Inflation-linked (TIPS)

912810PZ5 · 2.5% due January 15, 2029

Original term
20-Year
Maturity
Jan 15, 2029
Coupon
2.500%
Pays
Semi-Annual
Dated
Jan 15, 2009
First coupon
Jul 15, 2009
Priced through
Nov 9, 2026
Analyzed through
not analyzed

Statement of October 31, 2026

Amount outstanding
$21.88bn
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, November 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
2.618%
Index ratio
1.5630
Real duration
2.091 yr
DV01
0.0210
Convexity
0.0549
Real clean price
99.750
Accrued (real)
0.802
Real dirty price
100.552
Indexed principal
156.296
Money clean price
155.906

The index ratio is a multiplier, not a percentage: 1.5630 means the principal is worth that many times its original face today. So the real clean price of 99.750 is not what a buyer pays , multiply by the ratio to get 155.906 per 100 of original face.

Against the fitted real curve

Priced 8.1 bp cheap to the real curve on that day, 17.02 cents per 100 of face.

That is 2.59 standard deviations from its own typical residual.

Real yield, 4,445 observations

-2%-1%0%1%2%3%Jan 30, 2009Nov 9, 2026Jan 30, 2009Real yield2.430%Feb 27, 2009Real yield2.528%Mar 26, 2009Real yield1.948%Apr 23, 2009Real yield2.230%May 20, 2009Real yield2.189%Jun 17, 2009Real yield2.458%Jul 15, 2009Real yield2.385%Aug 11, 2009Real yield2.245%Sep 8, 2009Real yield2.188%Oct 5, 2009Real yield2.028%Nov 2, 2009Real yield2.015%Dec 1, 2009Real yield1.785%Dec 29, 2009Real yield2.069%Jan 27, 2010Real yield1.995%Feb 24, 2010Real yield2.146%Mar 23, 2010Real yield2.079%Apr 19, 2010Real yield2.013%May 14, 2010Real yield1.733%Jun 11, 2010Real yield1.758%Jul 9, 2010Real yield1.789%Aug 5, 2010Real yield1.714%Sep 1, 2010Real yield1.468%Sep 29, 2010Real yield1.360%Oct 27, 2010Real yield1.194%Nov 24, 2010Real yield1.439%Dec 22, 2010Real yield1.666%Jan 20, 2011Real yield1.794%Feb 16, 2011Real yield1.992%Mar 16, 2011Real yield1.524%Apr 12, 2011Real yield1.575%May 10, 2011Real yield1.434%Jun 7, 2011Real yield1.462%Jul 5, 2011Real yield1.465%Aug 1, 2011Real yield0.958%Aug 26, 2011Real yield0.723%Sep 23, 2011Real yield0.654%Oct 21, 2011Real yield0.774%Nov 18, 2011Real yield0.529%Dec 16, 2011Real yield0.432%Jan 17, 2012Real yield0.355%Feb 13, 2012Real yield0.337%Mar 12, 2012Real yield0.373%Apr 6, 2012Real yield0.411%May 3, 2012Real yield0.285%May 31, 2012Real yield0.045%Jun 27, 2012Real yield0.075%Jul 25, 2012Real yield-0.123%Aug 21, 2012Real yield0.148%Sep 18, 2012Real yield-0.081%Oct 16, 2012Real yield-0.069%Nov 14, 2012Real yield-0.238%Dec 12, 2012Real