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
Nov 9, 2026
Analyzed through
not analyzed

Statement of October 31, 2026

Amount outstanding
$19.00bn
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
1.0634
Real duration
19.626 yr
DV01
0.1702
Convexity
4.9
Real clean price
86.156
Accrued (real)
0.561
Real dirty price
86.718
Indexed principal
106.344
Money clean price
91.622

The index ratio is a multiplier, not a percentage: 1.0634 means the principal is worth that many times its original face today. So the real clean price of 86.156 is not what a buyer pays , multiply by the ratio to get 91.622 per 100 of original face.

Against the fitted real curve

Priced 1.9 bp cheap to the real curve on that day, 32.25 cents per 100 of face.

That is 1.04 standard deviations from its own typical residual.

Real yield, 425 observations

2.00%2.25%2.50%2.75%3.00%3.25%3.50%Feb 28, 2025Nov 9, 2026Feb 28, 2025Real yield2.240%Mar 4, 2025Real yield2.277%Mar 6, 2025Real yield2.328%Mar 10, 2025Real yield2.310%Mar 12, 2025Real yield2.373%Mar 14, 2025Real yield2.379%Mar 18, 2025Real yield2.349%Mar 20, 2025Real yield2.308%Mar 24, 2025Real yield2.398%Mar 26, 2025Real yield2.409%Mar 28, 2025Real yield2.372%Apr 1, 2025Real yield2.294%Apr 3, 2025Real yield2.307%Apr 7, 2025Real yield2.425%Apr 9, 2025Real yield2.499%Apr 11, 2025Real yield2.688%Apr 15, 2025Real yield2.638%Apr 17, 2025Real yield2.599%Apr 22, 2025Real yield2.640%Apr 24, 2025Real yield2.523%Apr 28, 2025Real yield2.503%Apr 30, 2025Real yield2.472%May 2, 2025Real yield2.565%May 6, 2025Real yield2.569%May 8, 2025Real yield2.599%May 12, 2025Real yield2.645%May 14, 2025Real yield2.656%May 16, 2025Real yield2.598%May 20, 2025Real yield2.657%May 22, 2025Real yield2.736%May 27, 2025Real yield2.656%May 29, 2025Real yield2.639%Jun 2, 2025Real yield2.688%Jun 4, 2025Real yield2.609%Jun 6, 2025Real yield2.683%Jun 10, 2025Real yield2.667%Jun 12, 2025Real yield2.604%Jun 16, 2025Real yield2.675%Jun 18, 2025Real yield2.604%Jun 23, 2025Real yield2.600%Jun 25, 2025Real yield2.570%Jun 27, 2025Real yield2.573%Jul 1, 2025Real yield2.519%Jul 3, 2025Real yield2.580%Jul 8, 2025Real yield2.642%Jul 10, 2025Real yield2.578%Jul 14, 2025Real yield2.647%Jul 16, 2025Real yield2.668%Jul 18, 2025Real yield2.660%Jul 22, 2025Real yield2.595%Jul 24, 2025Real yield2.628%Jul 28, 2025Real yield2.640%Jul 30, 2025Real yield2.608%Aug 1, 2025Real yield2.585%Aug 5, 2025Real yield2.546%Aug 7, 2025Real yield2.569%Aug 11, 2025Real yield2.574%Aug 13, 2025Real yield2.575%Aug 15, 2025Real yield2.661%Aug 19, 2025Real yield2.653%Aug 21, 2025Real yield2.651%Aug 25, 2025Real yield2.613%Aug 27, 2025Real yield2.618%Aug 29, 2025Real yield2.635%Sep 3, 2025Real yield2.618%Sep 5, 2025Real yield2.528%Sep 9, 2025Real yield2.489%Sep 11, 2025Real yield2.412%Sep 15, 2025Real yield2.417%Sep 17, 2025Real yield2.402%Sep 19, 2025Real yield2.476%Sep 23, 2025Real yield2.477%Sep 25, 2025Real yield2.495%Sep 29, 2025Real yield2.473%Oct 1, 2025Real yield2.483%Oct 3, 2025Real yield2.482%Oct 7, 2025Real yield2.477%Oct 9, 2025Real yield2.473%Oct 14, 2025Real yield2.402%Oct 16, 2025Real yield2.373%Oct 20, 2025Real yield2.387%Oct 22, 2025Real yield2.334%Oct 24, 2025Real yield2.372%Oct 28, 2025Real yield2.329%Oct 30, 2025Real yield2.429%Nov 3, 2025Real yield2.468%Nov 5, 2025Real yield2.508%Nov 7, 2025Real yield2.480%Nov 12, 2025Real yield2.447%Nov 14, 2025Real yield2.513%Nov 