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
Nov 9, 2026
Analyzed through
not analyzed

Statement of October 31, 2026

Amount outstanding
$18.87bn
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
3.126%
Index ratio
1.0934
Real duration
19.582 yr
DV01
0.1610
Convexity
4.79
Real clean price
81.719
Accrued (real)
0.502
Real dirty price
82.221
Indexed principal
109.340
Money clean price
89.351

The index ratio is a multiplier, not a percentage: 1.0934 means the principal is worth that many times its original face today. So the real clean price of 81.719 is not what a buyer pays , multiply by the ratio to get 89.351 per 100 of original face.

Against the fitted real curve

Priced 1.8 bp cheap to the real curve on that day, 29.56 cents per 100 of face.

That is 0.73 standard deviations from its own typical residual.

Real yield, 674 observations

1.75%2.00%2.25%2.50%2.75%3.00%3.25%3.50%Feb 29, 2024Nov 9, 2026Feb 29, 2024Real yield2.091%Mar 5, 2024Real yield1.976%Mar 8, 2024Real yield2.008%Mar 13, 2024Real yield2.084%Mar 18, 2024Real yield2.188%Mar 21, 2024Real yield2.141%Mar 26, 2024Real yield2.133%Apr 1, 2024Real yield2.171%Apr 4, 2024Real yield2.169%Apr 9, 2024Real yield2.179%Apr 12, 2024Real yield2.276%Apr 17, 2024Real yield2.365%Apr 22, 2024Real yield2.367%Apr 25, 2024Real yield2.425%Apr 30, 2024Real yield2.416%May 3, 2024Real yield2.309%May 8, 2024Real yield2.309%May 13, 2024Real yield2.286%May 16, 2024Real yield2.201%May 21, 2024Real yield2.219%May 24, 2024Real yield2.249%May 30, 2024Real yield2.321%Jun 4, 2024Real yield2.156%Jun 7, 2024Real yield2.239%Jun 12, 2024Real yield2.211%Jun 17, 2024Real yield2.152%Jun 21, 2024Real yield2.146%Jun 26, 2024Real yield2.168%Jul 1, 2024Real yield2.317%Jul 5, 2024Real yield2.168%Jul 10, 2024Real yield2.181%Jul 15, 2024Real yield2.158%Jul 18, 2024Real yield2.128%Jul 23, 2024Real yield2.203%Jul 26, 2024Real yield2.197%Jul 31, 2024Real yield2.128%Aug 5, 2024Real yield1.964%Aug 8, 2024Real yield2.136%Aug 13, 2024Real yield2.044%Aug 16, 2024Real yield2.061%Aug 21, 2024Real yield1.969%Aug 26, 2024Real yield1.965%Aug 29, 2024Real yield1.997%Sep 4, 2024Real yield1.977%Sep 9, 2024Real yield1.935%Sep 12, 2024Real yield1.932%Sep 17, 2024Real yield1.841%Sep 20, 2024Real yield1.931%Sep 25, 2024Real yield1.963%Sep 30, 2024Real yield1.955%Oct 3, 2024Real yield1.977%Oct 8, 2024Real yield2.068%Oct 11, 2024Real yield2.085%Oct 