Inflation-linked (TIPS)

912810TP3 · 1.5% due February 15, 2053

Original term
30-Year
Maturity
Feb 15, 2053
Coupon
1.500%
Pays
Semi-Annual
Dated
Feb 15, 2023
First coupon
Aug 15, 2023
Priced through
Nov 9, 2026
Analyzed through
not analyzed

Statement of October 31, 2026

Amount outstanding
$21.39bn
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
3.125%
Index ratio
1.1289
Real duration
20.331 yr
DV01
0.1451
Convexity
4.94
Real clean price
71.031
Accrued (real)
0.355
Real dirty price
71.386
Indexed principal
112.889
Money clean price
80.187

The index ratio is a multiplier, not a percentage: 1.1289 means the principal is worth that many times its original face today. So the real clean price of 71.031 is not what a buyer pays , multiply by the ratio to get 80.187 per 100 of original face.

Against the fitted real curve

Priced 0.2 bp rich to the real curve on that day, 2.88 cents per 100 of face.

That is 0.22 standard deviations from its own typical residual.

Real yield, 926 observations

1.0%1.5%2.0%2.5%3.0%3.5%Feb 28, 2023Nov 9, 2026Feb 28, 2023Real yield1.569%Mar 6, 2023Real yield1.537%Mar 10, 2023Real yield1.452%Mar 16, 2023Real yield1.481%Mar 22, 2023Real yield1.424%Mar 28, 2023Real yield1.504%Apr 3, 2023Real yield1.430%Apr 7, 2023Real yield1.401%Apr 13, 2023Real yield1.401%Apr 19, 2023Real yield1.529%Apr 25, 2023Real yield1.428%May 1, 2023Real yield1.615%May 5, 2023Real yield1.534%May 11, 2023Real yield1.534%May 17, 2023Real yield1.606%May 23, 2023Real yield1.648%May 30, 2023Real yield1.620%Jun 5, 2023Real yield1.665%Jun 9, 2023Real yield1.648%Jun 15, 2023Real yield1.628%Jun 22, 2023Real yield1.628%Jun 28, 2023Real yield1.613%Jul 5, 2023Real yield1.702%Jul 11, 2023Real yield1.796%Jul 17, 2023Real yield1.666%Jul 21, 2023Real yield1.619%Jul 27, 2023Real yield1.766%Aug 2, 2023Real yield1.856%Aug 8, 2023Real yield1.881%Aug 14, 2023Real yield1.982%Aug 18, 2023Real yield2.084%Aug 24, 2023Real yield1.982%Aug 30, 2023Real yield1.972%Sep 6, 2023Real yield2.083%Sep 12, 2023Real yield2.026%Sep 18, 2023Real yield2.057%Sep 22, 2023Real yield2.162%Sep 28, 2023Real yield2.294%Oct 4, 2023Real yield2.442%Oct 11, 2023Real yield2.343%Oct 17, 2023Real yield2.473%Oct 23, 2023Real yield2.524%Oct 27, 2023Real yield2.519%Nov 2, 2023Real yield2.323%Nov 8, 2023Real yield2.178%Nov 14, 2023Real yield2.245%Nov 20, 2023Real yield2.200%Nov 27, 2023Real yield2.219%Dec 1, 2023Real yield2.126%Dec 7, 2023Real yield2.025%Dec 13, 2023Real yield2.001%Dec 19, 2023Real yield1.871%Dec 26, 