18, 2025Real yield2.519%Nov 20, 2025Real yield2.533%Nov 24, 2025Real yield2.501%Nov 26, 2025Real yield2.453%Dec 1, 2025Real yield2.541%Dec 3, 2025Real yield2.525%Dec 5, 2025Real yield2.574%Dec 9, 2025Real yield2.585%Dec 11, 2025Real yield2.577%Dec 15, 2025Real yield2.623%Dec 17, 2025Real yield2.621%Dec 19, 2025Real yield2.620%Dec 23, 2025Real yield2.621%Dec 26, 2025Real yield2.613%Dec 30, 2025Real yield2.604%Jan 2, 2026Real yield2.636%Jan 6, 2026Real yield2.631%Jan 8, 2026Real yield2.631%Jan 12, 2026Real yield2.603%Jan 14, 2026Real yield2.563%Jan 16, 2026Real yield2.584%Jan 21, 2026Real yield2.604%Jan 23, 2026Real yield2.567%Jan 27, 2026Real yield2.562%Jan 29, 2026Real yield2.592%Feb 2, 2026Real yield2.643%Feb 4, 2026Real yield2.641%Feb 6, 2026Real yield2.592%Feb 10, 2026Real yield2.535%Feb 12, 2026Real yield2.483%Feb 17, 2026Real yield2.471%Feb 19, 2026Real yield2.478%Feb 23, 2026Real yield2.498%Feb 25, 2026Real yield2.480%Feb 27, 2026Real yield2.445%Mar 3, 2026Real yield2.495%Mar 5, 2026Real yield2.533%Mar 9, 2026Real yield2.528%Mar 11, 2026Real yield2.626%Mar 13, 2026Real yield2.677%Mar 17, 2026Real yield2.610%Mar 19, 2026Real yield2.613%Mar 23, 2026Real yield2.707%Mar 25, 2026Real yield2.702%Mar 27, 2026Real yield2.796%Mar 31, 2026Real yield2.704%Apr 2, 2026Real yield2.673%Apr 6, 2026Real yield2.670%Apr 8, 2026Real yield2.680%Apr 10, 2026Real yield2.684%Apr 14, 2026Real yield2.642%Apr 16, 2026Real yield2.702%Apr 20, 2026Real yield2.676%Apr 22, 2026Real yield2.673%Apr 24, 2026Real yield2.668%Apr 28, 2026Real yield2.699%Apr 30, 2026Real yield2.732%May 4, 2026Real yield2.739%May 6, 2026Real yield2.696%May 8, 2026Real yield2.687%May 12, 2026Real yield2.761%May 14, 2026Real yield2.754%May 18, 2026Real yield2.847%May 20, 2026Real yield2.840%May 22, 2026Real yield2.798%May 27, 2026Real yield2.748%May 29, 2026Real yield2.731%Jun 2, 2026Real yield2.715%Jun 4, 2026Real yield2.728%Jun 8, 2026Real yield2.792%Jun 10, 2026Real yield2.798%Jun 12, 2026Real yield2.748%Jun 16, 2026Real yield2.720%Jun 18, 2026Real yield2.725%Jun 23, 2026Real yield2.785%Jun 25, 2026Real yield2.711%Jun 29, 2026Real yield2.706%Jul 1, 2026Real yield2.804%Jul 6, 2026Real yield2.819%Jul 8, 2026Real yield2.886%Jul 10, 2026Real yield2.890%Jul 14, 2026Real yield2.900%Jul 16, 2026Real yield2.940%Jul 20, 2026Real yield2.937%Jul 22, 2026Real yield2.960%Jul 24, 2026Real yield2.988%Jul 28, 2026Real yield2.955%Jul 30, 2026Real yield3.022%Aug 3, 2026Real yield3.029%Aug 5, 2026Real yield3.004%Aug 7, 2026Real yield3.001%Aug 11, 2026Real yield3.039%Aug 13, 2026Real yield3.012%Aug 17, 2026Real yield3.106%Aug 19, 2026Real yield2.982%Aug 21, 2026Real yield3.043%Aug 25, 2026Real yield2.954%Aug 27, 2026Real yield2.954%Aug 31, 2026Real yield3.023%Sep 2, 2026Real yield3.011%Sep 4, 2026Real yield2.993%Sep 9, 2026Real yield3.016%Sep 11, 2026Real yield3.098%Sep 15, 2026Real yield3.107%Sep 17, 2026Real yield3.074%Sep 21, 2026Real yield3.053%Sep 23, 2026Real yield3.168%Sep 25, 2026Real yield3.257%Sep 29, 2026Real yield3.330%Oct 1, 2026Real yield3.357%Oct 5, 2026Real yield3.418%Oct 7, 2026Real yield3.406%Oct 9, 2026Real yield3.363%Oct 14, 2026Real yield3.279%Oct 16, 2026Real yield3.192%Oct 20, 2026Real yield3.192%Oct 22, 2026Real yield3.081%Oct 26, 2026Real yield3.103%Oct 28, 2026Real yield3.138%Oct 30, 2026Real yield3.118%Nov 3, 2026Real yield3.126%Nov 5, 2026Real yield3.091%Nov 9, 2026Real yield3.115%

