Inflation-linked (TIPS)

912810PS1 · 2.375% due January 15, 2027

Original term
20-Year
Maturity
Jan 15, 2027
Coupon
2.375%
Pays
Semi-Annual
Dated
Jan 15, 2007
First coupon
Jul 15, 2007
Priced through
Oct 20, 2026
Analyzed through
not analyzed

Statement of September 30, 2026

Amount outstanding
$27.11bn
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, October 20, 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
1.294%
Index ratio
1.6592
Real duration
0.233 yr
DV01
0.0024
Convexity
0.00109
Real clean price
100.250
Accrued (real)
0.632
Real dirty price
100.882
Indexed principal
165.921
Money clean price
166.335

The index ratio is a multiplier, not a percentage: 1.6592 means the principal is worth that many times its original face today. So the real clean price of 100.250 is not what a buyer pays , multiply by the ratio to get 166.335 per 100 of original face.

Against the fitted real curve

Priced 84.4 bp rich to the real curve on that day, 19.85 cents per 100 of face.

That is -1.26 standard deviations from its own typical residual.

Real yield, 4,536 observations

-2%-1%0%1%2%3%4%5%Sep 2, 2008Oct 20, 2026Sep 2, 2008Real yield2.156%Sep 29, 2008Real yield2.381%Oct 27, 2008Real yield3.199%Nov 24, 2008Real yield3.432%Dec 22, 2008Real yield2.120%Jan 21, 2009Real yield2.704%Feb 18, 2009Real yield2.334%Mar 17, 2009Real yield2.541%Apr 14, 2009Real yield2.236%May 11, 2009Real yield2.460%Jun 8, 2009Real yield2.523%Jul 6, 2009Real yield2.275%Jul 31, 2009Real yield2.234%Aug 27, 2009Real yield2.150%Sep 24, 2009Real yield2.104%Oct 22, 2009Real yield2.034%Nov 19, 2009Real yield1.795%Dec 17, 2009Real yield1.902%Jan 15, 2010Real yield1.962%Feb 12, 2010Real yield2.071%Mar 12, 2010Real yield2.053%Apr 8, 2010Real yield2.041%May 5, 2010Real yield1.745%Jun 1, 2010Real yield1.742%Jun 28, 2010Real yield1.635%Jul 26, 2010Real yield1.784%Aug 20, 2010Real yield1.529%Sep 17, 2010Real yield1.480%Oct 15, 2010Real yield1.108%Nov 12, 2010Real yield1.247%Dec 10, 2010Real yield1.679%Jan 7, 2011Real yield1.613%Feb 4, 2011Real yield1.881%Mar 4, 2011Real yield1.596%Mar 31, 2011Real yield1.572%Apr 28, 2011Real yield1.401%May 25, 2011Real yield1.418%Jun 22, 2011Real yield1.442%Jul 20, 2011Real yield1.163%Aug 16, 2011Real yield0.557%Sep 13, 2011Real yield0.572%Oct 11, 2011Real yield0.651%Nov 7, 2011Real yield0.303%Dec 6, 2011Real yield0.433%Jan 4, 2012Real yield0.385%Feb 1, 2012Real yield0.176%Feb 29, 2012Real yield0.221%Mar 27, 2012Real yield0.359%Apr 23, 2012Real yield0.162%May 18, 2012Real yield-0.012%Jun 15, 2012Real yield-0.098%Jul 13, 2012Real yield-0.183%Aug 9, 2012Real yield-0.094%Sep 