2023Real yield1.896%Jan 2, 2024Real yield1.917%Jan 8, 2024Real yield1.982%Jan 12, 2024Real yield1.958%Jan 19, 2024Real yield2.038%Jan 25, 2024Real yield2.114%Jan 31, 2024Real yield2.001%Feb 6, 2024Real yield2.068%Feb 12, 2024Real yield2.156%Feb 16, 2024Real yield2.176%Feb 23, 2024Real yield2.120%Feb 29, 2024Real yield2.100%Mar 6, 2024Real yield1.984%Mar 12, 2024Real yield2.063%Mar 18, 2024Real yield2.200%Mar 22, 2024Real yield2.107%Mar 28, 2024Real yield2.081%Apr 4, 2024Real yield2.179%Apr 10, 2024Real yield2.302%Apr 16, 2024Real yield2.416%Apr 22, 2024Real yield2.379%Apr 26, 2024Real yield2.394%May 2, 2024Real yield2.384%May 8, 2024Real yield2.317%May 14, 2024Real yield2.266%May 20, 2024Real yield2.247%May 24, 2024Real yield2.255%May 31, 2024Real yield2.301%Jun 6, 2024Real yield2.141%Jun 12, 2024Real yield2.215%Jun 18, 2024Real yield2.110%Jun 25, 2024Real yield2.126%Jul 1, 2024Real yield2.326%Jul 8, 2024Real yield2.176%Jul 12, 2024Real yield2.128%Jul 18, 2024Real yield2.135%Jul 24, 2024Real yield2.265%Jul 30, 2024Real yield2.161%Aug 5, 2024Real yield1.964%Aug 9, 2024Real yield2.093%Aug 15, 2024Real yield2.054%Aug 21, 2024Real yield1.971%Aug 27, 2024Real yield1.975%Sep 3, 2024Real yield2.000%Sep 9, 2024Real yield1.935%Sep 13, 2024Real yield1.892%Sep 19, 2024Real yield1.902%Sep 25, 2024Real yield1.958%Oct 1, 2024Real yield1.894%Oct 7, 2024Real yield2.059%Oct 11, 2024Real yield2.082%Oct 18, 2024Real yield2.087%Oct 24, 2024Real yield2.174%Oct 30, 2024Real yield2.164%Nov 5, 2024Real yield2.165%Nov 12, 2024Real yield2.275%Nov 18, 2024Real yield2.304%Nov 22, 2024Real yield2.294%Nov 29, 2024Real yield2.151%Dec 5, 2024Real yield2.129%Dec 11, 2024Real yield2.227%Dec 17, 2024Real yield2.331%Dec 23, 2024Real yield2.479%Dec 30, 2024Real yield2.481%Jan 6, 2025Real yield2.542%Jan 10, 2025Real yield2.612%Jan 16, 2025Real yield2.516%Jan 23, 2025Real yield2.506%Jan 29, 2025Real yield2.429%Feb 4, 2025Real yield2.379%Feb 10, 2025Real yield2.362%Feb 14, 2025Real yield2.363%Feb 21, 2025Real yield2.351%Feb 27, 2025Real yield2.307%Mar 5, 2025Real yield2.329%Mar 11, 2025Real yield2.357%Mar 17, 2025Real yield2.375%Mar 21, 2025Real yield2.351%Mar 27, 2025Real yield2.442%Apr 2, 2025Real yield2.318%Apr 8, 2025Real yield2.537%Apr 14, 2025Real yield2.616%Apr 21, 2025Real yield2.699%Apr 25, 2025Real yield2.542%May 1, 2025Real yield2.541%May 7, 2025Real yield2.554%May 13, 2025Real yield2.671%May 19, 2025Real yield2.619%May 23, 2025Real yield2.751%May 30, 2025Real yield2.624%Jun 5, 2025Real