Inflation-linked (TIPS)

91282CNS6 · 1.875% due July 15, 2035

Original term
10-Year
Maturity
Jul 15, 2035
Coupon
1.875%
Pays
Semi-Annual
Dated
Jul 15, 2025
First coupon
Jan 15, 2026
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$63.80bn
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
2.383%
Index ratio
1.0400
Real duration
8.055 yr
DV01
0.0775
Convexity
72.409
Real clean price
95.969
Accrued (real)
0.290
Real dirty price
96.259
Indexed principal
104.000
Money clean price
99.808

The index ratio is a multiplier, not a percentage: 1.0400 means the principal is worth that many times its original face today. So the real clean price of 95.969 is not what a buyer pays , multiply by the ratio to get 99.808 per 100 of original face.

Against the fitted real curve

Priced 2.3 bp rich to the real curve on that day, 18.12 cents per 100 of face.

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

Real yield, 278 observations

1.6%1.8%2.0%2.2%2.4%Jul 31, 2025Sep 9, 2026Jul 31, 2025Real yield1.979%Aug 4, 2025Real yield1.847%Aug 6, 2025Real yield1.875%Aug 8, 2025Real yield1.878%Aug 12, 2025Real yield1.910%Aug 14, 2025Real yield1.896%Aug 18, 2025Real yield1.959%Aug 20, 2025Real yield1.934%Aug 22, 2025Real yield1.840%Aug 26, 2025Real yield1.826%Aug 28, 2025Real yield1.799%Sep 2, 2025Real yield1.864%Sep 4, 2025Real yield1.778%Sep 8, 2025Real yield1.688%Sep 10, 2025Real yield1.681%Sep 12, 2025Real yield1.688%Sep 16, 2025Real yield1.657%Sep 18, 2025Real yield1.722%Sep 22, 2025Real yield1.774%Sep 24, 2025Real yield1.767%Sep 26, 2025Real yield1.808%Sep 30, 2025Real yield1.784%Oct 2, 2025Real yield1.749%Oct 6, 2025Real yield1.822%Oct 8, 2025Real yield1.770%Oct 10, 2025Real yield1.735%Oct 15, 2025Real yield1.742%Oct 17, 2025Real yield1.735%Oct 21, 2025Real yield1.683%Oct 23, 2025Real yield1.693%Oct 27, 2025Real yield1.710%Oct 29, 2025Real yield1.766%Oct 31, 2025Real yield1.790%Nov 4, 2025Real yield1.787%Nov 6, 2025Real yield1.808%Nov 10, 2025Real yield1.818%Nov 13, 2025Real yield1.808%Nov 17, 2025Real yield1.825%Nov 19, 2025Real yield1.836%Nov 21, 2025Real yield1.797%Nov 25, 2025Real yield1.769%Nov 28, 2025Real yield1.765%Dec 2, 2025Real yield1.829%Dec 4, 2025Real yield1.822%Dec 8, 2025Real yield1.889%Dec 10, 2025Real yield1.854%Dec 12, 2025Real yield1.900%Dec 16, 2025Real yield1.896%Dec 18, 2025Real yield1.857%Dec 22, 2025Real yield1.918%Dec 24, 2025Real yield1.882%Dec 29, 2025Real yield1.871%Dec 