Inflation-linked (TIPS)

912810RR1 · 1% due February 15, 2046

Original term
30-Year
Maturity
Feb 15, 2046
Coupon
1.000%
Pays
Semi-Annual
Dated
Feb 15, 2016
First coupon
Aug 15, 2016
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$28.55bn
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
3.055%
Index ratio
1.4094
Real duration
16.984 yr
DV01
0.1191
Convexity
320.656
Real clean price
70.063
Accrued (real)
0.073
Real dirty price
70.136
Indexed principal
140.936
Money clean price
98.743

The index ratio is a multiplier, not a percentage: 1.4094 means the principal is worth that many times its original face today. So the real clean price of 70.063 is not what a buyer pays , multiply by the ratio to get 98.743 per 100 of original face.

Against the fitted real curve

Priced 2.7 bp cheap to the real curve on that day, 32.01 cents per 100 of face.

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

Real yield, 2,637 observations

-1%0%1%2%3%4%Feb 29, 2016Sep 10, 2026Feb 29, 2016Real yield1.002%May 24, 2016Real yield0.897%Aug 18, 2016Real yield0.607%Nov 15, 2016Real yield0.948%Feb 13, 2017Real yield0.912%May 10, 2017Real yield1.062%Aug 4, 2017Real yield0.987%Oct 31, 2017Real yield0.929%Jan 29, 2018Real yield0.814%Apr 25, 2018Real yield1.032%Jul 20, 2018Real yield0.922%Oct 16, 2018Real yield1.195%Jan 15, 2019Real yield1.224%Apr 11, 2019Real yield0.991%Jul 9, 2019Real yield0.773%Oct 2, 2019Real yield0.526%Dec 31, 2019Real yield0.578%Mar 27, 2020Real yield-0.021%Jun 23, 2020Real yield-0.127%Sep 17, 2020Real yield-0.313%Dec 15, 2020Real yield-0.349%Mar 15, 2021Real yield0.112%Jun 8, 2021Real yield-0.114%Sep 1, 2021Real yield-0.331%Nov 30, 2021Real yield-0.497%Feb 25, 2022Real yield0.114%May 23, 2022Real yield0.876%Aug 18, 2022Real yield1.030%Nov 15, 2022Real yield1.803%Feb 13, 2023Real yield1.619%May 9, 2023Real yield1.697%Aug 4, 2023Real yield1.965%Oct 31, 2023Real yield2.631%Jan 29, 2024Real yield2.111%Apr 23, 2024Real yield2.447%Jul 19, 2024Real yield2.199%Oct 15, 2024Real yield2.066%Jan 13, 2025Real yield2.632%Apr 9, 2025Real yield2.502%Jul 7, 2025Real yield2.603%Sep 30, 2025Real yield2.439%Dec 29, 2025Real yield2.554%Mar 26, 2026Real yield2.683%Jun 22, 2026Real yield2.758%Sep 10, 2026Real yield3.055%

Price history

2,637 trading days to Sep 10, 2026

6080100120140160Feb 29, 2016Sep 10, 2026Feb 29, 2016Close99.938May 24, 2016Close102.688Aug 18, 2016Close110.594Nov 15, 2016Close101.313Feb 13, 2017Close102.250May 10, 2017Close98.469Aug 4, 2017Close100.313Oct 31, 2017Close101.750Jan 29, 2018Close104.656Apr 25, 2018Close99.219Jul 20, 2018Close101.906Oct 16, 2018Close95.469Jan 15, 2019Close94.844Apr 11, 2019Close100.219Jul 9, 2019Close105.438Oct 2, 2019Close111.656Dec 31, 2019Close110.219Mar 27, 2020Close126.500Jun 23, 2020Close129.375Sep 17, 2020Close134.750Dec 15, 2020Close135.531Mar 15, 2021Close121.813Jun 8, 2021Close127.906Sep 1, 2021Close133.938Nov 30, 2021Close138.563Feb 25, 2022Close120.938May 23, 2022Close102.656Aug 18, 2022Close99.375Nov 15, 2022Close84.813Feb 13, 2023Close88.156May 9, 2023Close86.875Aug 4, 2023Close82.500Oct 31, 2023Close72.625Jan 29, 2024Close80.500Apr 23, 2024Close75.656Jul 19, 2024Close79.500Oct 15, 2024Close81.688Jan 13, 2025Close73.719Apr 9, 2025Close75.719Jul 7, 2025Close74.563Sep 30, 2025Close77.000Dec 29, 2025Close75.656Mar 26, 2026Close74.188Jun 22, 2026Close73.469Sep 10, 2026Close70.063
The most recent 20 trading days of prices for 912810RR1.
DateBidOfferClose
Sep 10, 202670.50070.43870.063
Sep 9, 202670.82870.75070.969
Sep 8, 202671.35971.28171.219
Sep 4, 202671.20371.12571.156
Sep 3, 202671.46971.40671.156
Sep 2, 202670.95370.90670.906
Sep 1, 202670.95370.87570.844
Aug 31, 202670.70370.65670.781
Aug 28, 202671.65671.59471.156
Aug 27, 202671.75071.68871.625
Aug 26, 202671.65671.59471.656
Aug 25, 202671.65671.59471.656
Aug 24, 202671.25071.18871.031
Aug 21, 202670.89170.81370.594
Aug 20, 202670.81370.75071.219
Aug 19, 202671.28171.21971.250
Aug 18, 202669.96969.90670.094
Aug 17, 202670.06370.00069.688
Aug 14, 202670.28170.21970.375
Aug 13, 202670.84470.78170.719

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 912810RR1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 18, 2016Feb 29, 2016New issue$7.0bn$9.3bn2.11x1.120%
Jun 22, 2016Jun 30, 2016Reopening$5.0bn$5.7bn2.69x0.905%
Oct 20, 2016Oct 31, 2016Reopening$5.0bn$5.3bn2.28x0.666%

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.