6, 2012Real yield-0.105%Oct 3, 2012Real yield-0.339%Nov 1, 2012Real yield-0.309%Nov 30, 2012Real yield-0.334%Dec 28, 2012Real yield-0.310%Jan 28, 2013Real yield-0.153%Feb 25, 2013Real yield-0.169%Mar 22, 2013Real yield-0.177%Apr 19, 2013Real yield-0.302%May 16, 2013Real yield-0.056%Jun 13, 2013Real yield0.572%Jul 11, 2013Real yield0.873%Aug 7, 2013Real yield0.689%Sep 4, 2013Real yield1.087%Oct 1, 2013Real yield0.778%Oct 29, 2013Real yield0.705%Nov 26, 2013Real yield0.892%Dec 24, 2013Real yield1.104%Jan 23, 2014Real yield0.881%Feb 20, 2014Real yield0.897%Mar 19, 2014Real yield0.868%Apr 15, 2014Real yield0.727%May 13, 2014Real yield0.646%Jun 10, 2014Real yield0.660%Jul 8, 2014Real yield0.544%Aug 4, 2014Real yield0.481%Aug 29, 2014Real yield0.430%Sep 29, 2014Real yield0.785%Oct 27, 2014Real yield0.610%Nov 25, 2014Real yield0.614%Dec 23, 2014Real yield0.690%Jan 22, 2015Real yield0.439%Feb 19, 2015Real yield0.535%Mar 18, 2015Real yield0.360%Apr 14, 2015Real yield0.288%May 11, 2015Real yield0.561%Jun 8, 2015Real yield0.685%Jul 6, 2015Real yield0.563%Jul 31, 2015Real yield0.586%Aug 27, 2015Real yield0.740%Sep 24, 2015Real yield0.781%Oct 22, 2015Real yield0.705%Nov 19, 2015Real yield0.802%Dec 17, 2015Real yield0.888%Jan 15, 2016Real yield0.811%Feb 12, 2016Real yield0.614%Mar 11, 2016Real yield0.568%Apr 8, 2016Real yield0.257%May 5, 2016Real yield0.237%Jun 2, 2016Real yield0.379%Jun 29, 2016Real yield0.210%Jul 27, 2016Real yield0.209%Aug 23, 2016Real yield0.226%Sep 20, 2016Real yield0.336%Oct 18, 2016Real yield0.211%Nov 15, 2016Real yield0.520%Dec 13, 2016Real yield0.630%Jan 11, 2017Real yield0.485%Feb 8, 2017Real yield0.423%Mar 8, 2017Real yield0.602%Apr 4, 2017Real yield0.446%May 2, 2017Real yield0.444%May 30, 2017Real yield0.418%Jun 26, 2017Real yield0.451%Jul 24, 2017Real yield0.529%Aug 18, 2017Real yield0.473%Sep 15, 2017Real yield0.384%Oct 13, 2017Real yield0.460%Nov 9, 2017Real yield0.478%Dec 7, 2017Real yield0.520%Jan 5, 2018Real yield0.472%Feb 2, 2018Real yield0.686%Mar 2, 2018Real yield0.717%Mar 29, 2018Real yield0.667%Apr 26, 2018Real yield0.802%May 23, 2018Real yield0.835%Jun 20, 2018Real yield0.780%Jul 18, 2018Real yield0.767%Aug 14, 2018Real yield0.816%Sep 11, 2018Real yield0.879%Oct 9, 2018Real yield1.064%Nov 5, 2018Real yield1.175%Dec 4, 2018Real yield1.008%Jan 3, 2019Real yield0.915%Jan 31, 2019Real yield0.760%Feb 28, 2019Real yield0.750%Mar 27, 2019Real yield0.509%Apr 24, 2019Real yield0.527%May 21, 2019Real yield0.561%Jun 18, 2019Real yield0.396%Jul 16, 2019Real yield0.303%Aug 12, 2019Real yield0.073%Sep 9, 2019Real yield0.130%Oct 4, 2019Real yield0.089%Nov 