yield2.632%Jun 11, 2025Real yield2.666%Jun 17, 2025Real yield2.616%Jun 24, 2025Real yield2.593%Jun 30, 2025Real yield2.535%Jul 7, 2025Real yield2.644%Jul 11, 2025Real yield2.669%Jul 17, 2025Real yield2.673%Jul 23, 2025Real yield2.662%Jul 29, 2025Real yield2.585%Aug 4, 2025Real yield2.569%Aug 8, 2025Real yield2.590%Aug 14, 2025Real yield2.632%Aug 20, 2025Real yield2.674%Aug 26, 2025Real yield2.641%Sep 2, 2025Real yield2.711%Sep 8, 2025Real yield2.490%Sep 12, 2025Real yield2.455%Sep 18, 2025Real yield2.485%Sep 24, 2025Real yield2.522%Sep 30, 2025Real yield2.515%Oct 6, 2025Real yield2.550%Oct 10, 2025Real yield2.432%Oct 17, 2025Real yield2.431%Oct 23, 2025Real yield2.385%Oct 29, 2025Real yield2.401%Nov 4, 2025Real yield2.482%Nov 10, 2025Real yield2.502%Nov 17, 2025Real yield2.528%Nov 21, 2025Real yield2.541%Nov 28, 2025Real yield2.509%Dec 4, 2025Real yield2.566%Dec 10, 2025Real yield2.578%Dec 16, 2025Real yield2.627%Dec 22, 2025Real yield2.657%Dec 29, 2025Real yield2.622%Jan 5, 2026Real yield2.640%Jan 9, 2026Real yield2.608%Jan 15, 2026Real yield2.577%Jan 22, 2026Real yield2.606%Jan 28, 2026Real yield2.595%Feb 3, 2026Real yield2.646%Feb 9, 2026Real yield2.602%Feb 13, 2026Real yield2.483%Feb 20, 2026Real yield2.516%Feb 26, 2026Real yield2.469%Mar 4, 2026Real yield2.535%Mar 10, 2026Real yield2.593%Mar 16, 2026Real yield2.644%Mar 20, 2026Real yield2.748%Mar 26, 2026Real yield2.725%Apr 1, 2026Real yield2.726%Apr 7, 2026Real yield2.688%Apr 13, 2026Real yield2.672%Apr 17, 2026Real yield2.680%Apr 23, 2026Real yield2.678%Apr 29, 2026Real yield2.737%May 5, 2026Real yield2.720%May 11, 2026Real yield2.726%May 15, 2026Real yield2.843%May 21, 2026Real yield2.837%May 28, 2026Real yield2.730%Jun 3, 2026Real yield2.748%Jun 9, 2026Real yield2.782%Jun 15, 2026Real yield2.749%Jun 22, 2026Real yield2.781%Jun 26, 2026Real yield2.717%Jul 2, 2026Real yield2.824%Jul 9, 2026Real yield2.891%Jul 15, 2026Real yield2.916%Jul 21, 2026Real yield2.955%Jul 27, 2026Real yield3.001%Jul 31, 2026Real yield3.084%Aug 6, 2026Real yield3.032%Aug 12, 2026Real yield3.039%Aug 18, 2026Real yield3.074%Aug 24, 2026Real yield3.001%Aug 28, 2026Real yield2.991%Sep 3, 2026Real yield2.994%Sep 10, 2026Real yield3.087%Sep 16, 2026Real yield3.118%Sep 22, 2026Real yield3.072%Sep 28, 2026Real yield3.319%Oct 2, 2026Real yield3.379%Oct 8, 2026Real yield3.353%Oct 15, 2026Real yield3.217%Oct 21, 2026Real yield3.187%Oct 27, 2026Real yield3.091%Nov 2, 2026Real yield3.107%Nov 6, 2026Real yield3.108%Nov 9, 2026Real yield3.125%