yield-0.238%Jan 10, 2013Real yield-0.049%Feb 7, 2013Real yield0.008%Mar 7, 2013Real yield0.035%Apr 4, 2013Real yield-0.120%May 1, 2013Real yield-0.164%May 29, 2013Real yield0.388%Jun 25, 2013Real yield1.100%Jul 23, 2013Real yield0.837%Aug 19, 2013Real yield1.185%Sep 16, 2013Real yield1.175%Oct 11, 2013Real yield0.943%Nov 8, 2013Real yield1.063%Dec 9, 2013Real yield1.204%Jan 7, 2014Real yield1.126%Feb 4, 2014Real yield0.915%Mar 4, 2014Real yield0.926%Mar 31, 2014Real yield0.948%Apr 28, 2014Real yield0.823%May 23, 2014Real yield0.666%Jun 20, 2014Real yield0.712%Jul 18, 2014Real yield0.557%Aug 14, 2014Real yield0.500%Sep 11, 2014Real yield0.709%Oct 9, 2014Real yield0.656%Nov 6, 2014Real yield0.709%Dec 8, 2014Real yield0.711%Jan 6, 2015Real yield0.528%Feb 3, 2015Real yield0.379%Mar 3, 2015Real yield0.484%Mar 30, 2015Real yield0.436%Apr 24, 2015Real yield0.335%May 21, 2015Real yield0.610%Jun 18, 2015Real yield0.708%Jul 16, 2015Real yield0.731%Aug 12, 2015Real yield0.690%Sep 9, 2015Real yield0.888%Oct 6, 2015Real yield0.779%Nov 3, 2015Real yield0.870%Dec 2, 2015Real yield0.827%Dec 30, 2015Real yield1.013%Jan 28, 2016Real yield0.865%Feb 25, 2016Real yield0.660%Mar 23, 2016Real yield0.552%Apr 20, 2016Real yield0.490%May 17, 2016Real yield0.393%Jun 14, 2016Real yield0.413%Jul 12, 2016Real yield0.290%Aug 8, 2016Real yield0.337%Sep 2, 2016Real yield0.330%Sep 30, 2016Real yield0.246%Oct 28, 2016Real yield0.381%Nov 28, 2016Real yield0.684%Dec 23, 2016Real yield0.782%Jan 24, 2017Real yield0.598%Feb 21, 2017Real yield0.539%Mar 20, 2017Real yield0.587%Apr 17, 2017Real yield0.493%May 12, 2017Real yield0.595%Jun 9, 2017Real yield0.522%Jul 7, 2017Real yield0.746%Aug 3, 2017Real yield0.579%Aug 30, 2017Real yield0.517%Sep 27, 2017Real yield0.569%Oct 25, 2017Real yield0.686%Nov 21, 2017Real yield0.612%Dec 19, 2017Real yield0.619%Jan 18, 2018Real yield0.615%Feb 14, 2018Real yield0.851%Mar 14, 2018Real yield0.758%Apr 11, 2018Real yield0.703%May 8, 2018Real yield0.837%Jun 5, 2018Real yield0.817%Jul 2, 2018Real yield0.762%Jul 30, 2018Real yield0.902%Aug 24, 2018Real yield0.783%Sep 21, 2018Real yield0.973%Oct 19, 2018Real yield1.140%Nov 16, 2018Real yield1.116%Dec 17, 2018Real yield1.107%Jan 15, 2019Real yield0.959%Feb 12, 2019Real yield0.866%Mar 12, 2019Real yield0.727%Apr 8, 2019Real yield0.624%May 6, 2019Real yield0.611%Jun 3, 2019Real yield0.346%Jun 28, 2019Real yield0.329%Jul 26, 2019Real yield0.352%Aug 22, 2019Real yield0.136%Sep 19, 2019Real yield0.255%Oct 17, 2019Real yield0.230%Nov 14, 2019Real yield0.250%Dec 12, 2019Real