1, 2019Real yield0.196%Dec 2, 2019Real yield0.239%Dec 30, 2019Real yield0.168%Jan 28, 2020Real yield-0.024%Feb 25, 2020Real yield-0.239%Mar 23, 2020Real yield0.220%Apr 20, 2020Real yield-0.163%May 15, 2020Real yield-0.413%Jun 12, 2020Real yield-0.599%Jul 10, 2020Real yield-0.905%Aug 6, 2020Real yield-1.229%Sep 2, 2020Real yield-1.284%Sep 30, 2020Real yield-1.172%Oct 28, 2020Real yield-1.143%Nov 25, 2020Real yield-1.133%Dec 23, 2020Real yield-1.401%Jan 22, 2021Real yield-1.589%Feb 19, 2021Real yield-1.463%Mar 18, 2021Real yield-1.354%Apr 14, 2021Real yield-1.445%May 11, 2021Real yield-1.743%Jun 8, 2021Real yield-1.608%Jul 6, 2021Real yield-1.598%Aug 2, 2021Real yield-1.884%Aug 27, 2021Real yield-1.753%Sep 24, 2021Real yield-1.517%Oct 22, 2021Real yield-1.632%Nov 19, 2021Real yield-1.764%Dec 17, 2021Real yield-1.447%Jan 14, 2022Real yield-1.237%Feb 11, 2022Real yield-0.956%Mar 11, 2022Real yield-1.551%Apr 7, 2022Real yield-0.513%May 5, 2022Real yield-0.307%Jun 2, 2022Real yield-0.103%Jun 30, 2022Real yield0.426%Jul 28, 2022Real yield0.040%Aug 24, 2022Real yield0.418%Sep 21, 2022Real yield1.306%Oct 19, 2022Real yield1.973%Nov 16, 2022Real yield1.680%Dec 14, 2022Real yield1.589%Jan 12, 2023Real yield1.559%Feb 9, 2023Real yield1.617%Mar 9, 2023Real yield1.993%Apr 5, 2023Real yield1.261%May 2, 2023Real yield1.461%May 30, 2023Real yield1.909%Jun 27, 2023Real yield2.172%Jul 25, 2023Real yield2.224%Aug 21, 2023Real yield2.500%Sep 18, 2023Real yield2.414%Oct 16, 2023Real yield2.627%Nov 10, 2023Real yield2.695%Dec 8, 2023Real yield2.459%Jan 8, 2024Real yield2.117%Feb 5, 2024Real yield2.132%Mar 4, 2024Real yield1.991%Mar 29, 2024Real yield2.085%Apr 25, 2024Real yield2.422%May 22, 2024Real yield2.411%Jun 20, 2024Real yield2.387%Jul 18, 2024Real yield2.258%Aug 14, 2024Real yield2.081%Sep 11, 2024Real yield1.799%Oct 8, 2024Real yield1.823%Nov 5, 2024Real yield1.964%Dec 4, 2024Real yield1.784%Jan 2, 2025Real yield1.887%Jan 30, 2025Real yield1.593%Feb 27, 2025Real yield1.177%Mar 26, 2025Real yield1.146%Apr 22, 2025Real yield0.968%May 19, 2025Real yield1.245%Jun 16, 2025Real yield1.469%Jul 15, 2025Real yield1.234%Aug 11, 2025Real yield1.132%Sep 8, 2025Real yield0.902%Oct 3, 2025Real yield1.014%Oct 31, 2025Real yield1.293%Dec 1, 2025Real yield1.386%Dec 29, 2025Real yield1.586%Jan 27, 2026Real yield1.100%Feb 24, 2026Real yield0.850%Mar 23, 2026Real yield0.331%Apr 17, 2026Real yield0.379%May 14, 2026Real yield0.083%Jun 11, 2026Real yield1.256%Jul 10, 2026Real yield3.128%Aug 6, 2026Real yield4.260%Sep 2, 2026Real yield2.540%Sep 30, 2026Real yield1.280%Oct 20, 2026Real yield1.294%