Price history

926 trading days to Nov 9, 2026

60708090100110Feb 28, 2023Nov 9, 2026Feb 28, 2023Close98.344Mar 6, 2023Close99.125Mar 10, 2023Close101.156Mar 16, 2023Close100.469Mar 22, 2023Close101.844Mar 28, 2023Close99.906Apr 3, 2023Close101.688Apr 7, 2023Close102.406Apr 13, 2023Close102.406Apr 19, 2023Close99.313Apr 25, 2023Close101.750May 1, 2023Close97.281May 5, 2023Close99.188May 11, 2023Close99.188May 17, 2023Close97.500May 23, 2023Close96.531May 30, 2023Close97.188Jun 5, 2023Close96.156Jun 9, 2023Close96.531Jun 15, 2023Close97.000Jun 22, 2023Close97.000Jun 28, 2023Close97.344Jul 5, 2023Close95.313Jul 11, 2023Close93.219Jul 17, 2023Close96.125Jul 21, 2023Close97.219Jul 27, 2023Close93.906Aug 2, 2023Close91.938Aug 8, 2023Close91.406Aug 14, 2023Close89.281Aug 18, 2023Close87.188Aug 24, 2023Close89.281Aug 30, 2023Close89.500Sep 6, 2023Close87.219Sep 12, 2023Close88.375Sep 18, 2023Close87.750Sep 22, 2023Close85.656Sep 28, 2023Close83.094Oct 4, 2023Close80.344Oct 11, 2023Close82.188Oct 17, 2023Close79.781Oct 23, 2023Close78.875Oct 27, 2023Close78.969Nov 2, 2023Close82.594Nov 8, 2023Close85.375Nov 14, 2023Close84.094Nov 20, 2023Close84.969Nov 27, 2023Close84.594Dec 1, 2023Close86.438Dec 7, 2023Close88.469Dec 13, 2023Close88.969Dec 19, 2023Close91.688Dec 26, 2023Close91.156Jan 2, 2024Close90.719Jan 8, 2024Close89.375Jan 12, 2024Close89.875Jan 19, 2024Close88.250Jan 25, 2024Close86.719Jan 31, 2024Close89.000Feb 6, 2024Close87.656Feb 12, 2024Close85.906Feb 16, 2024Close85.531Feb 23, 2024Close86.625Feb 29, 2024Close87.031Mar 6, 2024Close89.375Mar 12, 2024Close87.781Mar 18, 2024Close85.094Mar 22, 2024Close86.906Mar 28, 2024Close87.438Apr 4, 2024Close85.500Apr 10, 2024Close83.156Apr 16, 2024Close81.063Apr 22, 2024Close81.750Apr 26, 2024Close81.469May 2, 2024Close81.656May 8, 2024Close82.906May 14, 2024Close83.875May 20, 2024Close84.250May 24, 2024Close84.094May 31, 2024Close83.250Jun 6, 2024Close86.313Jun 12, 2024Close84.875Jun 18, 2024Close86.938Jun 25, 2024Close86.625Jul 1, 2024Close82.813Jul 8, 2024Close85.656Jul 12, 2024Close86.594Jul 18, 2024Close86.469Jul 24, 2024Close83.969Jul 30, 2024Close85.969Aug 5, 2024Close89.906Aug 9, 2024Close87.313Aug 15, 2024Close88.094Aug 21, 2024Close89.781Aug 27, 2024Close89.688Sep 3, 2024Close89.188Sep 9, 2024Close90.531Sep 13, 2024Close91.406Sep 19, 2024Close91.219Sep 25, 2024Close90.063Oct 1, 2024Close91.375Oct 7, 2024Close88.031Oct 11, 2024Close87.594Oct 18, 2024Close87.500Oct 24, 2024Close85.813Oct 30, 2024Close86.000Nov 5, 2024Close86.000Nov 12, 2024Close83.906Nov 18, 2024Close83.375Nov 22, 2024Close83.563Nov 29, 2024Close86.281Dec 5, 2024Close86.719Dec 11, 2024Close84.844Dec 17, 2024Close82.906Dec 23, 2024Close80.250Dec 30, 2024Close80.219Jan 6, 2025Close79.156Jan 10, 2025Close77.969Jan 16, 2025Close79.625Jan 23, 2025Close79.813Jan 29, 2025Close81.188Feb 4, 2025Close82.094Feb 10, 2025Close82.406Feb 14, 2025Close82.406Feb 21, 2025Close82.625Feb 27, 2025Close83.438Mar 5, 2025Close83.031Mar 11, 2025Close82.531Mar 17, 2025Close82.219Mar 21, 2025Close82.656Mar 27, 2025Close81.031Apr 2, 2025Close83.281Apr 8, 2025Close79.375Apr 14, 2025Close78.031Apr 21, 2025Close76.656Apr 25, 2025Close79.313May 