Inflation-linked (TIPS)

912810SG4 · 1% due February 15, 2049

Original term
30-Year
Maturity
Feb 15, 2049
Coupon
1.000%
Pays
Semi-Annual
Dated
Feb 15, 2019
First coupon
Aug 15, 2019
Priced through
Nov 9, 2026
Analyzed through
not analyzed

Statement of October 31, 2026

Amount outstanding
$20.01bn
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
3.115%
Index ratio
1.3335
Real duration
18.970 yr
DV01
0.1261
Convexity
4.06
Real clean price
66.219
Accrued (real)
0.236
Real dirty price
66.455
Indexed principal
133.355
Money clean price
88.306

The index ratio is a multiplier, not a percentage: 1.3335 means the principal is worth that many times its original face today. So the real clean price of 66.219 is not what a buyer pays , multiply by the ratio to get 88.306 per 100 of original face.

Against the fitted real curve

Priced 2.3 bp rich to the real curve on that day, 29.08 cents per 100 of face.

That is -2.59 standard deviations from its own typical residual.

Real yield, 1,926 observations

-1%0%1%2%3%4%Feb 28, 2019Nov 9, 2026Feb 28, 2019Real yield1.113%Mar 13, 2019Real yield1.055%Mar 26, 2019Real yield0.943%Apr 8, 2019Real yield0.983%Apr 22, 2019Real yield1.011%May 3, 2019Real yield0.973%May 16, 2019Real yield0.937%May 30, 2019Real yield0.811%Jun 12, 2019Real yield0.827%Jun 25, 2019Real yield0.785%Jul 9, 2019Real yield0.753%Jul 22, 2019Real yield0.746%Aug 2, 2019Real yield0.688%Aug 15, 2019Real yield0.406%Aug 28, 2019Real yield0.324%Sep 11, 2019Real yield0.561%Sep 24, 2019Real yield0.452%Oct 7, 2019Real yield0.459%Oct 21, 2019Real yield0.603%Nov 1, 2019Real yield0.538%Nov 15, 2019Real yield0.591%Nov 29, 2019Real yield0.502%Dec 12, 2019Real yield0.533%Dec 26, 2019Real yield0.538%Jan 9, 2020Real yield0.517%Jan 23, 2020Real yield0.411%Feb 5, 2020Real yield0.398%Feb 19, 2020Real yield0.290%Mar 3, 2020Real yield0.055%Mar 16, 2020Real yield0.341%Mar 27, 2020Real yield-0.033%Apr 9, 2020Real yield-0.120%Apr 23, 2020Real yield-0.184%May 6, 2020Real yield-0.041%May 19, 2020Real yield-0.063%Jun 2, 2020Real yield-0.033%Jun 15, 2020Real yield-0.046%Jun 26, 2020Real yield-0.186%Jul 10, 2020Real yield-0.215%Jul 23, 2020Real yield-0.334%Aug 5, 2020Real yield-0.445%Aug 18, 2020Real yield-0.344%Aug 31, 2020Real yield-0.348%Sep 14, 2020Real yield-0.318%Sep 25, 2020Real yield-0.332%Oct 8, 2020Real yield-0.285%Oct 22, 2020Real yield-0.229%Nov 4, 2020Real yield-0.270%Nov 18, 2020Real yield-0.243%Dec 2, 2020Real yield-0.294%Dec 15, 2020Real yield-0.345%Dec 29, 2020Real yield-0.345%Jan 12, 2021Real yield-0.233%Jan 26, 2021Real yield-0.301%Feb 8, 2021Real yield-0.233%Feb 22, 2021Real yield0.025%Mar 5, 2021Real yield0.094%Mar 18, 2021Real yield0.187%Mar 31, 2021Real yield0.094%Apr 13, 2021Real yield0.084%Apr 26, 2021Real yield-0.031%May 7, 2021Real yield-0.047%May 20, 2021Real yield0.022%Jun 3, 2021Real yield-0.043%Jun 16, 2021Real yield-0.127%Jun 29, 2021Real yield-0.192%Jul 13, 2021Real yield-0.245%Jul 26, 2021Real yield-0.380%Aug 6, 2021Real yield-0.315%Aug 19, 2021Real yield-0.331%Sep 1, 2021Real yield-0.326%Sep 15, 2021Real yield-0.371%Sep 28, 2021Real yield-0.218%Oct 12, 2021Real yield-0.252%Oct 25, 2021Real yield-0.334%Nov 5, 2021Real yield-0.447%Nov 19, 2021Real yield-0.518%Dec 3, 2021Real yield-0.573%Dec 16, 2021Real yield-0.347%Dec 30, 2021Real yield-0.441%Jan 12, 2022Real yield-0.161%Jan 26, 2022Real yield-0.024%Feb 8, 2022Real yield0.067%Feb 22, 2022Real yield0.122%Mar 7, 2022Real yield-0.213%Mar 18, 2022Real yield-0.046%Mar 31, 2022Real yield0.029%Apr 13, 2022Real