Inflation-linked (TIPS)

91282CPH8 · 1.125% due October 15, 2030

Original term
5-Year
Maturity
Oct 15, 2030
Coupon
1.125%
Pays
Semi-Annual
Dated
Oct 15, 2025
First coupon
Apr 15, 2026
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$55.74bn
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
2.052%
Index ratio
1.0324
Real duration
3.953 yr
DV01
0.0383
Convexity
17.859
Real clean price
96.375
Accrued (real)
0.455
Real dirty price
96.830
Indexed principal
103.238
Money clean price
99.496

The index ratio is a multiplier, not a percentage: 1.0324 means the principal is worth that many times its original face today. So the real clean price of 96.375 is not what a buyer pays , multiply by the ratio to get 99.496 per 100 of original face.

Against the fitted real curve

Priced 3.9 bp rich to the real curve on that day, 14.92 cents per 100 of face.

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

Real yield, 214 observations

1.0%1.2%1.4%1.6%1.8%2.0%2.2%Oct 31, 2025Sep 9, 2026Oct 31, 2025Real yield1.308%Nov 3, 2025Real yield1.308%Nov 4, 2025Real yield1.302%Nov 5, 2025Real yield1.361%Nov 6, 2025Real yield1.315%Nov 7, 2025Real yield1.309%Nov 10, 2025Real yield1.329%Nov 12, 2025Real yield1.303%Nov 13, 2025Real yield1.329%Nov 14, 2025Real yield1.349%Nov 17, 2025Real yield1.343%Nov 18, 2025Real yield1.330%Nov 19, 2025Real yield1.336%Nov 20, 2025Real yield1.330%Nov 21, 2025Real yield1.290%Nov 24, 2025Real yield1.297%Nov 25, 2025Real yield1.271%Nov 26, 2025Real yield1.257%Nov 28, 2025Real yield1.284%Dec 1, 2025Real yield1.344%Dec 2, 2025Real yield1.345%Dec 3, 2025Real yield1.311%Dec 4, 2025Real yield1.338%Dec 5, 2025Real yield1.365%Dec 8, 2025Real yield1.413%Dec 9, 2025Real yield1.447%Dec 10, 2025Real yield1.386%Dec 11, 2025Real yield1.386%Dec 12, 2025Real yield1.414%Dec 15, 2025Real yield1.420%Dec 16, 2025Real yield1.421%Dec 17, 2025Real yield1.421%Dec 18, 2025Real yield1.387%Dec 19, 2025Real yield1.421%Dec 22, 2025Real yield1.449%Dec 23, 2025Real yield1.463%Dec 24, 2025Real yield1.449%Dec 26, 2025Real yield1.443%Dec 29, 2025Real yield1.423%Dec 30, 2025Real yield1.409%Dec 31, 2025Real yield1.451%Jan 2, 2026Real yield1.437%Jan 5, 2026Real yield1.397%Jan 6, 2026Real yield1.397%Jan 7, 2026Real yield1.376%Jan 8, 2026Real yield1.404%Jan 9, 2026Real yield1.404%Jan 12, 2026Real yield1.384%Jan 13, 2026Real yield1.357%Jan 14, 2026Real yield1.336%Jan 15, 2026Real yield1.384%Jan 16, 2026Real yield1.406%Jan 20, 2026Real yield1.433%Jan 21, 2026Real yield1.378%Jan 22, 2026Real yield1.399%Jan 23, 2026Real yield1.351%Jan 26, 2026Real yield1.338%Jan 27, 2026Real yield1.303%Jan 28, 2026Real yield1.290%Jan 29, 2026Real yield1.241%Jan 30, 2026Real yield1.214%Feb 2, 2026Real yield1.269%Feb 3, 2026Real yield1.256%Feb 4, 2026Real yield1.276%Feb 5, 2026Real yield1.221%Feb 6, 2026Real yield1.221%Feb 9, 2026Real yield1.201%Feb 10, 2026Real yield1.187%Feb 11, 2026Real yield1.222%Feb 12, 2026Real yield1.173%Feb 13, 2026Real yield1.146%Feb 17, 2026Real yield1.194%Feb 18, 2026Real yield1.187%Feb 19, 2026Real yield1.180%Feb 20, 2026Real yield1.174%Feb 23, 2026Real yield1.139%Feb 24, 2026Real yield1.160%Feb 25, 2026Real yield1.146%Feb 26, 2026Real yield1.090%Feb 27, 2026Real yield1.055%Mar 2, 2026Real yield1.104%Mar 3, 2026Real yield1.118%Mar 4, 2026Real yield1.160%Mar 5, 2026Real yield1.153%Mar 6, 2026Real yield1.097%Mar 9, 2026Real yield1.097%Mar 10, 2026Real yield1.139%Mar 11, 2026Real yield1.146%Mar 12, 2026Real yield1.195%Mar 