Price history

4,536 trading days to Oct 20, 2026

8090100110120130140150Sep 2, 2008Oct 20, 2026Sep 2, 2008Close103.313Sep 29, 2008Close99.906Oct 27, 2008Close88.688Nov 24, 2008Close85.813Dec 22, 2008Close103.813Jan 21, 2009Close95.344Feb 18, 2009Close100.594Mar 17, 2009Close97.625Apr 14, 2009Close102.031May 11, 2009Close98.781Jun 8, 2009Close97.906Jul 6, 2009Close101.438Jul 31, 2009Close102.031Aug 27, 2009Close103.250Sep 24, 2009Close103.906Oct 22, 2009Close104.938Nov 19, 2009Close108.531Dec 17, 2009Close106.875Jan 15, 2010Close105.938Feb 12, 2010Close104.313Mar 12, 2010Close104.563Apr 8, 2010Close104.719May 5, 2010Close109.094Jun 1, 2010Close109.094Jun 28, 2010Close110.688Jul 26, 2010Close108.406Aug 20, 2010Close112.219Sep 17, 2010Close112.938Oct 15, 2010Close118.781Nov 12, 2010Close116.469Dec 10, 2010Close109.781Jan 7, 2011Close110.719Feb 4, 2011Close106.781Mar 4, 2011Close110.875Mar 31, 2011Close111.188Apr 28, 2011Close113.688May 25, 2011Close113.375Jun 22, 2011Close112.969Jul 20, 2011Close117.125Aug 16, 2011Close126.813Sep 13, 2011Close126.438Oct 11, 2011Close125.000Nov 7, 2011Close130.719Dec 6, 2011Close128.375Jan 4, 2012Close129.031Feb 1, 2012Close132.438Feb 29, 2012Close131.500Mar 27, 2012Close129.031Apr 23, 2012Close132.188May 18, 2012Close135.000Jun 15, 2012Close136.313Jul 13, 2012Close137.594Aug 9, 2012Close135.875Sep 6, 2012Close135.875Oct 3, 2012Close139.750Nov 1, 2012Close139.000Nov 30, 2012Close139.188Dec 28, 2012Close138.563Jan 28, 2013Close135.688Feb 25, 2013Close135.750Mar 22, 2013Close135.688Apr 19, 2013Close137.563May 16, 2013Close133.344Jun 13, 2013Close123.531Jul 11, 2013Close119.094Aug 7, 2013Close121.594Sep 4, 2013Close115.969Oct 1, 2013Close120.125Oct 29, 2013Close121.031Nov 26, 2013Close118.344Dec 24, 2013Close115.406Jan 23, 2014Close118.281Feb 20, 2014Close117.969Mar 19, 2014Close118.250Apr 15, 2014Close120.031May 13, 2014Close121.000Jun 10, 2014Close120.688Jul 8, 2014Close122.125Aug 4, 2014Close122.844Aug 29, 2014Close123.406Sep 29, 2014Close118.594Oct 27, 2014Close120.750Nov 25, 2014Close120.563Dec 23, 2014Close119.469Jan 22, 2015Close122.563Feb 19, 2015Close121.188Mar 18, 2015Close123.313Apr 14, 2015Close124.094May 11, 2015Close120.469Jun 8, 2015Close118.813Jul 6, 2015Close120.188Jul 31, 2015Close119.781Aug 27, 2015Close117.813Sep 24, 2015Close117.219Oct 22, 2015Close118.000Nov 19, 2015Close116.750Dec 17, 2015Close115.656Jan 15, 2016Close116.406Feb 12, 2016Close118.563Mar 11, 2016Close118.969Apr 8, 2016Close122.469May 5, 2016Close122.563Jun 2, 2016Close120.750Jun 29, 2016Close122.563Jul 27, 2016Close122.406Aug 23, 2016Close122.063Sep 20, 2016Close120.656Oct 18, 2016Close121.906Nov 15, 2016Close118.344Dec 13, 2016Close117.031Jan 11, 2017Close118.438Feb 8, 2017Close118.969Mar 8, 2017Close116.938Apr 4, 2017Close118.438May 2, 2017Close118.313May 30, 2017Close118.438Jun 26, 2017Close117.969Jul 24, 2017Close117.031Aug 18, 2017Close117.469Sep 15, 2017Close118.219Oct 13, 2017Close117.313Nov 9, 2017Close117.000Dec 7, 2017Close116.469Jan 5, 2018Close116.781Feb 2, 2018Close114.625Mar 2, 2018Close114.219Mar 29, 2018Close114.563Apr 26, 2018Close113.219May 23, 2018Close112.813Jun 20, 2018Close113.188Jul 18, 2018Close113.188Aug 14, 2018Close112.656Sep 11, 2018Close112.000Oct 9, 2018Close110.344Nov 5, 2018Close109.344Dec 4, 2018Close110.625Jan 3, 2019Close111.281Jan 