Inflation-linked (TIPS) · Matured

912810FS2 · 2% due January 15, 2026

Original term
20-Year
Maturity
Jan 15, 2026
Coupon
2.000%
Pays
Semi-Annual
Dated
Jan 15, 2006
First coupon
Jul 15, 2006
Priced through
Jan 14, 2026
Analyzed through
not analyzed

Inflation-linked measures, January 13, 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
withheld
Index ratio
1.6374
Real duration
0.003 yr
DV01
0.0000
Convexity
0.000
Real clean price
99.938
Accrued (real)
0.995
Real dirty price
100.932
Indexed principal
163.738
Money clean price
163.636

The index ratio is a multiplier, not a percentage: 1.6374 means the principal is worth that many times its original face today. So the real clean price of 99.938 is not what a buyer pays , multiply by the ratio to get 163.636 per 100 of original face.

Against the fitted real curve

Priced 6.49 cents per 100 of face cheap to the real curve on that day.

Shown as a price rather than a yield. Less than a month of this security's life remained, and annualizing a stub that short is arithmetic rather than information, the same reason its real yield is withheld above.

Real yield, 4,343 observations

-3%-2%-1%0%1%2%3%4%Sep 2, 2008Jan 13, 2026Sep 2, 2008Real yield2.154%Jan 27, 2009Real yield2.467%Jun 18, 2009Real yield2.539%Nov 9, 2009Real yield1.856%Apr 5, 2010Real yield2.117%Aug 23, 2010Real yield1.463%Jan 14, 2011Real yield1.575%Jun 8, 2011Real yield1.300%Oct 28, 2011Real yield0.588%Mar 23, 2012Real yield0.278%Aug 13, 2012Real yield-0.146%Jan 8, 2013Real yield-0.268%May 31, 2013Real yield0.205%Oct 22, 2013Real yield0.643%Mar 18, 2014Real yield0.693%Aug 7, 2014Real yield0.341%Jan 5, 2015Real yield0.501%May 27, 2015Real yield0.432%Oct 16, 2015Real yield0.663%Mar 11, 2016Real yield0.504%Aug 2, 2016Real yield0.233%Dec 23, 2016Real yield0.654%May 18, 2017Real yield0.415%Oct 10, 2017Real yield0.456%Mar 5, 2018Real yield0.695%Jul 25, 2018Real yield0.820%Dec 18, 2018Real yield1.031%May 13, 2019Real yield0.480%Oct 2, 2019Real yield0.174%Feb 27, 2020Real yield-0.266%Jul 20, 2020Real yield-1.048%Dec 10, 2020Real yield-1.391%May 4, 2021Real yield-1.957%Sep 23, 2021Real yield-1.716%Feb 16, 2022Real yield-1.105%Jul 12, 2022Real yield0.461%Dec 2, 2022Real yield1.525%Apr 26, 2023Real yield1.552%Sep 18, 2023Real yield2.670%Feb 9, 2024Real yield2.300%Jul 2, 2024Real yield2.818%Nov 22, 2024Real yield2.083%Apr 17, 2025Real yield0.858%Sep 9, 2025Real yield1.721%

Price history

4,344 trading days to Jan 14, 2026

8090100110120130140Sep 2, 2008Jan 14, 2026Sep 2, 2008Close97.781Jan 27, 2009Close93.563Jun 18, 2009Close92.750Nov 9, 2009Close102.000Apr 5, 2010Close98.438Aug 23, 2010Close107.375Jan 14, 2011Close105.656Jun 8, 2011Close109.281Oct 28, 2011Close119.219Mar 23, 2012Close123.313Aug 13, 2012Close129.094Jan 8, 2013Close130.063May 31, 2013Close122.344Oct 22, 2013Close115.938Mar 18, 2014Close114.813Aug 7, 2014Close118.594Jan 5, 2015Close116.063May 27, 2015Close116.281Oct 16, 2015Close113.219Mar 11, 2016Close114.344Aug 2, 2016Close116.500Dec 23, 2016Close111.813May 18, 2017Close113.469Oct 10, 2017Close112.500Mar 5, 2018Close109.969Jul 25, 2018Close108.531Dec 18, 2018Close106.594May 13, 2019Close109.969Oct 2, 2019Close111.406Feb 27, 2020Close113.438Jul 20, 2020Close117.250Dec 10, 2020Close117.969May 4, 2021Close119.563Sep 23, 2021Close116.688Feb 16, 2022Close112.438Jul 12, 2022Close105.344Dec 2, 2022Close101.438Apr 26, 2023Close101.188Sep 18, 2023Close98.500Feb 9, 2024Close99.438Jul 2, 2024Close98.781Nov 22, 2024Close99.906Apr 17, 2025Close100.844Sep 9, 2025Close100.094Jan 14, 2026Close100.000
The most recent 20 trading days of prices for 912810FS2.
DateBidOfferClose
Jan 14, 202699.938100.000
Jan 13, 202699.93899.938
Jan 12, 202699.93899.906
Jan 9, 202699.90699.875
Jan 8, 202699.81399.844
Jan 7, 202699.84499.813
Jan 6, 202699.81399.813
Jan 5, 202699.78199.781
Jan 2, 202699.78199.781
Dec 31, 202599.71999.719
Dec 30, 202599.68899.688
Dec 29, 202599.65699.656
Dec 26, 202599.71999.656
Dec 24, 202599.71999.688
Dec 23, 202599.71999.719
Dec 22, 202599.71999.688
Dec 19, 202599.71999.719
Dec 18, 202599.71999.719
Dec 17, 202599.84499.844
Dec 16, 202599.84499.813

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 912810FS2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 24, 2006Jan 31, 2006New issue$10.0bn$11.8bn1.48x2.039%
Jul 25, 2006Jul 31, 2006Reopening$7.0bn$8.2bn2.24x2.494%

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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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.