17, 2024Real yield2.106%Oct 22, 2024Real yield2.171%Oct 25, 2024Real yield2.226%Oct 30, 2024Real yield2.165%Nov 4, 2024Real yield2.220%Nov 7, 2024Real yield2.221%Nov 13, 2024Real yield2.320%Nov 18, 2024Real yield2.303%Nov 21, 2024Real yield2.309%Nov 26, 2024Real yield2.239%Dec 2, 2024Real yield2.152%Dec 5, 2024Real yield2.126%Dec 10, 2024Real yield2.173%Dec 13, 2024Real yield2.333%Dec 18, 2024Real yield2.377%Dec 23, 2024Real yield2.476%Dec 27, 2024Real yield2.492%Jan 2, 2025Real yield2.487%Jan 7, 2025Real yield2.561%Jan 10, 2025Real yield2.605%Jan 15, 2025Real yield2.535%Jan 21, 2025Real yield2.484%Jan 24, 2025Real yield2.473%Jan 29, 2025Real yield2.428%Feb 3, 2025Real yield2.390%Feb 6, 2025Real yield2.307%Feb 11, 2025Real yield2.381%Feb 14, 2025Real yield2.361%Feb 20, 2025Real yield2.389%Feb 25, 2025Real yield2.268%Feb 28, 2025Real yield2.240%Mar 5, 2025Real yield2.331%Mar 10, 2025Real yield2.312%Mar 13, 2025Real yield2.360%Mar 18, 2025Real yield2.351%Mar 21, 2025Real yield2.348%Mar 26, 2025Real yield2.408%Mar 31, 2025Real yield2.317%Apr 3, 2025Real yield2.305%Apr 8, 2025Real yield2.534%Apr 11, 2025Real yield2.695%Apr 16, 2025Real yield2.610%Apr 22, 2025Real yield2.646%Apr 25, 2025Real yield2.538%Apr 30, 2025Real yield2.479%May 5, 2025Real yield2.594%May 8, 2025Real yield2.606%May 13, 2025Real yield2.666%May 16, 2025Real yield2.604%May 21, 2025Real yield2.763%May 27, 2025Real yield2.661%May 30, 2025Real yield2.620%Jun 4, 2025Real yield2.615%Jun 9, 2025Real yield2.687%Jun 12, 2025Real yield2.612%Jun 17, 2025Real yield2.609%Jun 23, 2025Real yield2.609%Jun 26, 2025Real yield2.563%Jul 1, 2025Real yield2.527%Jul 7, 2025Real yield2.636%Jul 10, 2025Real yield2.588%Jul 15, 2025Real yield2.695%Jul 18, 2025Real yield2.673%Jul 23, 2025Real yield2.657%Jul 28, 2025Real yield2.650%Jul 31, 2025Real yield2.638%Aug 5, 2025Real yield2.559%Aug 8, 2025Real yield2.584%Aug 13, 2025Real yield2.587%Aug 18, 2025Real yield2.688%Aug 21, 2025Real yield2.666%Aug 26, 2025Real yield2.631%Aug 29, 2025Real yield2.653%Sep 4, 2025Real yield2.611%Sep 9, 2025Real yield2.505%Sep 12, 2025Real yield2.445%Sep 17, 2025Real yield2.417%Sep 22, 2025Real yield2.528%Sep 25, 2025Real yield2.511%Sep 30, 2025Real yield2.508%Oct 3, 2025Real yield2.497%Oct 8, 2025Real yield2.481%Oct 14, 2025Real yield2.419%Oct 17, 2025Real yield2.422%Oct 22, 2025Real yield2.350%Oct 27, 2025Real yield2.373%Oct 30, 2025Real