yield0.375%Apr 27, 2022Real yield0.435%May 10, 2022Real yield0.777%May 23, 2022Real yield0.805%Jun 6, 2022Real yield0.759%Jun 17, 2022Real yield1.003%Jul 1, 2022Real yield1.064%Jul 15, 2022Real yield1.026%Jul 28, 2022Real yield0.889%Aug 10, 2022Real yield0.955%Aug 23, 2022Real yield1.030%Sep 6, 2022Real yield1.259%Sep 19, 2022Real yield1.429%Sep 30, 2022Real yield1.917%Oct 14, 2022Real yield1.843%Oct 27, 2022Real yield1.854%Nov 9, 2022Real yield1.979%Nov 23, 2022Real yield1.608%Dec 7, 2022Real yield1.310%Dec 20, 2022Real yield1.651%Jan 4, 2023Real yield1.692%Jan 18, 2023Real yield1.506%Jan 31, 2023Real yield1.555%Feb 13, 2023Real yield1.622%Feb 27, 2023Real yield1.714%Mar 10, 2023Real yield1.554%Mar 23, 2023Real yield1.523%Apr 5, 2023Real yield1.468%Apr 18, 2023Real yield1.603%May 1, 2023Real yield1.693%May 12, 2023Real yield1.605%May 25, 2023Real yield1.749%Jun 8, 2023Real yield1.707%Jun 22, 2023Real yield1.680%Jul 6, 2023Real yield1.815%Jul 19, 2023Real yield1.682%Aug 1, 2023Real yield1.883%Aug 14, 2023Real yield2.043%Aug 25, 2023Real yield2.046%Sep 8, 2023Real yield2.071%Sep 21, 2023Real yield2.262%Oct 4, 2023Real yield2.515%Oct 18, 2023Real yield2.589%Oct 31, 2023Real yield2.595%Nov 13, 2023Real yield2.418%Nov 27, 2023Real yield2.299%Dec 8, 2023Real yield2.134%Dec 21, 2023Real yield1.941%Jan 5, 2024Real yield2.093%Jan 19, 2024Real yield2.088%Feb 1, 2024Real yield1.963%Feb 14, 2024Real yield2.211%Feb 28, 2024Real yield2.158%Mar 12, 2024Real yield2.094%Mar 25, 2024Real yield2.198%Apr 8, 2024Real yield2.267%Apr 19, 2024Real yield2.408%May 2, 2024Real yield2.409%May 15, 2024Real yield2.227%May 29, 2024Real yield2.399%Jun 11, 2024Real yield2.259%Jun 25, 2024Real yield2.150%Jul 9, 2024Real yield2.236%Jul 22, 2024Real yield2.210%Aug 2, 2024Real yield2.057%Aug 15, 2024Real yield2.073%Aug 28, 2024Real yield1.991%Sep 11, 2024Real yield1.918%Sep 24, 2024Real yield1.921%Oct 7, 2024Real yield2.079%Oct 21, 2024Real yield2.209%Nov 1, 2024Real yield2.277%Nov 15, 2024Real yield2.330%Nov 29, 2024Real yield2.176%Dec 12, 2024Real yield2.304%Dec 26, 2024Real yield2.463%Jan 9, 2025Real yield2.609%Jan 23, 2025Real yield2.515%Feb 5, 2025Real yield2.293%Feb 19, 2025Real yield2.407%Mar 4, 2025Real yield2.259%Mar 17, 2025Real yield2.374%Mar 28, 2025Real yield2.368%Apr 10, 2025Real yield2.726%Apr 24, 2025Real yield2.541%May 7, 2025Real yield2.558%May 20, 2025Real yield2.665%Jun 3, 2025Real yield2.692%Jun 16, 2025Real yield2.696%Jun 30, 2025Real yield2.539%Jul 14, 2025Real yield2.666%Jul 25, 2025Real yield2.616%Aug 7, 2025Real yield2.577%Aug 20, 2025Real yield2.666%Sep 3, 2025Real yield2.625%Sep 16, 2025Real yield2.411%Sep 29, 2025Real yield2.473%Oct 10, 2025Real yield2.406%Oct 24, 2025Real yield2.371%Nov 6, 2025Real yield2.479%Nov 20, 2025Real yield2.534%Dec 4, 2025Real yield2.547%Dec 17, 2025Real yield2.625%Dec 31, 2025Real yield2.638%Jan 14, 2026Real yield2.562%Jan 28, 2026Real yield2.579%Feb 10, 2026Real yield2.532%Feb 24, 2026Real yield2.485%Mar 9, 2026Real yield2.521%Mar 20, 2026Real yield2.739%Apr 2, 2026Real yield2.669%Apr 15, 2026Real yield2.636%Apr 28, 2026Real yield2.685%May 11, 2026Real yield2.712%May 22, 2026Real yield2.792%Jun 5, 2026Real yield2.765%Jun 18, 2026Real yield2.724%Jul 2, 2026Real yield2.825%Jul 16, 2026Real yield2.944%Jul 29, 2026Real yield3.031%Aug 11, 2026Real yield3.041%Aug 24, 2026Real yield2.988%Sep 4, 2026Real yield2.982%Sep 18, 2026Real yield3.114%Oct 1, 2026Real yield3.357%Oct 15, 2026Real yield3.209%Oct 28, 2026Real yield3.137%Nov 9, 2026Real yield3.115%

