Jan 2, 2026Close101.781Jan 6, 2026Close102.000Jan 8, 2026Close101.938Jan 12, 2026Close102.094Jan 14, 2026Close102.500Jan 16, 2026Close102.000Jan 21, 2026Close102.000Jan 23, 2026Close102.250Jan 27, 2026Close102.500Jan 29, 2026Close102.594Feb 2, 2026Close102.219Feb 4, 2026Close102.281Feb 6, 2026Close102.750Feb 10, 2026Close103.156Feb 12, 2026Close103.469Feb 17, 2026Close103.531Feb 19, 2026Close103.500Feb 23, 2026Close103.656Feb 25, 2026Close103.656Feb 27, 2026Close104.188Mar 3, 2026Close103.719Mar 5, 2026Close103.313Mar 9, 2026Close103.625Mar 11, 2026Close103.156Mar 13, 2026Close102.531Mar 17, 2026Close103.313Mar 19, 2026Close102.813Mar 23, 2026Close101.656Mar 25, 2026Close101.531Mar 27, 2026Close100.750Mar 31, 2026Close101.844Apr 2, 2026Close102.063Apr 6, 2026Close101.938Apr 8, 2026Close102.094Apr 10, 2026Close102.188Apr 14, 2026Close102.750Apr 16, 2026Close102.406Apr 20, 2026Close102.594Apr 22, 2026Close102.563Apr 24, 2026Close102.813Apr 28, 2026Close102.594Apr 30, 2026Close102.469May 4, 2026Close102.406May 6, 2026Close102.406May 8, 2026Close102.469May 12, 2026Close102.031May 14, 2026Close101.906May 18, 2026Close100.906May 20, 2026Close100.813May 22, 2026Close100.469May 27, 2026Close101.125May 29, 2026Close101.250Jun 2, 2026Close101.188Jun 4, 2026Close100.875Jun 8, 2026Close100.031Jun 10, 2026Close99.969Jun 12, 2026Close100.281Jun 16, 2026Close100.531Jun 18, 2026Close99.906Jun 23, 2026Close99.250Jun 25, 2026Close100.063Jun 29, 2026Close100.281Jul 1, 2026Close99.594Jul 6, 2026Close99.719Jul 8, 2026Close99.219Jul 10, 2026Close99.125Jul 14, 2026Close99.094Jul 16, 2026Close98.969Jul 20, 2026Close98.969Jul 22, 2026Close98.625Jul 24, 2026Close98.188Jul 28, 2026Close98.313Jul 30, 2026Close98.375Aug 3, 2026Close98.219Aug 5, 2026Close98.406Aug 7, 2026Close98.563Aug 11, 2026Close98.281Aug 13, 2026Close98.625Aug 17, 2026Close98.344Aug 19, 2026Close99.000Aug 21, 2026Close98.656Aug 25, 2026Close99.188Aug 27, 2026Close99.000Aug 31, 2026Close98.281Sep 2, 2026Close98.156Sep 4, 2026Close98.281Sep 9, 2026Close98.063
The most recent 20 trading days of prices for 91282CML2.
DateBidOfferClose
Sep 9, 202698.03198.00098.063
Sep 8, 202698.31398.28198.281
Sep 4, 202698.29798.28198.281
Sep 3, 202698.62598.59498.406
Sep 2, 202698.17298.15698.156
Sep 1, 202698.25098.21998.188
Aug 31, 202698.26698.25098.281
Aug 28, 202698.68898.65698.375
Aug 27, 202699.10999.09499.000
Aug 26, 202699.09499.06399.063
Aug 25, 202699.18899.15699.188
Aug 24, 202698.90698.87598.781
Aug 21, 202698.75098.71998.656
Aug 20, 202698.85998.84499.000
Aug 19, 202699.01699.00099.000
Aug 18, 202698.51698.50098.563
Aug 17, 202698.50098.46998.344
Aug 14, 202698.50098.46998.531
Aug 13, 202698.71998.68898.625
Aug 12, 202698.50098.46998.406

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 91282CML2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 23, 2025Jan 31, 2025New issue$20.0bn$21.1bn2.48x2.243%
Mar 20, 2025Mar 31, 2025Reopening$18.0bn$18.5bn2.35x1.935%
May 22, 2025May 30, 2025Reopening$18.0bn$18.0bn2.36x2.220%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.