yield2.445%Nov 4, 2025Real yield2.472%Nov 7, 2025Real yield2.495%Nov 13, 2025Real yield2.495%Nov 18, 2025Real yield2.534%Nov 21, 2025Real yield2.534%Nov 26, 2025Real yield2.468%Dec 2, 2025Real yield2.553%Dec 5, 2025Real yield2.589%Dec 10, 2025Real yield2.571%Dec 15, 2025Real yield2.633%Dec 18, 2025Real yield2.595%Dec 23, 2025Real yield2.632%Dec 29, 2025Real yield2.617%Jan 2, 2026Real yield2.646%Jan 7, 2026Real yield2.610%Jan 12, 2026Real yield2.612%Jan 15, 2026Real yield2.569%Jan 21, 2026Real yield2.616%Jan 26, 2026Real yield2.558%Jan 29, 2026Real yield2.608%Feb 3, 2026Real yield2.642%Feb 6, 2026Real yield2.608%Feb 11, 2026Real yield2.575%Feb 17, 2026Real yield2.486%Feb 20, 2026Real yield2.512%Feb 25, 2026Real yield2.493%Mar 2, 2026Real yield2.499%Mar 5, 2026Real yield2.542%Mar 10, 2026Real yield2.589%Mar 13, 2026Real yield2.688%Mar 18, 2026Real yield2.628%Mar 23, 2026Real yield2.714%Mar 26, 2026Real yield2.728%Mar 31, 2026Real yield2.709%Apr 3, 2026Real yield2.692%Apr 8, 2026Real yield2.683%Apr 13, 2026Real yield2.665%Apr 16, 2026Real yield2.706%Apr 21, 2026Real yield2.675%Apr 24, 2026Real yield2.672%Apr 29, 2026Real yield2.734%May 4, 2026Real yield2.742%May 7, 2026Real yield2.710%May 12, 2026Real yield2.767%May 15, 2026Real yield2.841%May 20, 2026Real yield2.843%May 26, 2026Real yield2.765%May 29, 2026Real yield2.739%Jun 3, 2026Real yield2.748%Jun 8, 2026Real yield2.798%Jun 11, 2026Real yield2.752%Jun 16, 2026Real yield2.724%Jun 22, 2026Real yield2.783%Jun 25, 2026Real yield2.716%Jun 30, 2026Real yield2.762%Jul 6, 2026Real yield2.822%Jul 9, 2026Real yield2.891%Jul 14, 2026Real yield2.906%Jul 17, 2026Real yield2.903%Jul 22, 2026Real yield2.969%Jul 27, 2026Real yield2.997%Jul 30, 2026Real yield3.033%Aug 4, 2026Real yield3.011%Aug 7, 2026Real yield3.009%Aug 12, 2026Real yield3.040%Aug 17, 2026Real yield3.111%Aug 20, 2026Real yield2.991%Aug 25, 2026Real yield2.960%Aug 28, 2026Real yield2.998%Sep 2, 2026Real yield3.017%Sep 8, 2026Real yield2.998%Sep 11, 2026Real yield3.103%Sep 16, 2026Real yield3.126%Sep 21, 2026Real yield3.061%Sep 24, 2026Real yield3.253%Sep 29, 2026Real yield3.332%Oct 2, 2026Real yield3.385%Oct 7, 2026Real yield3.411%Oct 13, 2026Real yield3.325%Oct 16, 2026Real yield3.199%Oct 21, 2026Real yield3.191%Oct 26, 2026Real yield3.110%Oct 29, 2026Real yield3.110%Nov 3, 2026Real yield3.132%Nov 6, 2026Real yield3.111%Nov 9, 2026Real yield3.126%