31, 2019Close112.438Feb 28, 2019Close112.406Mar 27, 2019Close114.250Apr 24, 2019Close113.969May 21, 2019Close113.563Jun 18, 2019Close114.750Jul 16, 2019Close115.344Aug 12, 2019Close117.031Sep 9, 2019Close116.406Oct 4, 2019Close116.563Nov 1, 2019Close115.563Dec 2, 2019Close115.063Dec 30, 2019Close115.438Jan 28, 2020Close116.719Feb 25, 2020Close118.156Mar 23, 2020Close114.563Apr 20, 2020Close117.188May 15, 2020Close118.844Jun 12, 2020Close120.000Jul 10, 2020Close122.031Aug 6, 2020Close124.219Sep 2, 2020Close124.344Sep 30, 2020Close123.219Oct 28, 2020Close122.719Nov 25, 2020Close122.344Dec 23, 2020Close123.969Jan 22, 2021Close124.938Feb 19, 2021Close123.719Mar 18, 2021Close122.688Apr 14, 2021Close123.000May 11, 2021Close124.688Jun 8, 2021Close123.438Jul 6, 2021Close123.031Aug 2, 2021Close124.563Aug 27, 2021Close123.375Sep 24, 2021Close121.563Oct 22, 2021Close121.938Nov 19, 2021Close122.406Dec 17, 2021Close120.188Jan 14, 2022Close118.656Feb 11, 2022Close116.813Mar 11, 2022Close119.813Apr 7, 2022Close113.969May 5, 2022Close112.688Jun 2, 2022Close111.469Jun 30, 2022Close108.750Jul 28, 2022Close110.406Aug 24, 2022Close108.500Sep 21, 2022Close104.469Oct 19, 2022Close101.625Nov 16, 2022Close102.781Dec 14, 2022Close103.094Jan 12, 2023Close103.156Feb 9, 2023Close102.875Mar 9, 2023Close101.406Apr 5, 2023Close104.094May 2, 2023Close103.281May 30, 2023Close101.625Jun 27, 2023Close100.688Jul 25, 2023Close100.500Aug 21, 2023Close99.594Sep 18, 2023Close99.875Oct 16, 2023Close99.219Nov 10, 2023Close99.031Dec 8, 2023Close99.750Jan 8, 2024Close100.750Feb 5, 2024Close100.688Mar 4, 2024Close101.063Mar 29, 2024Close100.781Apr 25, 2024Close99.875May 22, 2024Close99.906Jun 20, 2024Close99.969Jul 18, 2024Close100.281Aug 14, 2024Close100.688Sep 11, 2024Close101.313Oct 8, 2024Close101.219Nov 5, 2024Close100.875Dec 4, 2024Close101.219Jan 2, 2025Close100.969Jan 30, 2025Close101.500Feb 27, 2025Close102.219Mar 26, 2025Close102.188Apr 22, 2025Close102.406May 19, 2025Close101.844Jun 16, 2025Close101.406Jul 15, 2025Close101.688Aug 11, 2025Close101.750Sep 8, 2025Close101.969Oct 3, 2025Close101.719Oct 31, 2025Close101.281Dec 1, 2025Close101.094Dec 29, 2025Close100.813Jan 27, 2026Close101.219Feb 24, 2026Close101.344Mar 23, 2026Close101.656Apr 17, 2026Close101.469May 14, 2026Close101.531Jun 11, 2026Close100.656Jul 10, 2026Close99.625Aug 6, 2026Close99.188Sep 2, 2026Close99.938Sep 30, 2026Close100.313Oct 20, 2026Close100.250
The most recent 20 trading days of prices for 912810PS1.
DateBidOfferClose
Oct 20, 2026–100.219100.250
Oct 19, 2026–100.281100.281
Oct 16, 2026–100.250100.281
Oct 15, 2026–100.281100.250
Oct 14, 2026–100.313100.281
Oct 13, 2026–100.219100.219
Oct 9, 2026–100.281100.281
Oct 8, 2026–100.344100.313
Oct 7, 2026–100.313100.281
Oct 6, 2026–100.219100.281
Oct 5, 2026–100.281100.281
Oct 2, 2026–100.281100.313
Oct 1, 2026–100.375100.406
Sep 30, 2026–100.281100.313
Sep 29, 2026–100.188100.219
Sep 28, 2026–100.250100.219
Sep 25, 2026–100.250100.219
Sep 24, 2026–100.313100.313
Sep 23, 2026–100.219100.281
Sep 22, 2026–100.188100.188

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 912810PS1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 23, 2007Jan 31, 2007New issue$8.0bn$9.2bn2.05x2.420%
Jul 24, 2007Jul 31, 2007Reopening$6.0bn$7.3bn2.23x2.600%

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.