31, 2025Real yield1.904%Jan 5, 2026Real yield1.875%Jan 7, 2026Real yield1.853%Jan 9, 2026Real yield1.871%Jan 13, 2026Real yield1.846%Jan 15, 2026Real yield1.846%Jan 20, 2026Real yield1.940%Jan 22, 2026Real yield1.882%Jan 26, 2026Real yield1.828%Jan 28, 2026Real yield1.824%Jan 30, 2026Real yield1.821%Feb 3, 2026Real yield1.842%Feb 5, 2026Real yield1.806%Feb 9, 2026Real yield1.788%Feb 11, 2026Real yield1.774%Feb 13, 2026Real yield1.684%Feb 18, 2026Real yield1.720%Feb 20, 2026Real yield1.716%Feb 24, 2026Real yield1.701%Feb 26, 2026Real yield1.655%Mar 2, 2026Real yield1.680%Mar 4, 2026Real yield1.723%Mar 6, 2026Real yield1.719%Mar 10, 2026Real yield1.733%Mar 12, 2026Real yield1.798%Mar 16, 2026Real yield1.780%Mar 18, 2026Real yield1.762%Mar 20, 2026Real yield1.923%Mar 24, 2026Real yield1.982%Mar 26, 2026Real yield2.001%Mar 30, 2026Real yield1.949%Apr 1, 2026Real yield1.930%Apr 3, 2026Real yield1.893%Apr 7, 2026Real yield1.867%Apr 9, 2026Real yield1.860%Apr 13, 2026Real yield1.823%Apr 15, 2026Real yield1.801%Apr 17, 2026Real yield1.805%Apr 21, 2026Real yield1.831%Apr 23, 2026Real yield1.827%Apr 27, 2026Real yield1.812%Apr 29, 2026Real yield1.856%May 1, 2026Real yield1.801%May 5, 2026Real yield1.856%May 7, 2026Real yield1.856%May 11, 2026Real yield1.845%May 13, 2026Real yield1.882%May 15, 2026Real yield1.999%May 19, 2026Real yield2.078%May 21, 2026Real yield2.059%May 26, 2026Real yield1.999%May 28, 2026Real yield1.965%Jun 1, 2026Real yield1.976%Jun 3, 2026Real yield2.018%Jun 5, 2026Real yield2.098%Jun 9, 2026Real yield2.106%Jun 11, 2026Real yield2.072%Jun 15, 2026Real yield2.065%Jun 17, 2026Real yield2.153%Jun 22, 2026Real yield2.196%Jun 24, 2026Real yield2.150%Jun 26, 2026Real yield2.096%Jun 30, 2026Real yield2.123%Jul 2, 2026Real yield2.186%Jul 7, 2026Real yield2.217%Jul 9, 2026Real yield2.229%Jul 13, 2026Real yield2.272%Jul 15, 2026Real yield2.233%Jul 17, 2026Real yield2.226%Jul 21, 2026Real yield2.281%Jul 23, 2026Real yield2.356%Jul 27, 2026Real yield2.373%Jul 29, 2026Real yield2.329%Jul 31, 2026Real yield2.390%Aug 4, 2026Real yield2.330%Aug 6, 2026Real yield2.358%Aug 10, 2026Real yield2.359%Aug 12, 2026Real yield2.339%Aug 14, 2026Real yield2.324%Aug 18, 2026Real yield2.324%Aug 20, 2026Real yield2.265%Aug 24, 2026Real yield2.293%Aug 26, 2026Real yield2.253%Aug 28, 2026Real yield2.337%Sep 1, 2026Real yield2.366%Sep 3, 2026Real yield2.342%Sep 8, 2026Real yield2.355%Sep 9, 2026Real yield2.383%