13, 2026Real yield1.202%Mar 16, 2026Real yield1.153%Mar 17, 2026Real yield1.104%Mar 18, 2026Real yield1.146%Mar 19, 2026Real yield1.210%Mar 20, 2026Real yield1.316%Mar 23, 2026Real yield1.359%Mar 24, 2026Real yield1.423%Mar 25, 2026Real yield1.395%Mar 26, 2026Real yield1.460%Mar 27, 2026Real yield1.439%Mar 30, 2026Real yield1.331%Mar 31, 2026Real yield1.310%Apr 1, 2026Real yield1.360%Apr 2, 2026Real yield1.303%Apr 3, 2026Real yield1.318%Apr 6, 2026Real yield1.311%Apr 7, 2026Real yield1.275%Apr 8, 2026Real yield1.296%Apr 9, 2026Real yield1.282%Apr 10, 2026Real yield1.290%Apr 13, 2026Real yield1.240%Apr 14, 2026Real yield1.211%Apr 15, 2026Real yield1.218%Apr 16, 2026Real yield1.240%Apr 17, 2026Real yield1.211%Apr 20, 2026Real yield1.218%Apr 21, 2026Real yield1.240%Apr 22, 2026Real yield1.226%Apr 23, 2026Real yield1.219%Apr 24, 2026Real yield1.147%Apr 27, 2026Real yield1.147%Apr 28, 2026Real yield1.168%Apr 29, 2026Real yield1.212%Apr 30, 2026Real yield1.175%May 1, 2026Real yield1.147%May 4, 2026Real yield1.176%May 5, 2026Real yield1.234%May 6, 2026Real yield1.234%May 7, 2026Real yield1.256%May 8, 2026Real yield1.227%May 11, 2026Real yield1.227%May 12, 2026Real yield1.256%May 13, 2026Real yield1.256%May 14, 2026Real yield1.300%May 15, 2026Real yield1.396%May 18, 2026Real yield1.426%May 19, 2026Real yield1.493%May 20, 2026Real yield1.471%May 21, 2026Real yield1.523%May 22, 2026Real yield1.584%May 26, 2026Real yield1.509%May 27, 2026Real yield1.495%May 28, 2026Real yield1.458%May 29, 2026Real yield1.466%Jun 1, 2026Real yield1.481%Jun 2, 2026Real yield1.503%Jun 3, 2026Real yield1.534%Jun 4, 2026Real yield1.549%Jun 5, 2026Real yield1.670%Jun 8, 2026Real yield1.678%Jun 9, 2026Real yield1.671%Jun 10, 2026Real yield1.687%Jun 11, 2026Real yield1.641%Jun 12, 2026Real yield1.673%Jun 15, 2026Real yield1.650%Jun 16, 2026Real yield1.658%Jun 17, 2026Real yield1.834%Jun 18, 2026Real yield1.813%Jun 22, 2026Real yield1.906%Jun 23, 2026Real yield1.914%Jun 24, 2026Real yield1.868%Jun 25, 2026Real yield1.815%Jun 26, 2026Real yield1.808%Jun 29, 2026Real yield1.786%Jun 30, 2026Real yield1.817%Jul 1, 2026Real yield1.864%Jul 2, 2026Real yield1.881%Jul 6, 2026Real yield1.827%Jul 7, 2026Real yield1.874%Jul 8, 2026Real yield1.875%Jul 9, 2026Real yield1.868%Jul 10, 2026Real yield1.900%Jul 13, 2026Real yield1.940%Jul 14, 2026Real yield1.909%Jul 15, 2026Real yield1.886%Jul 16, 2026Real yield1.918%Jul 17, 2026Real yield1.896%Jul 20, 2026Real yield1.936%Jul 21, 2026Real yield1.968%Jul 22, 2026Real yield1.992%Jul 23, 2026Real yield2.056%Jul 24, 2026Real yield2.065%Jul 27, 2026Real yield2.114%Jul 28, 2026Real yield2.090%Jul 29, 2026Real yield2.019%Jul 30, 2026Real yield2.028%Jul 31, 2026Real yield2.078%Aug 3, 2026Real yield2.054%Aug 4, 2026Real yield2.031%Aug 5, 2026Real yield2.031%Aug 6, 2026Real yield2.056%Aug 7, 2026Real yield2.010%Aug 10, 2026Real yield2.034%Aug 11, 2026Real yield2.035%Aug 12, 2026Real yield2.011%Aug 13, 2026Real yield1.972%Aug 14, 2026Real yield1.982%Aug 17, 2026Real yield1.982%Aug 18, 2026Real yield1.951%Aug 19, 2026Real yield1.919%Aug 20, 2026Real yield1.904%Aug 21, 2026Real yield1.937%Aug 24, 2026Real yield1.930%Aug 25, 2026Real yield1.882%Aug 26, 2026Real yield1.907%Aug 27, 2026Real yield1.915%Aug 28, 2026Real yield2.038%Aug 31, 2026Real yield2.031%Sep 1, 2026Real yield2.039%Sep 2, 2026Real yield2.048%Sep 3, 2026Real yield2.008%Sep 4, 2026Real yield2.027%Sep 8, 2026Real yield2.027%Sep 9, 2026Real yield2.052%

