Inflation-linked (TIPS)

912810TY4 · 2.125% due February 15, 2054

Original term
30-Year
Maturity
Feb 15, 2054
Coupon
2.125%
Pays
Semi-Annual
Dated
Feb 15, 2024
First coupon
Aug 15, 2024
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$18.82bn
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
3.093%
Index ratio
1.0881
Real duration
19.775 yr
DV01
0.1628
Convexity
486.341
Real clean price
82.188
Accrued (real)
0.156
Real dirty price
82.343
Indexed principal
108.810
Money clean price
89.428

The index ratio is a multiplier, not a percentage: 1.0881 means the principal is worth that many times its original face today. So the real clean price of 82.188 is not what a buyer pays , multiply by the ratio to get 89.428 per 100 of original face.

Against the fitted real curve

Priced 1.4 bp cheap to the real curve on that day, 23.47 cents per 100 of face.

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

Real yield, 635 observations

1.75%2.00%2.25%2.50%2.75%3.00%3.25%Feb 29, 2024Sep 10, 2026Feb 29, 2024Real yield2.091%Mar 21, 2024Real yield2.141%Apr 11, 2024Real yield2.310%May 2, 2024Real yield2.376%May 23, 2024Real yield2.264%Jun 14, 2024Real yield2.116%Jul 9, 2024Real yield2.207%Jul 30, 2024Real yield2.162%Aug 20, 2024Real yield1.986%Sep 11, 2024Real yield1.909%Oct 2, 2024Real yield1.924%Oct 24, 2024Real yield2.174%Nov 15, 2024Real yield2.308%Dec 9, 2024Real yield2.177%Dec 31, 2024Real yield2.484%Jan 23, 2025Real yield2.505%Feb 13, 2025Real yield2.383%Mar 7, 2025Real yield2.363%Mar 28, 2025Real yield2.373%Apr 18, 2025Real yield2.608%May 9, 2025Real yield2.609%Jun 2, 2025Real yield2.693%Jun 24, 2025Real yield2.582%Jul 16, 2025Real yield2.680%Aug 6, 2025Real yield2.585%Aug 27, 2025Real yield2.636%Sep 18, 2025Real yield2.476%Oct 9, 2025Real yield2.489%Oct 31, 2025Real yield2.456%Nov 24, 2025Real yield2.515%Dec 16, 2025Real yield2.618%Jan 8, 2026Real yield2.641%Jan 30, 2026Real yield2.628%Feb 23, 2026Real yield2.511%Mar 16, 2026Real yield2.648%Apr 6, 2026Real yield2.673%Apr 27, 2026Real yield2.707%May 18, 2026Real yield2.852%Jun 9, 2026Real yield2.782%Jul 1, 2026Real yield2.808%Jul 23, 2026Real yield2.999%Aug 13, 2026Real yield3.017%Sep 3, 2026Real yield3.002%Sep 10, 2026Real yield3.093%

Price history

635 trading days to Sep 10, 2026

80859095100105110Feb 29, 2024Sep 10, 2026Feb 29, 2024Close100.750Mar 21, 2024Close99.656Apr 11, 2024Close96.031May 2, 2024Close94.656May 23, 2024Close97.000Jun 14, 2024Close100.188Jul 9, 2024Close98.219Jul 30, 2024Close99.188Aug 20, 2024Close103.094Sep 11, 2024Close104.844Oct 2, 2024Close104.500Oct 24, 2024Close98.938Nov 15, 2024Close96.125Dec 9, 2024Close98.875Dec 31, 2024Close92.594Jan 23, 2025Close92.188Feb 13, 2025Close94.625Mar 7, 2025Close95.031Mar 28, 2025Close94.844Apr 18, 2025Close90.250May 9, 2025Close90.250Jun 2, 2025Close88.688Jun 24, 2025Close90.781Jul 16, 2025Close88.969Aug 6, 2025Close90.750Aug 27, 2025Close89.813Sep 18, 2025Close92.875Oct 9, 2025Close92.625Oct 31, 2025Close93.281Nov 24, 2025Close92.156Dec 16, 2025Close90.219Jan 8, 2026Close89.813Jan 30, 2026Close90.063Feb 23, 2026Close92.281Mar 16, 2026Close89.719Apr 6, 2026Close89.281Apr 27, 2026Close88.688May 18, 2026Close86.125Jun 9, 2026Close87.375Jul 1, 2026Close86.938Jul 23, 2026Close83.688Aug 13, 2026Close83.406Sep 3, 2026Close83.688Sep 10, 2026Close82.188
The most recent 20 trading days of prices for 912810TY4.
DateBidOfferClose
Sep 10, 202682.65682.59482.188
Sep 9, 202683.17283.09483.375
Sep 8, 202683.90683.84483.750
Sep 4, 202683.68883.62583.750
Sep 3, 202684.10984.06383.688
Sep 2, 202683.48483.43883.438
Sep 1, 202683.50083.43883.344
Aug 31, 202683.09483.03183.219
Aug 28, 202684.45384.37583.750
Aug 27, 202684.51684.46984.406
Aug 26, 202684.35984.31384.375
Aug 25, 202684.34484.28184.375
Aug 24, 202683.84483.78183.531
Aug 21, 202683.34483.28182.938
Aug 20, 202683.26683.21983.844
Aug 19, 202683.98483.93883.906
Aug 18, 202682.18882.12582.375
Aug 17, 202682.40682.34481.875
Aug 14, 202682.75082.68882.906
Aug 13, 202683.59483.53183.406

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.

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 912810TY4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 22, 2024Feb 29, 2024New issue$9.0bn$9.4bn2.43x2.200%
Aug 22, 2024Aug 30, 2024Reopening$8.0bn$8.0bn2.61x2.055%

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.