Price history

278 trading days to Sep 9, 2026

949698100102104Jul 31, 2025Sep 9, 2026Jul 31, 2025Close99.063Aug 4, 2025Close100.250Aug 6, 2025Close100.000Aug 8, 2025Close99.969Aug 12, 2025Close99.688Aug 14, 2025Close99.813Aug 18, 2025Close99.250Aug 20, 2025Close99.469Aug 22, 2025Close100.313Aug 26, 2025Close100.438Aug 28, 2025Close100.688Sep 2, 2025Close100.094Sep 4, 2025Close100.875Sep 8, 2025Close101.688Sep 10, 2025Close101.750Sep 12, 2025Close101.688Sep 16, 2025Close101.969Sep 18, 2025Close101.375Sep 22, 2025Close100.906Sep 24, 2025Close100.969Sep 26, 2025Close100.594Sep 30, 2025Close100.813Oct 2, 2025Close101.125Oct 6, 2025Close100.469Oct 8, 2025Close100.938Oct 10, 2025Close101.250Oct 15, 2025Close101.188Oct 17, 2025Close101.250Oct 21, 2025Close101.719Oct 23, 2025Close101.625Oct 27, 2025Close101.469Oct 29, 2025Close100.969Oct 31, 2025Close100.750Nov 4, 2025Close100.781Nov 6, 2025Close100.594Nov 10, 2025Close100.500Nov 13, 2025Close100.594Nov 17, 2025Close100.438Nov 19, 2025Close100.344Nov 21, 2025Close100.688Nov 25, 2025Close100.938Nov 28, 2025Close100.969Dec 2, 2025Close100.406Dec 4, 2025Close100.469Dec 8, 2025Close99.875Dec 10, 2025Close100.188Dec 12, 2025Close99.781Dec 16, 2025Close99.813Dec 18, 2025Close100.156Dec 22, 2025Close99.625Dec 24, 2025Close99.938Dec 29, 2025Close100.031Dec 31, 2025Close99.750Jan 5, 2026Close100.000Jan 7, 2026Close100.188Jan 9, 2026Close100.031Jan 13, 2026Close100.250Jan 15, 2026Close100.250Jan 20, 2026Close99.438Jan 22, 2026Close99.938Jan 26, 2026Close100.406Jan 28, 2026Close100.438Jan 30, 2026Close100.469Feb 3, 2026Close100.281Feb 5, 2026Close100.594Feb 9, 2026Close100.750Feb 11, 2026Close100.875Feb 13, 2026Close101.656Feb 18, 2026Close101.344Feb 20, 2026Close101.375Feb 24, 2026Close101.500Feb 26, 2026Close101.906Mar 2, 2026Close101.688Mar 4, 2026Close101.313Mar 6, 2026Close101.344Mar 10, 2026Close101.219Mar 12, 2026Close100.656Mar 16, 2026Close100.813Mar 18, 2026Close100.969Mar 20, 2026Close99.594Mar 24, 2026Close99.094Mar 26, 2026Close98.938Mar 30, 2026Close99.375Apr 1, 2026Close99.531Apr 3, 2026Close99.844Apr 7, 2026Close100.063Apr 9, 2026Close100.125Apr 13, 2026Close100.438Apr 15, 2026Close100.625Apr 17, 2026Close100.594Apr 21, 2026Close100.375Apr 23, 2026Close100.406Apr 27, 2026Close100.531Apr 29, 2026Close100.156May 1, 2026Close100.625May 5, 2026Close100.156May 7, 2026Close100.156May 11, 2026Close100.250May 13, 2026Close99.938May 15, 2026Close98.969May 19, 2026Close98.313May 21, 2026Close98.469May 26, 2026Close98.969May 28, 2026Close99.250Jun 1, 2026Close99.156Jun 3, 2026Close98.813Jun 5, 2026Close98.156Jun 9, 2026Close98.094Jun 11, 2026Close98.375Jun 15, 2026Close98.438Jun 17, 2026Close97.719Jun 22, 2026Close97.375Jun 24, 2026Close97.750Jun 26, 2026Close98.188Jun 30, 2026Close97.969Jul 2, 2026Close97.469Jul 7, 2026Close97.219Jul 9, 2026Close97.125Jul 13, 2026Close96.781Jul 15, 2026Close97.094Jul 17, 2026Close97.156Jul 21, 2026Close96.719Jul 23, 2026Close96.125Jul 27, 2026Close96.000Jul 29, 2026Close96.344Jul 31, 2026Close95.875Aug 4, 2026Close96.344Aug 6, 2026Close96.125Aug 10, 2026Close96.125Aug 12, 2026Close96.281Aug 14, 2026Close96.406Aug 18, 2026Close96.406Aug 20, 2026Close96.875Aug 24, 2026Close96.656Aug 26, 2026Close96.969Aug 28, 2026Close96.313Sep 1, 2026Close96.094Sep 3, 2026Close96.281Sep 8, 2026Close96.188Sep 9, 2026Close95.969
The most recent 20 trading days of prices for 91282CNS6.
DateBidOfferClose
Sep 9, 202695.89195.84495.969
Sep 8, 202696.21996.18896.188
Sep 4, 202696.18896.15696.188
Sep 3, 202696.53196.50096.281
Sep 2, 202696.06396.03196.031
Sep 1, 202696.14196.12596.094
Aug 31, 202696.14196.12596.188
Aug 28, 202696.59496.56396.313
Aug 27, 202697.01697.00096.906
Aug 26, 202696.98496.96996.969
Aug 25, 202697.06397.03197.063
Aug 24, 202696.79796.78196.656
Aug 21, 202696.62596.59496.500
Aug 20, 202696.73496.71996.875
Aug 19, 202696.90696.87596.906
Aug 18, 202696.37596.34496.406
Aug 17, 202696.37596.34496.188
Aug 14, 202696.37596.34496.406
Aug 13, 202696.60996.59496.531
Aug 12, 202696.40696.37596.281

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 91282CNS6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 24, 2025Jul 31, 2025New issue$21.0bn$22.4bn2.41x1.985%
Sep 18, 2025Sep 30, 2025Reopening$19.0bn$20.0bn2.20x1.734%
Nov 20, 2025Nov 28, 2025Reopening$19.0bn$19.0bn2.41x1.843%

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.