Price history

1,926 trading days to Nov 9, 2026

6080100120140160Feb 28, 2019Nov 9, 2026Feb 28, 2019Close97.125Mar 13, 2019Close98.594Mar 26, 2019Close101.469Apr 8, 2019Close100.438Apr 22, 2019Close99.719May 3, 2019Close100.688May 16, 2019Close101.625May 30, 2019Close104.969Jun 12, 2019Close104.531Jun 25, 2019Close105.688Jul 9, 2019Close106.531Jul 22, 2019Close106.719Aug 2, 2019Close108.313Aug 15, 2019Close116.500Aug 28, 2019Close118.969Sep 11, 2019Close111.906Sep 24, 2019Close115.063Oct 7, 2019Close114.844Oct 21, 2019Close110.656Nov 1, 2019Close112.500Nov 15, 2019Close110.969Nov 29, 2019Close113.500Dec 12, 2019Close112.594Dec 26, 2019Close112.438Jan 9, 2020Close113.031Jan 23, 2020Close116.125Feb 5, 2020Close116.500Feb 19, 2020Close119.719Mar 3, 2020Close127.125Mar 16, 2020Close118.125Mar 27, 2020Close129.969Apr 9, 2020Close132.875Apr 23, 2020Close135.031May 6, 2020Close130.125May 19, 2020Close130.844Jun 2, 2020Close129.781Jun 15, 2020Close130.188Jun 26, 2020Close134.906Jul 10, 2020Close135.844Jul 23, 2020Close140.000Aug 5, 2020Close144.000Aug 18, 2020Close140.250Aug 31, 2020Close140.344Sep 14, 2020Close139.219Sep 25, 2020Close139.688Oct 8, 2020Close137.969Oct 22, 2020Close135.969Nov 4, 2020Close137.344Nov 18, 2020Close136.344Dec 2, 2020Close138.063Dec 15, 2020Close139.813Dec 29, 2020Close139.781Jan 12, 2021Close135.813Jan 26, 2021Close138.094Feb 8, 2021Close135.719Feb 22, 2021Close127.188Mar 5, 2021Close124.969Mar 18, 2021Close122.094Mar 31, 2021Close124.906Apr 13, 2021Close125.188Apr 26, 2021Close128.781May 7, 2021Close129.281May 20, 2021Close127.031Jun 3, 2021Close129.063Jun 16, 2021Close131.750Jun 29, 2021Close133.844Jul 13, 2021Close135.563Jul 26, 2021Close140.125Aug 6, 2021Close137.844Aug 19, 2021Close138.344Sep 1, 2021Close138.125Sep 15, 2021Close139.594Sep 28, 2021Close134.375Oct 12, 2021Close135.469Oct 25, 2021Close138.156Nov 5, 2021Close142.031Nov 19, 2021Close144.469Dec 3, 2021Close146.344Dec 16, 2021Close138.406Dec 30, 2021Close141.563Jan 12, 2022Close132.156Jan 26, 2022Close127.781Feb 8, 2022Close124.969Feb 22, 2022Close123.281Mar 7, 2022Close133.656Mar 18, 2022Close128.313Mar 31, 2022Close126.000Apr 13, 2022Close115.938Apr 27, 2022Close114.281May 10, 2022Close105.375May 23, 2022Close104.688Jun 6, 2022Close105.813Jun 17, 2022Close99.938Jul 1, 2022Close98.531Jul 15, 2022Close99.406Jul 28, 2022Close102.625Aug 10, 2022Close101.063Aug 23, 2022Close99.313Sep 6, 2022Close94.188Sep 19, 2022Close90.594Sep 30, 2022Close81.094Oct 14, 2022Close82.469Oct 27, 2022Close82.281Nov 9, 2022Close80.031Nov 23, 2022Close87.031Dec 7, 2022Close93.156Dec 20, 2022Close86.219Jan 4, 2023Close85.438Jan 18, 2023Close89.125Jan 31, 2023Close88.156Feb 13, 2023Close86.844Feb 27, 2023Close85.094Mar 10, 2023Close88.219Mar 23, 2023Close88.844Apr 5, 2023Close89.969Apr 18, 2023Close87.281May 1, 2023Close85.563May 12, 2023Close87.281May 25, 2023Close84.531Jun 8, 2023Close85.344Jun 22, 2023Close85.875Jul 6, 2023Close83.375Jul 19, 2023Close85.875Aug 1, 2023Close82.156Aug 14, 2023Close79.344Aug 25, 2023Close79.313Sep 8, 2023Close78.906Sep 21, 