yield0.227%Jan 10, 2020Real yield0.123%Feb 7, 2020Real yield-0.055%Mar 6, 2020Real yield-0.503%Apr 2, 2020Real yield-0.284%Apr 30, 2020Real yield-0.347%May 28, 2020Real yield-0.451%Jun 24, 2020Real yield-0.646%Jul 22, 2020Real yield-0.922%Aug 18, 2020Real yield-1.044%Sep 15, 2020Real yield-1.061%Oct 13, 2020Real yield-1.037%Nov 9, 2020Real yield-0.859%Dec 8, 2020Real yield-1.091%Jan 6, 2021Real yield-1.177%Feb 3, 2021Real yield-1.306%Mar 3, 2021Real yield-1.062%Mar 30, 2021Real yield-0.949%Apr 26, 2021Real yield-1.121%May 21, 2021Real yield-1.170%Jun 18, 2021Real yield-1.050%Jul 16, 2021Real yield-1.338%Aug 12, 2021Real yield-1.391%Sep 9, 2021Real yield-1.414%Oct 6, 2021Real yield-1.223%Nov 3, 2021Real yield-1.230%Dec 2, 2021Real yield-1.217%Dec 30, 2021Real yield-1.265%Jan 27, 2022Real yield-0.843%Feb 24, 2022Real yield-0.838%Mar 23, 2022Real yield-0.832%Apr 20, 2022Real yield-0.195%May 17, 2022Real yield0.177%Jun 14, 2022Real yield0.861%Jul 13, 2022Real yield0.638%Aug 9, 2022Real yield0.373%Sep 6, 2022Real yield0.941%Oct 3, 2022Real yield1.684%Oct 31, 2022Real yield1.737%Nov 29, 2022Real yield1.707%Dec 27, 2022Real yield1.746%Jan 25, 2023Real yield1.336%Feb 22, 2023Real yield1.661%Mar 21, 2023Real yield1.509%Apr 17, 2023Real yield1.398%May 12, 2023Real yield1.362%Jun 9, 2023Real yield1.786%Jul 10, 2023Real yield2.030%Aug 4, 2023Real yield1.857%Aug 31, 2023Real yield2.061%Sep 28, 2023Real yield2.329%Oct 26, 2023Real yield2.512%Nov 22, 2023Real yield2.305%Dec 20, 2023Real yield1.762%Jan 19, 2024Real yield1.828%Feb 15, 2024Real yield1.924%Mar 14, 2024Real yield1.982%Apr 11, 2024Real yield2.187%May 8, 2024Real yield2.182%Jun 5, 2024Real yield2.043%Jul 3, 2024Real yield2.100%Jul 31, 2024Real yield1.839%Aug 27, 2024Real yield1.624%Sep 24, 2024Real yield1.367%Oct 22, 2024Real yield1.707%Nov 19, 2024Real yield1.879%Dec 17, 2024Real yield1.939%Jan 15, 2025Real yield1.921%Feb 12, 2025Real yield1.811%Mar 12, 2025Real yield1.508%Apr 8, 2025Real yield1.398%May 6, 2025Real yield1.359%Jun 3, 2025Real yield1.510%Jul 1, 2025Real yield1.365%Jul 29, 2025Real yield1.241%Aug 25, 2025Real yield1.095%Sep 22, 2025Real yield1.074%Oct 20, 2025Real yield1.080%Nov 17, 2025Real yield1.304%Dec 15, 2025Real yield1.367%Jan 13, 2026Real yield1.297%Feb 10, 2026Real yield1.064%Mar 10, 2026Real yield1.026%Apr 6, 2026Real yield1.123%May 1, 2026Real yield0.983%May 29, 2026Real yield1.415%Jun 26, 2026Real yield1.968%Jul 24, 2026Real yield2.264%Aug 20, 2026Real yield2.044%Sep 17, 2026Real yield2.430%Oct 15, 2026Real yield2.456%Nov 9, 2026Real yield2.618%

