Inflation-linked (TIPS)

912810UH9 · 2.375% due February 15, 2055

Original term
30-Year
Maturity
Feb 15, 2055
Coupon
2.375%
Pays
Semi-Annual
Dated
Feb 15, 2025
First coupon
Aug 15, 2025
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$18.95bn
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
3.087%
Index ratio
1.0583
Real duration
19.816 yr
DV01
0.1719
Convexity
497.501
Real clean price
86.594
Accrued (real)
0.174
Real dirty price
86.768
Indexed principal
105.828
Money clean price
91.641

The index ratio is a multiplier, not a percentage: 1.0583 means the principal is worth that many times its original face today. So the real clean price of 86.594 is not what a buyer pays , multiply by the ratio to get 91.641 per 100 of original face.

Against the fitted real curve

Priced 1.4 bp cheap to the real curve on that day, 23.64 cents per 100 of face.

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

Real yield, 385 observations

2.0%2.2%2.4%2.6%2.8%3.0%3.2%Feb 28, 2025Sep 10, 2026Feb 28, 2025Real yield2.240%Mar 13, 2025Real yield2.357%Mar 26, 2025Real yield2.409%Apr 8, 2025Real yield2.528%Apr 21, 2025Real yield2.689%May 2, 2025Real yield2.565%May 15, 2025Real yield2.618%May 29, 2025Real yield2.639%Jun 11, 2025Real yield2.653%Jun 25, 2025Real yield2.570%Jul 9, 2025Real yield2.586%Jul 22, 2025Real yield2.595%Aug 4, 2025Real yield2.554%Aug 15, 2025Real yield2.661%Aug 28, 2025Real yield2.609%Sep 11, 2025Real yield2.412%Sep 24, 2025Real yield2.497%Oct 7, 2025Real yield2.477%Oct 21, 2025Real yield2.350%Nov 3, 2025Real yield2.468%Nov 17, 2025Real yield2.505%Dec 1, 2025Real yield2.541%Dec 12, 2025Real yield2.623%Dec 26, 2025Real yield2.613%Jan 9, 2026Real yield2.590%Jan 23, 2026Real yield2.567%Feb 5, 2026Real yield2.598%Feb 19, 2026Real yield2.478%Mar 4, 2026Real yield2.518%Mar 17, 2026Real yield2.610%Mar 30, 2026Real yield2.730%Apr 10, 2026Real yield2.684%Apr 23, 2026Real yield2.675%May 6, 2026Real yield2.696%May 19, 2026Real yield2.874%Jun 2, 2026Real yield2.715%Jun 15, 2026Real yield2.747%Jun 29, 2026Real yield2.706%Jul 13, 2026Real yield2.914%Jul 24, 2026Real yield2.988%Aug 6, 2026Real yield3.022%Aug 19, 2026Real yield2.982%Sep 1, 2026Real yield3.016%Sep 10, 2026Real yield3.087%

Price history

385 trading days to Sep 10, 2026

859095100105Feb 28, 2025Sep 10, 2026Feb 28, 2025Close102.938Mar 13, 2025Close100.375Mar 26, 2025Close99.281Apr 8, 2025Close96.813Apr 21, 2025Close93.594May 2, 2025Close96.063May 15, 2025Close95.000May 29, 2025Close94.594Jun 11, 2025Close94.313Jun 25, 2025Close95.969Jul 9, 2025Close95.656Jul 22, 2025Close95.469Aug 4, 2025Close96.313Aug 15, 2025Close94.188Aug 28, 2025Close95.219Sep 11, 2025Close99.219Sep 24, 2025Close97.469Oct 7, 2025Close97.875Oct 21, 2025Close100.531Nov 3, 2025Close98.063Nov 17, 2025Close97.313Dec 1, 2025Close96.594Dec 12, 2025Close94.969Dec 26, 2025Close95.156Jan 9, 2026Close95.625Jan 23, 2026Close96.094Feb 5, 2026Close95.469Feb 19, 2026Close97.875Mar 4, 2026Close97.063Mar 17, 2026Close95.250Mar 30, 2026Close92.938Apr 10, 2026Close93.813Apr 23, 2026Close94.000May 6, 2026Close93.594May 19, 2026Close90.281Jun 2, 2026Close93.250Jun 15, 2026Close92.656Jun 29, 2026Close93.438Jul 13, 2026Close89.594Jul 24, 2026Close88.281Aug 6, 2026Close87.688Aug 19, 2026Close88.406Sep 1, 2026Close87.813Sep 10, 2026Close86.594
The most recent 20 trading days of prices for 912810UH9.
DateBidOfferClose
Sep 10, 202687.06387.00086.594
Sep 9, 202687.60987.53187.813
Sep 8, 202688.40688.34488.219
Sep 4, 202688.18888.12588.219
Sep 3, 202688.60988.56388.188
Sep 2, 202687.95387.90687.906
Sep 1, 202687.96987.90687.813
Aug 31, 202687.56387.50087.688
Aug 28, 202688.95388.87588.250
Aug 27, 202689.03188.96988.906
Aug 26, 202688.85988.81388.875
Aug 25, 202688.82888.75088.906
Aug 24, 202688.31388.25088.000
Aug 21, 202687.79787.71987.344
Aug 20, 202687.71987.65688.281
Aug 19, 202688.50088.43888.406
Aug 18, 202686.59486.53186.813
Aug 17, 202686.81386.75086.250
Aug 14, 202687.20387.12587.375
Aug 13, 202688.09488.03187.875

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 912810UH9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 20, 2025Feb 28, 2025New issue$9.0bn$9.9bn2.48x2.403%
Aug 21, 2025Aug 29, 2025Reopening$8.0bn$8.0bn2.78x2.650%

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.