Price history

214 trading days to Sep 9, 2026

96979899100101Oct 31, 2025Sep 9, 2026Oct 31, 2025Close99.125Nov 3, 2025Close99.125Nov 4, 2025Close99.156Nov 5, 2025Close98.875Nov 6, 2025Close99.094Nov 7, 2025Close99.125Nov 10, 2025Close99.031Nov 12, 2025Close99.156Nov 13, 2025Close99.031Nov 14, 2025Close98.938Nov 17, 2025Close98.969Nov 18, 2025Close99.031Nov 19, 2025Close99.000Nov 20, 2025Close99.031Nov 21, 2025Close99.219Nov 24, 2025Close99.188Nov 25, 2025Close99.313Nov 26, 2025Close99.375Nov 28, 2025Close99.250Dec 1, 2025Close98.969Dec 2, 2025Close98.969Dec 3, 2025Close99.125Dec 4, 2025Close99.000Dec 5, 2025Close98.875Dec 8, 2025Close98.656Dec 9, 2025Close98.500Dec 10, 2025Close98.781Dec 11, 2025Close98.781Dec 12, 2025Close98.656Dec 15, 2025Close98.625Dec 16, 2025Close98.625Dec 17, 2025Close98.625Dec 18, 2025Close98.781Dec 19, 2025Close98.625Dec 22, 2025Close98.500Dec 23, 2025Close98.438Dec 24, 2025Close98.500Dec 26, 2025Close98.531Dec 29, 2025Close98.625Dec 30, 2025Close98.688Dec 31, 2025Close98.500Jan 2, 2026Close98.563Jan 5, 2026Close98.750Jan 6, 2026Close98.750Jan 7, 2026Close98.844Jan 8, 2026Close98.719Jan 9, 2026Close98.719Jan 12, 2026Close98.813Jan 13, 2026Close98.938Jan 14, 2026Close99.031Jan 15, 2026Close98.813Jan 16, 2026Close98.719Jan 20, 2026Close98.594Jan 21, 2026Close98.844Jan 22, 2026Close98.750Jan 23, 2026Close98.969Jan 26, 2026Close99.031Jan 27, 2026Close99.188Jan 28, 2026Close99.250Jan 29, 2026Close99.469Jan 30, 2026Close99.594Feb 2, 2026Close99.344Feb 3, 2026Close99.406Feb 4, 2026Close99.313Feb 5, 2026Close99.563Feb 6, 2026Close99.563Feb 9, 2026Close99.656Feb 10, 2026Close99.719Feb 11, 2026Close99.563Feb 12, 2026Close99.781Feb 13, 2026Close99.906Feb 17, 2026Close99.688Feb 18, 2026Close99.719Feb 19, 2026Close99.750Feb 20, 2026Close99.781Feb 23, 2026Close99.938Feb 24, 2026Close99.844Feb 25, 2026Close99.906Feb 26, 2026Close100.156Feb 27, 2026Close100.313Mar 2, 2026Close100.094Mar 3, 2026Close100.031Mar 4, 2026Close99.844Mar 5, 2026Close99.875Mar 6, 2026Close100.125Mar 9, 2026Close100.125Mar 10, 2026Close99.938Mar 11, 2026Close99.906Mar 12, 2026Close99.688Mar 13, 2026Close99.656Mar 16, 2026Close99.875Mar 17, 2026Close100.094Mar 18, 2026Close99.906Mar 19, 2026Close99.625Mar 20, 2026Close99.156Mar 23, 2026Close98.969Mar 24, 2026Close98.688Mar 25, 2026Close98.813Mar 26, 2026Close98.531Mar 27, 2026Close98.625Mar 30, 2026Close99.094Mar 31, 2026Close99.188Apr 1, 2026Close98.969Apr 2, 2026Close99.219Apr 3, 2026Close99.156Apr 6, 2026Close99.188Apr 7, 2026Close99.344Apr 8, 2026Close99.250Apr 9, 2026Close99.313Apr 10, 2026Close99.281Apr 13, 2026Close99.500Apr 14, 2026Close99.625Apr 15, 2026Close99.594Apr 16, 2026Close99.500Apr 17, 2026Close99.625Apr 20, 2026Close99.594Apr 21, 2026Close99.500Apr 22, 2026Close99.563Apr 23, 2026Close99.594Apr 24, 2026Close99.906Apr 27, 2026Close99.906Apr 28, 2026Close99.813Apr 29, 2026Close99.625Apr 30, 2026Close99.781May 1, 2026Close99.906May 4, 2026Close99.781May 5, 