Inflation-linked (TIPS)

912810US5 · 2.375% due February 15, 2056

Original term
30-Year
Maturity
Feb 15, 2056
Coupon
2.375%
Pays
Semi-Annual
Dated
Feb 15, 2026
First coupon
Aug 15, 2026
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$18.58bn
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
3.074%
Index ratio
1.0304
Real duration
20.274 yr
DV01
0.1758
Convexity
524.066
Real clean price
86.531
Accrued (real)
0.174
Real dirty price
86.706
Indexed principal
103.040
Money clean price
89.162

The index ratio is a multiplier, not a percentage: 1.0304 means the principal is worth that many times its original face today. So the real clean price of 86.531 is not what a buyer pays , multiply by the ratio to get 89.162 per 100 of original face.

Against the fitted real curve

Priced 0.2 bp cheap to the real curve on that day, 3.17 cents per 100 of face.

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

Real yield, 136 observations

2.4%2.5%2.6%2.7%2.8%2.9%3.0%3.1%Feb 27, 2026Sep 10, 2026Feb 27, 2026Real yield2.435%Mar 5, 2026Real yield2.523%Mar 11, 2026Real yield2.617%Mar 17, 2026Real yield2.606%Mar 23, 2026Real yield2.704%Mar 27, 2026Real yield2.793%Apr 2, 2026Real yield2.669%Apr 8, 2026Real yield2.676%Apr 14, 2026Real yield2.635%Apr 20, 2026Real yield2.666%Apr 24, 2026Real yield2.657%Apr 30, 2026Real yield2.721%May 6, 2026Real yield2.684%May 12, 2026Real yield2.750%May 18, 2026Real yield2.834%May 22, 2026Real yield2.788%May 29, 2026Real yield2.722%Jun 4, 2026Real yield2.718%Jun 10, 2026Real yield2.789%Jun 16, 2026Real yield2.706%Jun 23, 2026Real yield2.772%Jun 29, 2026Real yield2.692%Jul 6, 2026Real yield2.804%Jul 10, 2026Real yield2.874%Jul 16, 2026Real yield2.925%Jul 22, 2026Real yield2.944%Jul 28, 2026Real yield2.934%Aug 3, 2026Real yield3.009%Aug 7, 2026Real yield2.981%Aug 13, 2026Real yield2.994%Aug 19, 2026Real yield2.964%Aug 25, 2026Real yield2.939%Aug 31, 2026Real yield3.010%Sep 4, 2026Real yield2.981%Sep 10, 2026Real yield3.074%

Price history

136 trading days to Sep 10, 2026

85.087.590.092.595.097.5100.0Feb 27, 2026Sep 10, 2026Feb 27, 2026Close98.719Mar 5, 2026Close96.906Mar 11, 2026Close95.000Mar 17, 2026Close95.219Mar 23, 2026Close93.281Mar 27, 2026Close91.563Apr 2, 2026Close93.969Apr 8, 2026Close93.844Apr 14, 2026Close94.656Apr 20, 2026Close94.031Apr 24, 2026Close94.219Apr 30, 2026Close92.969May 6, 2026Close93.688May 12, 2026Close92.406May 18, 2026Close90.813May 22, 2026Close91.688May 29, 2026Close92.969Jun 4, 2026Close93.031Jun 10, 2026Close91.688Jun 16, 2026Close93.281Jun 23, 2026Close92.000Jun 29, 2026Close93.563Jul 6, 2026Close91.406Jul 10, 2026Close90.094Jul 16, 2026Close89.156Jul 22, 2026Close88.813Jul 28, 2026Close89.000Aug 3, 2026Close87.656Aug 7, 2026Close88.156Aug 13, 2026Close87.938Aug 19, 2026Close88.469Aug 25, 2026Close88.938Aug 31, 2026Close87.656Sep 4, 2026Close88.188Sep 10, 2026Close86.531
The most recent 20 trading days of prices for 912810US5.
DateBidOfferClose
Sep 10, 202687.01686.96986.531
Sep 9, 202687.54787.46987.781
Sep 8, 202688.35988.31388.188
Sep 4, 202688.14188.09488.188
Sep 3, 202688.57888.53188.156
Sep 2, 202687.92287.87587.906
Sep 1, 202687.93887.87587.781
Aug 31, 202687.51687.46987.656
Aug 28, 202688.96988.90688.219
Aug 27, 202689.04789.00088.938
Aug 26, 202688.92288.87588.906
Aug 25, 202688.87588.81388.938
Aug 24, 202688.32888.28188.031
Aug 21, 202687.81387.75087.375
Aug 20, 202687.75087.68888.344
Aug 19, 202688.54788.50088.469
Aug 18, 202686.57886.53186.813
Aug 17, 202686.82886.78186.250
Aug 14, 202687.21987.15687.375
Aug 13, 202688.14188.09487.938

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 912810US5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 19, 2026Feb 27, 2026New issue$9.0bn$9.0bn2.75x2.473%
Aug 20, 2026Aug 31, 2026Reopening$8.0bn$9.0bn2.82x2.973%

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.