Price history

425 trading days to Nov 9, 2026

80859095100105Feb 28, 2025Nov 9, 2026Feb 28, 2025Close102.938Mar 4, 2025Close102.125Mar 6, 2025Close101.000Mar 10, 2025Close101.406Mar 12, 2025Close100.031Mar 14, 2025Close99.906Mar 18, 2025Close100.563Mar 20, 2025Close101.438Mar 24, 2025Close99.500Mar 26, 2025Close99.281Mar 28, 2025Close100.063Apr 1, 2025Close101.750Apr 3, 2025Close101.469Apr 7, 2025Close98.938Apr 9, 2025Close97.406Apr 11, 2025Close93.594Apr 15, 2025Close94.594Apr 17, 2025Close95.375Apr 22, 2025Close94.563Apr 24, 2025Close96.906Apr 28, 2025Close97.313Apr 30, 2025Close97.969May 2, 2025Close96.063May 6, 2025Close95.969May 8, 2025Close95.375May 12, 2025Close94.469May 14, 2025Close94.250May 16, 2025Close95.406May 20, 2025Close94.219May 22, 2025Close92.688May 27, 2025Close94.250May 29, 2025Close94.594Jun 2, 2025Close93.625Jun 4, 2025Close95.188Jun 6, 2025Close93.719Jun 10, 2025Close94.031Jun 12, 2025Close95.281Jun 16, 2025Close93.875Jun 18, 2025Close95.281Jun 23, 2025Close95.375Jun 25, 2025Close95.969Jun 27, 2025Close95.906Jul 1, 2025Close97.000Jul 3, 2025Close95.781Jul 8, 2025Close94.531Jul 10, 2025Close95.813Jul 14, 2025Close94.438Jul 16, 2025Close94.031Jul 18, 2025Close94.188Jul 22, 2025Close95.469Jul 24, 2025Close94.813Jul 28, 2025Close94.594Jul 30, 2025Close95.219Aug 1, 2025Close95.688Aug 5, 2025Close96.469Aug 7, 2025Close96.000Aug 11, 2025Close95.906Aug 13, 2025Close95.875Aug 15, 2025Close94.188Aug 19, 2025Close94.344Aug 21, 2025Close94.375Aug 25, 2025Close95.125Aug 27, 2025Close95.031Aug 29, 2025Close94.688Sep 3, 2025Close95.031Sep 5, 2025Close96.844Sep 9, 2025Close97.625Sep 11, 2025Close99.219Sep 15, 2025Close99.125Sep 17, 2025Close99.438Sep 19, 2025Close97.906Sep 23, 2025Close97.875Sep 25, 2025Close97.500Sep 29, 2025Close97.969Oct 1, 2025Close97.750Oct 3, 2025Close97.781Oct 7, 2025Close97.875Oct 9, 2025Close97.969Oct 14, 2025Close99.438Oct 16, 2025Close100.031Oct 20, 2025Close99.750Oct 22, 2025Close100.875Oct 24, 2025Close100.063Oct 28, 2025Close100.969Oct 30, 2025Close98.875Nov 3, 2025Close98.063Nov 5, 2025Close97.250Nov 7, 2025Close97.813Nov 12, 2025Close98.500Nov 14, 2025Close97.156Nov 18, 2025Close97.031Nov 20, 2025Close96.750Nov 24, 2025Close97.406Nov 26, 2025Close98.375Dec 1, 2025Close96.594Dec 3, 2025Close96.906Dec 5, 2025Close95.938Dec 9, 2025Close95.719Dec 11, 2025Close95.875Dec 15, 2025Close94.969Dec 17, 2025Close95.000Dec 19, 2025Close95.031Dec 23, 2025Close95.000Dec 26, 2025Close95.156Dec 30, 2025Close95.344Jan 2, 2026Close94.719Jan 6, 2026Close94.813Jan 8, 2026Close94.813Jan 12, 2026Close95.375Jan 14, 2026Close96.156Jan 16, 2026Close95.750Jan 21, 2026Close95.344Jan 23, 2026Close96.094Jan 27, 2026Close96.188Jan 29, 2026Close95.594Feb 2, 2026Close94.594Feb 4, 2026Close94.625Feb 6, 2026Close95.594Feb 10, 2026Close96.719Feb 12, 2026Close97.781Feb 17, 2026Close98.031Feb 19, 2026Close97.875Feb 23, 2026Close97.469Feb 25, 2026Close97.844Feb 27, 