Price history

4,445 trading days to Nov 9, 2026

90100110120130140150Jan 30, 2009Nov 9, 2026Jan 30, 2009Close101.094Feb 27, 2009Close99.563Mar 26, 2009Close109.031Apr 23, 2009Close104.281May 20, 2009Close104.938Jun 17, 2009Close100.656Jul 15, 2009Close101.781Aug 11, 2009Close104.000Sep 8, 2009Close104.906Oct 5, 2009Close107.500Nov 2, 2009Close107.688Dec 1, 2009Close111.531Dec 29, 2009Close106.750Jan 27, 2010Close107.938Feb 24, 2010Close105.469Mar 23, 2010Close106.531Apr 19, 2010Close107.563May 14, 2010Close112.188Jun 11, 2010Close111.719Jul 9, 2010Close111.156Aug 5, 2010Close112.375Sep 1, 2010Close116.563Sep 29, 2010Close118.406Oct 27, 2010Close121.313Nov 24, 2010Close116.875Dec 22, 2010Close112.969Jan 20, 2011Close110.813Feb 16, 2011Close107.625Mar 16, 2011Close115.188Apr 12, 2011Close114.281May 10, 2011Close116.594Jun 7, 2011Close116.063Jul 5, 2011Close115.938Aug 1, 2011Close124.719Aug 26, 2011Close128.969Sep 23, 2011Close130.156Oct 21, 2011Close127.781Nov 18, 2011Close132.281Dec 16, 2011Close134.000Jan 17, 2012Close135.344Feb 13, 2012Close135.531Mar 12, 2012Close134.688Apr 6, 2012Close133.813May 3, 2012Close136.094May 31, 2012Close140.656Jun 27, 2012Close139.875Jul 25, 2012Close143.656Aug 21, 2012Close138.094Sep 18, 2012Close142.406Oct 16, 2012Close141.969Nov 14, 2012Close145.156Dec 12, 2012Close144.938Jan 10, 2013Close140.969Feb 7, 2013Close139.688Mar 7, 2013Close138.969Apr 4, 2013Close141.750May 1, 2013Close142.406May 29, 2013Close132.000Jun 25, 2013Close119.969Jul 23, 2013Close124.094Aug 19, 2013Close118.469Sep 16, 2013Close118.531Oct 11, 2013Close122.063Nov 8, 2013Close120.094Dec 9, 2013Close117.844Jan 7, 2014Close118.938Feb 4, 2014Close122.094Mar 4, 2014Close121.813Mar 31, 2014Close121.375Apr 28, 2014Close123.188May 23, 2014Close125.531Jun 20, 2014Close124.688Jul 18, 2014Close127.000Aug 14, 2014Close127.781Sep 11, 2014Close124.375Oct 9, 2014Close125.063Nov 6, 2014Close124.125Dec 8, 2014Close123.969Jan 6, 2015Close126.625Feb 3, 2015Close128.781Mar 3, 2015Close127.000Mar 30, 2015Close127.594Apr 24, 2015Close129.000May 21, 2015Close124.719Jun 18, 2015Close123.156Jul 16, 2015Close122.688Aug 12, 2015Close123.156Sep 9, 2015Close120.250Oct 6, 2015Close121.656Nov 3, 2015Close120.281Dec 2, 2015Close120.750Dec 30, 2015Close118.125Jan 28, 2016Close120.000Feb 25, 2016Close122.688Mar 23, 2016Close124.063Apr 20, 2016Close124.781May 17, 2016Close126.000Jun 14, 2016Close125.563Jul 12, 2016Close127.125Aug 8, 2016Close126.313Sep 2, 2016Close126.250Sep 30, 2016Close127.250Oct 28, 2016Close125.250Nov 28, 2016Close121.094Dec 23, 2016Close119.719Jan 24, 2017Close121.938Feb 21, 2017Close122.563Mar 20, 2017Close121.813Apr 17, 2017Close122.875May 12, 2017Close121.438Jun 9, 2017Close122.219Jul 7, 2017Close119.313Aug 3, 2017Close121.250Aug 30, 2017Close121.875Sep 27, 2017Close121.094Oct 25, 2017Close119.563Nov 21, 2017Close120.313Dec 19, 2017Close120.094Jan 18, 2018Close120.000Feb 14, 2018Close117.156Mar 14, 2018Close118.094Apr 11, 2018Close118.594May 8, 2018Close116.969Jun 5, 2018Close117.063Jul 2, 2018Close117.563Jul 30, 2018Close115.906Aug 24, 2018Close117.094Sep 21, 2018Close114.938Oct 19, 2018Close113.094Nov 16, 2018Close113.250Dec 17, 2018Close113.250Jan 15, 2019Close114.656Feb 12, 2019Close115.500Mar 12, 2019Close116.813Apr 8, 2019Close117.750May 6, 2019Close117.750Jun 3, 2019Close120.344Jun 28, 2019Close120.375Jul 26, 2019Close119.969Aug 22, 2019Close122.063Sep 19, 2019Close120.656Oct 17, 2019Close120.750Nov 14, 