2026Close99.531May 6, 2026Close99.531May 7, 2026Close99.438May 8, 2026Close99.563May 11, 2026Close99.563May 12, 2026Close99.438May 13, 2026Close99.438May 14, 2026Close99.250May 15, 2026Close98.844May 18, 2026Close98.719May 19, 2026Close98.438May 20, 2026Close98.531May 21, 2026Close98.313May 22, 2026Close98.063May 26, 2026Close98.375May 27, 2026Close98.438May 28, 2026Close98.594May 29, 2026Close98.563Jun 1, 2026Close98.500Jun 2, 2026Close98.406Jun 3, 2026Close98.281Jun 4, 2026Close98.219Jun 5, 2026Close97.719Jun 8, 2026Close97.688Jun 9, 2026Close97.719Jun 10, 2026Close97.656Jun 11, 2026Close97.844Jun 12, 2026Close97.719Jun 15, 2026Close97.813Jun 16, 2026Close97.781Jun 17, 2026Close97.063Jun 18, 2026Close97.156Jun 22, 2026Close96.781Jun 23, 2026Close96.750Jun 24, 2026Close96.938Jun 25, 2026Close97.156Jun 26, 2026Close97.188Jun 29, 2026Close97.281Jun 30, 2026Close97.156Jul 1, 2026Close96.969Jul 2, 2026Close96.906Jul 6, 2026Close97.125Jul 7, 2026Close96.938Jul 8, 2026Close96.938Jul 9, 2026Close96.969Jul 10, 2026Close96.844Jul 13, 2026Close96.688Jul 14, 2026Close96.813Jul 15, 2026Close96.906Jul 16, 2026Close96.781Jul 17, 2026Close96.875Jul 20, 2026Close96.719Jul 21, 2026Close96.594Jul 22, 2026Close96.500Jul 23, 2026Close96.250Jul 24, 2026Close96.219Jul 27, 2026Close96.031Jul 28, 2026Close96.125Jul 29, 2026Close96.406Jul 30, 2026Close96.375Jul 31, 2026Close96.188Aug 3, 2026Close96.281Aug 4, 2026Close96.375Aug 5, 2026Close96.375Aug 6, 2026Close96.281Aug 7, 2026Close96.469Aug 10, 2026Close96.375Aug 11, 2026Close96.375Aug 12, 2026Close96.469Aug 13, 2026Close96.625Aug 14, 2026Close96.594Aug 17, 2026Close96.594Aug 18, 2026Close96.719Aug 19, 2026Close96.844Aug 20, 2026Close96.906Aug 21, 2026Close96.781Aug 24, 2026Close96.813Aug 25, 2026Close97.000Aug 26, 2026Close96.906Aug 27, 2026Close96.875Aug 28, 2026Close96.406Aug 31, 2026Close96.438Sep 1, 2026Close96.406Sep 2, 2026Close96.375Sep 3, 2026Close96.531Sep 4, 2026Close96.469Sep 8, 2026Close96.469Sep 9, 2026Close96.375
The most recent 20 trading days of prices for 91282CPH8.
DateBidOfferClose
Sep 9, 202696.37596.34496.375
Sep 8, 202696.50096.46996.469
Sep 4, 202696.46996.43896.469
Sep 3, 202696.67296.65696.531
Sep 2, 202696.40696.37596.375
Sep 1, 202696.42296.40696.406
Aug 31, 202696.43896.40696.438
Aug 28, 202696.59496.56396.406
Aug 27, 202696.92296.90696.875
Aug 26, 202696.90696.87596.906
Aug 25, 202697.01697.00097.000
Aug 24, 202696.87596.84496.813
Aug 21, 202696.81396.78196.781
Aug 20, 202696.85996.84496.906
Aug 19, 202696.84496.81396.844
Aug 18, 202696.71996.68896.719
Aug 17, 202696.64196.62596.594
Aug 14, 202696.62596.59496.594
Aug 13, 202696.65696.62596.625
Aug 12, 202696.53196.50096.469

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 91282CPH8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 23, 2025Oct 31, 2025New issue$26.0bn$27.5bn2.51x1.182%
Dec 18, 2025Dec 31, 2025Reopening$24.0bn$26.6bn2.62x1.433%

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.