2023Close75.719Oct 4, 2023Close71.719Oct 18, 2023Close70.625Oct 31, 2023Close70.563Nov 13, 2023Close73.313Nov 27, 2023Close75.250Dec 8, 2023Close78.000Dec 21, 2023Close81.344Jan 5, 2024Close78.750Jan 19, 2024Close78.844Feb 1, 2024Close81.031Feb 14, 2024Close76.844Feb 28, 2024Close77.750Mar 12, 2024Close78.844Mar 25, 2024Close77.125Apr 8, 2024Close76.031Apr 19, 2024Close73.813May 2, 2024Close73.813May 15, 2024Close76.750May 29, 2024Close74.031Jun 11, 2024Close76.281Jun 25, 2024Close78.094Jul 9, 2024Close76.719Jul 22, 2024Close77.156Aug 2, 2024Close79.719Aug 15, 2024Close79.469Aug 28, 2024Close80.875Sep 11, 2024Close82.156Sep 24, 2024Close82.125Oct 7, 2024Close79.469Oct 21, 2024Close77.344Nov 1, 2024Close76.281Nov 15, 2024Close75.469Nov 29, 2024Close77.969Dec 12, 2024Close75.938Dec 26, 2024Close73.500Jan 9, 2025Close71.344Jan 23, 2025Close72.781Feb 5, 2025Close76.219Feb 19, 2025Close74.469Mar 4, 2025Close76.813Mar 17, 2025Close75.031Mar 28, 2025Close75.156Apr 10, 2025Close69.875Apr 24, 2025Close72.594May 7, 2025Close72.375May 20, 2025Close70.844Jun 3, 2025Close70.500Jun 16, 2025Close70.469Jun 30, 2025Close72.781Jul 14, 2025Close70.969Jul 25, 2025Close71.719Aug 7, 2025Close72.313Aug 20, 2025Close71.063Sep 3, 2025Close71.688Sep 16, 2025Close74.875Sep 29, 2025Close73.969Oct 10, 2025Close75.000Oct 24, 2025Close75.563Nov 6, 2025Close73.969Nov 20, 2025Close73.188Dec 4, 2025Close73.031Dec 17, 2025Close71.938Dec 31, 2025Close71.781Jan 14, 2026Close72.906Jan 28, 2026Close72.688Feb 10, 2026Close73.406Feb 24, 2026Close74.125Mar 9, 2026Close73.625Mar 20, 2026Close70.563Apr 2, 2026Close71.563Apr 15, 2026Close72.063Apr 28, 2026Close71.406May 11, 2026Close71.063May 22, 2026Close70.000Jun 5, 2026Close70.406Jun 18, 2026Close71.000Jul 2, 2026Close69.656Jul 16, 2026Close68.094Jul 29, 2026Close67.000Aug 11, 2026Close66.906Aug 24, 2026Close67.625Sep 4, 2026Close67.750Sep 18, 2026Close66.094Oct 1, 2026Close63.125Oct 15, 2026Close64.969Oct 28, 2026Close65.906Nov 9, 2026Close66.219
The most recent 20 trading days of prices for 912810SG4.
DateBidOfferClose
Nov 9, 202666.28166.34466.219
Nov 6, 202666.62566.68866.438
Nov 5, 202666.50066.59466.594
Nov 4, 202665.93866.00066.281
Nov 3, 202666.28166.37566.125
Nov 2, 202666.93867.00066.438
Oct 30, 202666.40666.46966.250
Oct 29, 202666.50066.56366.406
Oct 28, 202666.34466.40665.906
Oct 27, 202666.53166.59466.625
Oct 26, 202666.37566.45366.375
Oct 23, 202666.46966.53166.281
Oct 22, 202666.12566.20366.688
Oct 21, 202665.43865.51665.375
Oct 20, 202665.12565.20365.250
Oct 19, 202664.84464.90664.531
Oct 16, 202665.37565.45365.250
Oct 15, 202665.06365.15664.969
Oct 14, 202663.75063.82864.188
Oct 13, 202663.68863.76663.688

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 912810SG4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 21, 2019Feb 28, 2019New issue$8.0bn$8.4bn2.46x1.093%
Aug 22, 2019Aug 30, 2019Reopening$7.0bn$7.0bn2.70x0.501%

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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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.