Inflation-linked (TIPS)

912810RF7 · 1.375% due February 15, 2044

Original term
30-Year
Maturity
Feb 15, 2044
Coupon
1.375%
Pays
Semi-Annual
Dated
Feb 15, 2014
First coupon
Aug 15, 2014
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$32.84bn
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 10, 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
2.995%
Index ratio
1.4329
Real duration
14.994 yr
DV01
0.1173
Convexity
253.141
Real clean price
78.125
Accrued (real)
0.101
Real dirty price
78.226
Indexed principal
143.286
Money clean price
111.942

The index ratio is a multiplier, not a percentage: 1.4329 means the principal is worth that many times its original face today. So the real clean price of 78.125 is not what a buyer pays , multiply by the ratio to get 111.942 per 100 of original face.

Against the fitted real curve

Priced 3.4 bp cheap to the real curve on that day, 40.27 cents per 100 of face.

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

Real yield, 3,135 observations

-1%0%1%2%3%4%Feb 28, 2014Sep 10, 2026Feb 28, 2014Real yield1.321%Jun 12, 2014Real yield1.136%Sep 25, 2014Real yield1.055%Jan 13, 2015Real yield0.731%Apr 27, 2015Real yield0.648%Aug 7, 2015Real yield1.037%Nov 20, 2015Real yield1.229%Mar 8, 2016Real yield1.052%Jun 20, 2016Real yield0.928%Sep 30, 2016Real yield0.612%Jan 18, 2017Real yield0.929%May 2, 2017Real yield0.961%Aug 14, 2017Real yield0.951%Nov 27, 2017Real yield0.846%Mar 13, 2018Real yield0.988%Jun 25, 2018Real yield0.907%Oct 5, 2018Real yield1.233%Jan 24, 2019Real yield1.208%May 8, 2019Real yield0.983%Aug 20, 2019Real yield0.466%Dec 4, 2019Real yield0.456%Mar 19, 2020Real yield0.872%Jul 1, 2020Real yield-0.143%Oct 14, 2020Real yield-0.364%Jan 29, 2021Real yield-0.377%May 12, 2021Real yield-0.043%Aug 24, 2021Real yield-0.344%Dec 8, 2021Real yield-0.431%Mar 23, 2022Real yield-0.012%Jul 7, 2022Real yield1.220%Oct 19, 2022Real yield2.049%Feb 3, 2023Real yield1.569%May 17, 2023Real yield1.676%Aug 30, 2023Real yield2.039%Dec 13, 2023Real yield2.110%Mar 28, 2024Real yield2.134%Jul 11, 2024Real yield2.159%Oct 23, 2024Real yield2.184%Feb 7, 2025Real yield2.294%May 21, 2025Real yield2.670%Sep 4, 2025Real yield2.450%Dec 18, 2025Real yield2.455%Apr 3, 2026Real yield2.551%Jul 17, 2026Real yield2.809%Sep 10, 2026Real yield2.995%

Price history

3,135 trading days to Sep 10, 2026

6080100120140160Feb 28, 2014Sep 10, 2026Feb 28, 2014Close101.344Jun 12, 2014Close106.000Sep 25, 2014Close108.063Jan 13, 2015Close116.844Apr 27, 2015Close119.063Aug 7, 2015Close108.313Nov 20, 2015Close103.469Mar 8, 2016Close107.813Jun 20, 2016Close110.875Sep 30, 2016Close119.188Jan 18, 2017Close110.656May 2, 2017Close109.750Aug 14, 2017Close109.906Nov 27, 2017Close112.406Mar 13, 2018Close108.844Jun 25, 2018Close110.688Oct 5, 2018Close103.094Jan 24, 2019Close103.594May 8, 2019Close108.594Aug 20, 2019Close121.000Dec 4, 2019Close121.031Mar 19, 2020Close110.844Jul 1, 2020Close136.469Oct 14, 2020Close142.406Jan 29, 2021Close142.219May 12, 2021Close132.438Aug 24, 2021Close140.188Dec 8, 2021Close142.094Mar 23, 2022Close130.406Jul 7, 2022Close102.938Oct 19, 2022Close88.406Feb 3, 2023Close96.531May 17, 2023Close94.750Aug 30, 2023Close88.938Dec 13, 2023Close87.969Mar 28, 2024Close87.750Jul 11, 2024Close87.531Oct 23, 2024Close87.313Feb 7, 2025Close85.906May 21, 2025Close81.000Sep 4, 2025Close84.125Dec 18, 2025Close84.250Apr 3, 2026Close83.219Jul 17, 2026Close80.219Sep 10, 2026Close78.125
The most recent 20 trading days of prices for 912810RF7.
DateBidOfferClose
Sep 10, 202678.56378.50078.125
Sep 9, 202678.90678.81379.031
Sep 8, 202679.42279.34479.281
Sep 4, 202679.26679.18879.250
Sep 3, 202679.56379.50079.250
Sep 2, 202679.06379.00079.000
Sep 1, 202679.06379.00078.938
Aug 31, 202678.82878.78178.906
Aug 28, 202679.73479.65679.250
Aug 27, 202679.89179.84479.781
Aug 26, 202679.81379.75079.781
Aug 25, 202679.82879.75079.844
Aug 24, 202679.45379.40679.219
Aug 21, 202679.12579.06378.781
Aug 20, 202679.06379.00079.406
Aug 19, 202679.50079.43879.469
Aug 18, 202678.25078.18878.375
Aug 17, 202678.31378.25078.000
Aug 14, 202678.53178.46978.594
Aug 13, 202679.09479.03178.938

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 912810RF7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 20, 2014Feb 28, 2014New issue$9.0bn$9.0bn2.34x1.495%
Jun 19, 2014Jun 30, 2014Reopening$7.0bn$7.0bn2.76x1.116%
Oct 23, 2014Oct 31, 2014Reopening$7.0bn$7.0bn2.29x0.985%

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.