1, 2025Close79.344May 7, 2025Close79.125May 13, 2025Close77.156May 19, 2025Close78.031May 23, 2025Close75.844May 30, 2025Close77.969Jun 5, 2025Close77.844Jun 11, 2025Close77.281Jun 17, 2025Close78.125Jun 24, 2025Close78.531Jun 30, 2025Close79.531Jul 7, 2025Close77.688Jul 11, 2025Close77.281Jul 17, 2025Close77.219Jul 23, 2025Close77.406Jul 29, 2025Close78.719Aug 4, 2025Close79.000Aug 8, 2025Close78.656Aug 14, 2025Close77.938Aug 20, 2025Close77.250Aug 26, 2025Close77.813Sep 2, 2025Close76.656Sep 8, 2025Close80.406Sep 12, 2025Close81.031Sep 18, 2025Close80.500Sep 24, 2025Close79.875Sep 30, 2025Close80.000Oct 6, 2025Close79.406Oct 10, 2025Close81.469Oct 17, 2025Close81.500Oct 23, 2025Close82.313Oct 29, 2025Close82.031Nov 4, 2025Close80.625Nov 10, 2025Close80.281Nov 17, 2025Close79.844Nov 21, 2025Close79.625Nov 28, 2025Close80.188Dec 4, 2025Close79.219Dec 10, 2025Close79.031Dec 16, 2025Close78.219Dec 22, 2025Close77.719Dec 29, 2025Close78.313Jan 5, 2026Close78.031Jan 9, 2026Close78.563Jan 15, 2026Close79.094Jan 22, 2026Close78.625Jan 28, 2026Close78.813Feb 3, 2026Close77.969Feb 9, 2026Close78.719Feb 13, 2026Close80.750Feb 20, 2026Close80.188Feb 26, 2026Close81.000Mar 4, 2026Close79.875Mar 10, 2026Close78.906Mar 16, 2026Close78.063Mar 20, 2026Close76.375Mar 26, 2026Close76.750Apr 1, 2026Close76.750Apr 7, 2026Close77.375Apr 13, 2026Close77.656Apr 17, 2026Close77.531Apr 23, 2026Close77.563Apr 29, 2026Close76.625May 5, 2026Close76.906May 11, 2026Close76.813May 15, 2026Close74.969May 21, 2026Close75.063May 28, 2026Close76.781Jun 3, 2026Close76.500Jun 9, 2026Close75.969Jun 15, 2026Close76.500Jun 22, 2026Close76.000Jun 26, 2026Close77.031Jul 2, 2026Close75.344Jul 9, 2026Close74.313Jul 15, 2026Close73.938Jul 21, 2026Close73.344Jul 27, 2026Close72.656Jul 31, 2026Close71.438Aug 6, 2026Close72.219Aug 12, 2026Close72.125Aug 18, 2026Close71.625Aug 24, 2026Close72.719Aug 28, 2026Close72.875Sep 3, 2026Close72.844Sep 10, 2026Close71.469Sep 16, 2026Close71.031Sep 22, 2026Close71.719Sep 28, 2026Close68.188Oct 2, 2026Close67.375Oct 8, 2026Close67.750Oct 15, 2026Close69.656Oct 21, 2026Close70.094Oct 27, 2026Close71.500Nov 2, 2026Close71.281Nov 6, 2026Close71.281Nov 9, 2026Close71.031
The most recent 20 trading days of prices for 912810TP3.
DateBidOfferClose
Nov 9, 202671.09471.15671.031
Nov 6, 202671.46971.54771.281
Nov 5, 202671.37571.45371.438
Nov 4, 202670.68870.76671.094
Nov 3, 202671.09471.17270.906
Nov 2, 202671.81371.87571.281
Oct 30, 202671.21971.28171.031
Oct 29, 202671.34471.40671.219
Oct 28, 202671.18871.25070.719
Oct 27, 202671.43871.48471.500
Oct 26, 202671.25071.32871.250
Oct 23, 202671.34471.40671.094
Oct 22, 202670.96971.04771.594
Oct 21, 202670.18870.26670.094
Oct 20, 202669.84469.92269.969
Oct 19, 202669.53169.59469.188
Oct 16, 202670.12570.20370.000
Oct 15, 202669.78169.87569.656
Oct 14, 202668.25068.32868.781
Oct 13, 202668.21968.29768.188

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 912810TP3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 16, 2023Feb 28, 2023New issue$9.0bn$11.0bn2.38x1.550%
Aug 24, 2023Aug 31, 2023Reopening$8.0bn$8.8bn2.42x1.970%

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.