2026Close98.563Mar 3, 2026Close97.531Mar 5, 2026Close96.781Mar 9, 2026Close96.875Mar 11, 2026Close94.938Mar 13, 2026Close93.938Mar 17, 2026Close95.250Mar 19, 2026Close95.188Mar 23, 2026Close93.375Mar 25, 2026Close93.469Mar 27, 2026Close91.688Mar 31, 2026Close93.438Apr 2, 2026Close94.031Apr 6, 2026Close94.094Apr 8, 2026Close93.906Apr 10, 2026Close93.813Apr 14, 2026Close94.625Apr 16, 2026Close93.469Apr 20, 2026Close93.969Apr 22, 2026Close94.031Apr 24, 2026Close94.125Apr 28, 2026Close93.531Apr 30, 2026Close92.906May 4, 2026Close92.781May 6, 2026Close93.594May 8, 2026Close93.781May 12, 2026Close92.375May 14, 2026Close92.500May 18, 2026Close90.781May 20, 2026Close90.906May 22, 2026Close91.688May 27, 2026Close92.625May 29, 2026Close92.938Jun 2, 2026Close93.250Jun 4, 2026Close93.000Jun 8, 2026Close91.813Jun 10, 2026Close91.688Jun 12, 2026Close92.625Jun 16, 2026Close93.156Jun 18, 2026Close93.063Jun 23, 2026Close91.938Jun 25, 2026Close93.344Jun 29, 2026Close93.438Jul 1, 2026Close91.594Jul 6, 2026Close91.313Jul 8, 2026Close90.094Jul 10, 2026Close90.031Jul 14, 2026Close89.844Jul 16, 2026Close89.125Jul 20, 2026Close89.188Jul 22, 2026Close88.781Jul 24, 2026Close88.281Jul 28, 2026Close88.875Jul 30, 2026Close87.688Aug 3, 2026Close87.563Aug 5, 2026Close88.000Aug 7, 2026Close88.063Aug 11, 2026Close87.406Aug 13, 2026Close87.875Aug 17, 2026Close86.250Aug 19, 2026Close88.406Aug 21, 2026Close87.344Aug 25, 2026Close88.906Aug 27, 2026Close88.906Aug 31, 2026Close87.688Sep 2, 2026Close87.906Sep 4, 2026Close88.219Sep 9, 2026Close87.813Sep 11, 2026Close86.406Sep 15, 2026Close86.250Sep 17, 2026Close86.813Sep 21, 2026Close87.188Sep 23, 2026Close85.219Sep 25, 2026Close83.750Sep 29, 2026Close82.563Oct 1, 2026Close82.125Oct 5, 2026Close81.156Oct 7, 2026Close81.344Oct 9, 2026Close82.031Oct 14, 2026Close83.406Oct 16, 2026Close84.844Oct 20, 2026Close84.844Oct 22, 2026Close86.719Oct 26, 2026Close86.344Oct 28, 2026Close85.750Oct 30, 2026Close86.094Nov 3, 2026Close85.969Nov 5, 2026Close86.563Nov 9, 2026Close86.156
The most recent 20 trading days of prices for 912810UH9.
DateBidOfferClose
Nov 9, 202686.18886.25086.156
Nov 6, 202686.62586.68886.344
Nov 5, 202686.46986.56386.563
Nov 4, 202685.68885.76686.156
Nov 3, 202686.18886.26685.969
Nov 2, 202687.00087.06386.375
Oct 30, 202686.31386.35986.094
Oct 29, 202686.46986.51686.344
Oct 28, 202686.28186.32885.750
Oct 27, 202686.53186.57886.656
Oct 26, 202686.34486.40686.344
Oct 23, 202686.43886.50086.156
Oct 22, 202686.00086.06386.719
Oct 21, 202685.09485.15684.969
Oct 20, 202684.68884.75084.844
Oct 19, 202684.31384.35983.875
Oct 16, 202685.00085.07884.844
Oct 15, 202684.62584.70384.469
Oct 14, 202682.81382.89183.406
Oct 13, 202682.75082.82882.750

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 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.

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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.