Price history

674 trading days to Nov 9, 2026

7580859095100105110Feb 29, 2024Nov 9, 2026Feb 29, 2024Close100.750Mar 5, 2024Close103.344Mar 8, 2024Close102.625Mar 13, 2024Close100.906Mar 18, 2024Close98.625Mar 21, 2024Close99.656Mar 26, 2024Close99.813Apr 1, 2024Close99.000Apr 4, 2024Close99.031Apr 9, 2024Close98.813Apr 12, 2024Close96.750Apr 17, 2024Close94.875Apr 22, 2024Close94.844Apr 25, 2024Close93.656Apr 30, 2024Close93.844May 3, 2024Close96.063May 8, 2024Close96.063May 13, 2024Close96.531May 16, 2024Close98.344May 21, 2024Close97.969May 24, 2024Close97.313May 30, 2024Close95.813Jun 4, 2024Close99.313Jun 7, 2024Close97.531Jun 12, 2024Close98.125Jun 17, 2024Close99.406Jun 21, 2024Close99.531Jun 26, 2024Close99.063Jul 1, 2024Close95.906Jul 5, 2024Close99.063Jul 10, 2024Close98.781Jul 15, 2024Close99.281Jul 18, 2024Close99.938Jul 23, 2024Close98.313Jul 26, 2024Close98.438Jul 31, 2024Close99.938Aug 5, 2024Close103.594Aug 8, 2024Close99.750Aug 13, 2024Close101.781Aug 16, 2024Close101.406Aug 21, 2024Close103.469Aug 26, 2024Close103.563Aug 29, 2024Close102.844Sep 4, 2024Close103.281Sep 9, 2024Close104.250Sep 12, 2024Close104.313Sep 17, 2024Close106.438Sep 20, 2024Close104.344Sep 25, 2024Close103.594Sep 30, 2024Close103.781Oct 3, 2024Close103.281Oct 8, 2024Close101.250Oct 11, 2024Close100.875Oct 17, 2024Close100.406Oct 22, 2024Close99.000Oct 25, 2024Close97.844Oct 30, 2024Close99.125Nov 4, 2024Close97.969Nov 7, 2024Close97.938Nov 13, 2024Close95.875Nov 18, 2024Close96.219Nov 21, 2024Close96.094Nov 26, 2024Close97.563Dec 2, 2024Close99.406Dec 5, 2024Close99.969Dec 10, 2024Close98.969Dec 13, 2024Close95.625Dec 18, 2024Close94.719Dec 23, 2024Close92.750Dec 27, 2024Close92.438Jan 2, 2025Close92.531Jan 7, 2025Close91.094Jan 10, 2025Close90.250Jan 15, 2025Close91.594Jan 21, 2025Close92.594Jan 24, 2025Close92.813Jan 29, 2025Close93.719Feb 3, 2025Close94.469Feb 6, 2025Close96.156Feb 11, 2025Close94.656Feb 14, 2025Close95.063Feb 20, 2025Close94.500Feb 25, 2025Close96.969Feb 28, 2025Close97.563Mar 5, 2025Close95.688Mar 10, 2025Close96.063Mar 13, 2025Close95.094Mar 18, 2025Close95.281Mar 21, 2025Close95.344Mar 26, 2025Close94.125Mar 31, 2025Close95.969Apr 3, 2025Close96.219Apr 8, 2025Close91.656Apr 11, 2025Close88.625Apr 16, 2025Close90.219Apr 22, 2025Close89.531Apr 25, 2025Close91.594Apr 30, 2025Close92.750May 5, 2025Close90.531May 8, 2025Close90.313May 13, 2025Close89.188May 16, 2025Close90.344May 21, 2025Close87.406May 27, 2025Close89.281May 30, 2025Close90.063Jun 4, 2025Close90.156Jun 9, 2025Close88.813Jun 12, 2025Close90.219Jun 17, 2025Close90.281Jun 23, 2025Close90.281Jun 26, 2025Close91.156Jul 1, 2025Close91.844Jul 7, 2025Close89.781Jul 10, 2025Close90.688Jul 15, 2025Close88.688Jul 18, 2025Close89.094Jul 23, 2025Close89.406Jul 28, 2025Close89.531Jul 31, 2025Close89.750Aug 5, 2025Close91.250Aug 8, 2025Close90.781Aug 13, 2025Close90.719Aug 18, 2025Close88.844Aug 21, 2025Close89.250Aug 26, 2025Close89.906Aug 29, 2025Close89.500Sep 4, 2025Close90.281Sep 9, 2025Close92.313Sep 12, 2025Close93.469Sep 17, 2025Close94.031Sep 22, 