2019Close120.375Dec 12, 2019Close120.438Jan 10, 2020Close121.281Feb 7, 2020Close122.875Mar 6, 2020Close127.219Apr 2, 2020Close124.781Apr 30, 2020Close125.188May 28, 2020Close126.000Jun 24, 2020Close127.719Jul 22, 2020Close130.250Aug 18, 2020Close131.219Sep 15, 2020Close131.094Oct 13, 2020Close130.563Nov 9, 2020Close128.531Dec 8, 2020Close130.500Jan 6, 2021Close131.031Feb 3, 2021Close131.969Mar 3, 2021Close129.313Mar 30, 2021Close127.969Apr 26, 2021Close129.281May 21, 2021Close129.438Jun 18, 2021Close128.031Jul 16, 2021Close130.344Aug 12, 2021Close130.531Sep 9, 2021Close130.406Oct 6, 2021Close128.406Nov 3, 2021Close128.156Dec 2, 2021Close127.719Dec 30, 2021Close127.781Jan 27, 2022Close124.031Feb 24, 2022Close123.719Mar 23, 2022Close123.406Apr 20, 2022Close118.281May 17, 2022Close115.375Jun 14, 2022Close110.469Jul 13, 2022Close111.844Aug 9, 2022Close113.500Sep 6, 2022Close109.594Oct 3, 2022Close104.844Oct 31, 2022Close104.469Nov 29, 2022Close104.594Dec 27, 2022Close104.313Jan 25, 2023Close106.656Feb 22, 2023Close104.688Mar 21, 2023Close105.500Apr 17, 2023Close106.063May 12, 2023Close106.188Jun 9, 2023Close103.781Jul 10, 2023Close102.438Aug 4, 2023Close103.313Aug 31, 2023Close102.219Sep 28, 2023Close100.844Oct 26, 2023Close99.938Nov 22, 2023Close100.938Dec 20, 2023Close103.563Jan 19, 2024Close103.188Feb 15, 2024Close102.688Mar 14, 2024Close102.375Apr 11, 2024Close101.406May 8, 2024Close101.406Jun 5, 2024Close102.000Jul 3, 2024Close101.719Jul 31, 2024Close102.813Aug 27, 2024Close103.688Sep 24, 2024Close104.719Oct 22, 2024Close103.219Nov 19, 2024Close102.469Dec 17, 2024Close102.188Jan 15, 2025Close102.219Feb 12, 2025Close102.594Mar 12, 2025Close103.688Apr 8, 2025Close104.031May 6, 2025Close104.094Jun 3, 2025Close103.469Jul 1, 2025Close103.906Jul 29, 2025Close104.250Aug 25, 2025Close104.656Sep 22, 2025Close104.625Oct 20, 2025Close104.500Nov 17, 2025Close103.688Dec 15, 2025Close103.406Jan 13, 2026Close103.531Feb 10, 2026Close104.125Mar 10, 2026Close104.125Apr 6, 2026Close103.750May 1, 2026Close104.031May 29, 2026Close102.781Jun 26, 2026Close101.313Jul 24, 2026Close100.563Aug 20, 2026Close101.063Sep 17, 2026Close100.156Oct 15, 2026Close100.094Nov 9, 2026Close99.750
The most recent 20 trading days of prices for 912810PZ5.
DateBidOfferClose
Nov 9, 202699.78199.82899.750
Nov 6, 202699.93899.98499.969
Nov 5, 202699.90699.969100.000
Nov 4, 2026100.000100.04799.906
Nov 3, 2026100.188100.250100.125
Nov 2, 2026100.344100.391100.281
Oct 30, 2026100.500100.547100.531
Oct 29, 2026100.375100.422100.406
Oct 28, 2026100.219100.250100.344
Oct 27, 2026100.313100.344100.281
Oct 26, 2026100.344100.375100.313
Oct 23, 2026100.406100.453100.406
Oct 22, 2026100.313100.359100.438
Oct 21, 2026100.188100.234100.156
Oct 20, 2026100.156100.203100.156
Oct 19, 2026100.188100.219100.188
Oct 16, 2026100.188100.250100.219
Oct 15, 2026100.063100.125100.094
Oct 14, 202699.87599.922100.000
Oct 13, 202699.90699.95399.906

Prices are per 100 of face, from Treasury's own end-of-day file. A dash means that side was not quoted that day, which is almost always the offer and almost always near maturity: a holder of a bill days from paying par has little reason to sell it.

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 912810PZ5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 26, 2009Jan 30, 2009New issue$8.0bn$8.0bn1.92x2.500%
Jul 27, 2009Jul 31, 2009Reopening$6.0bn$6.2bn2.27x2.387%

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.