2025Close91.875Sep 25, 2025Close92.188Sep 30, 2025Close92.250Oct 3, 2025Close92.469Oct 8, 2025Close92.781Oct 14, 2025Close94.000Oct 17, 2025Close93.938Oct 22, 2025Close95.375Oct 27, 2025Close94.906Oct 30, 2025Close93.500Nov 4, 2025Close92.969Nov 7, 2025Close92.531Nov 13, 2025Close92.531Nov 18, 2025Close91.781Nov 21, 2025Close91.781Nov 26, 2025Close93.063Dec 2, 2025Close91.438Dec 5, 2025Close90.750Dec 10, 2025Close91.094Dec 15, 2025Close89.938Dec 18, 2025Close90.656Dec 23, 2025Close89.969Dec 29, 2025Close90.250Jan 2, 2026Close89.719Jan 7, 2026Close90.375Jan 12, 2026Close90.344Jan 15, 2026Close91.156Jan 21, 2026Close90.281Jan 26, 2026Close91.375Jan 29, 2026Close90.438Feb 3, 2026Close89.813Feb 6, 2026Close90.438Feb 11, 2026Close91.063Feb 17, 2026Close92.750Feb 20, 2026Close92.250Feb 25, 2026Close92.625Mar 2, 2026Close92.500Mar 5, 2026Close91.688Mar 10, 2026Close90.813Mar 13, 2026Close89.000Mar 18, 2026Close90.094Mar 23, 2026Close88.531Mar 26, 2026Close88.281Mar 31, 2026Close88.625Apr 3, 2026Close88.938Apr 8, 2026Close89.094Apr 13, 2026Close89.438Apr 16, 2026Close88.688Apr 21, 2026Close89.250Apr 24, 2026Close89.313Apr 29, 2026Close88.188May 4, 2026Close88.063May 7, 2026Close88.625May 12, 2026Close87.625May 15, 2026Close86.313May 20, 2026Close86.281May 26, 2026Close87.656May 29, 2026Close88.125Jun 3, 2026Close87.969Jun 8, 2026Close87.094Jun 11, 2026Close87.906Jun 16, 2026Close88.406Jun 22, 2026Close87.375Jun 25, 2026Close88.563Jun 30, 2026Close87.750Jul 6, 2026Close86.688Jul 9, 2026Close85.500Jul 14, 2026Close85.250Jul 17, 2026Close85.313Jul 22, 2026Close84.188Jul 27, 2026Close83.719Jul 30, 2026Close83.125Aug 4, 2026Close83.500Aug 7, 2026Close83.531Aug 12, 2026Close83.031Aug 17, 2026Close81.875Aug 20, 2026Close83.844Aug 25, 2026Close84.375Aug 28, 2026Close83.750Sep 2, 2026Close83.438Sep 8, 2026Close83.750Sep 11, 2026Close82.031Sep 16, 2026Close81.656Sep 21, 2026Close82.719Sep 24, 2026Close79.656Sep 29, 2026Close78.438Oct 2, 2026Close77.625Oct 7, 2026Close77.250Oct 13, 2026Close78.563Oct 16, 2026Close80.531Oct 21, 2026Close80.656Oct 26, 2026Close81.969Oct 29, 2026Close81.969Nov 3, 2026Close81.625Nov 6, 2026Close81.969Nov 9, 2026Close81.719
The most recent 20 trading days of prices for 912810TY4.
DateBidOfferClose
Nov 9, 202681.78181.84481.719
Nov 6, 202682.21982.29781.969
Nov 5, 202682.09482.18882.156
Nov 4, 202681.37581.43881.813
Nov 3, 202681.81381.89181.625
Nov 2, 202682.59482.65682.000
Oct 30, 202681.93882.00081.750
Oct 29, 202682.09482.15681.969
Oct 28, 202681.90681.96981.406
Oct 27, 202682.12582.18882.250
Oct 26, 202681.96982.03181.969
Oct 23, 202682.06382.12581.750
Oct 22, 202681.62581.70382.313
Oct 21, 202680.75080.82880.656
Oct 20, 202680.37580.43880.531
Oct 19, 202680.00080.06379.625
Oct 16, 202680.65680.73480.531
Oct 15, 202680.31380.40680.188
Oct 14, 202678.59478.67279.188
Oct 13, 202678.59478.67278.563

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 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.

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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.