Inflation-linked (TIPS)

9128283R9 · 0.5% due January 15, 2028

Original term
10-Year
Maturity
Jan 15, 2028
Coupon
0.500%
Pays
Semi-Annual
Dated
Jan 15, 2018
First coupon
Jul 15, 2018
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$52.32bn
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
2.234%
Index ratio
1.3538
Real duration
1.324 yr
DV01
0.0129
Convexity
2.410
Real clean price
97.719
Accrued (real)
0.079
Real dirty price
97.798
Indexed principal
135.382
Money clean price
132.293

The index ratio is a multiplier, not a percentage: 1.3538 means the principal is worth that many times its original face today. So the real clean price of 97.719 is not what a buyer pays , multiply by the ratio to get 132.293 per 100 of original face.

Against the fitted real curve

Priced 2.3 bp cheap to the real curve on that day, 2.98 cents per 100 of face.

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

Real yield, 2,155 observations

-2%-1%0%1%2%3%Jan 31, 2018Sep 10, 2026Jan 31, 2018Real yield0.613%Apr 12, 2018Real yield0.699%Jun 21, 2018Real yield0.789%Aug 30, 2018Real yield0.788%Nov 9, 2018Real yield1.181%Jan 25, 2019Real yield0.978%Apr 5, 2019Real yield0.581%Jun 17, 2019Real yield0.463%Aug 26, 2019Real yield0.048%Nov 5, 2019Real yield0.223%Jan 17, 2020Real yield0.099%Mar 30, 2020Real yield-0.099%Jun 9, 2020Real yield-0.473%Aug 18, 2020Real yield-1.103%Oct 28, 2020Real yield-1.063%Jan 11, 2021Real yield-1.204%Mar 23, 2021Real yield-1.165%Jun 1, 2021Real yield-1.382%Aug 10, 2021Real yield-1.515%Oct 20, 2021Real yield-1.366%Dec 31, 2021Real yield-1.385%Mar 14, 2022Real yield-1.117%May 23, 2022Real yield0.144%Aug 3, 2022Real yield0.223%Oct 13, 2022Real yield1.855%Dec 23, 2022Real yield1.659%Mar 8, 2023Real yield1.944%May 16, 2023Real yield1.446%Jul 27, 2023Real yield2.045%Oct 5, 2023Real yield2.590%Dec 15, 2023Real yield1.901%Feb 28, 2024Real yield1.990%May 7, 2024Real yield2.277%Jul 18, 2024Real yield2.019%Sep 26, 2024Real yield1.494%Dec 9, 2024Real yield1.791%Feb 20, 2025Real yield1.552%Apr 30, 2025Real yield0.981%Jul 11, 2025Real yield1.263%Sep 19, 2025Real yield0.952%Dec 2, 2025Real yield1.265%Feb 12, 2026Real yield0.978%Apr 23, 2026Real yield0.884%Jul 6, 2026Real yield2.179%Sep 10, 2026Real yield2.234%

Price history

2,155 trading days to Sep 10, 2026

9095100105110115Jan 31, 2018Sep 10, 2026Jan 31, 2018Close98.906Apr 12, 2018Close98.125Jun 21, 2018Close97.344Aug 30, 2018Close97.406Nov 9, 2018Close94.094Jan 25, 2019Close95.906Apr 5, 2019Close99.313Jun 17, 2019Close100.313Aug 26, 2019Close103.781Nov 5, 2019Close102.250Jan 17, 2020Close103.188Mar 30, 2020Close104.688Jun 9, 2020Close107.531Aug 18, 2020Close112.406Oct 28, 2020Close111.750Jan 11, 2021Close112.500Mar 23, 2021Close111.844Jun 1, 2021Close113.094Aug 10, 2021Close113.656Oct 20, 2021Close112.188Dec 31, 2021Close111.906Mar 14, 2022Close109.781May 23, 2022Close102.000Aug 3, 2022Close101.500Oct 13, 2022Close93.250Dec 23, 2022Close94.406Mar 8, 2023Close93.344May 16, 2023Close95.750Jul 27, 2023Close93.438Oct 5, 2023Close91.594Dec 15, 2023Close94.531Feb 28, 2024Close94.469May 7, 2024Close93.750Jul 18, 2024Close94.906Sep 26, 2024Close96.813Dec 9, 2024Close96.125Feb 20, 2025Close97.031Apr 30, 2025Close98.719Jul 11, 2025Close98.125Sep 19, 2025Close98.969Dec 2, 2025Close98.406Feb 12, 2026Close99.094Apr 23, 2026Close99.344Jul 6, 2026Close97.500Sep 10, 2026Close97.719
The most recent 20 trading days of prices for 9128283R9.
DateBidOfferClose
Sep 10, 202697.78197.75097.719
Sep 9, 202697.81397.78197.781
Sep 8, 202697.78197.75097.781
Sep 4, 202697.71997.68897.719
Sep 3, 202697.75097.71997.719
Sep 2, 202697.65697.62597.625
Sep 1, 202697.62597.59497.625
Aug 31, 202697.59497.56397.563
Aug 28, 202697.54797.50097.469
Aug 27, 202697.65697.62597.625
Aug 26, 202697.60997.59497.625
Aug 25, 202697.64197.59497.594
Aug 24, 202697.62597.59497.563
Aug 21, 202697.62597.59497.625
Aug 20, 202697.56397.53197.563
Aug 19, 202697.46997.43897.469
Aug 18, 202697.43897.40697.406
Aug 17, 202697.40697.37597.375
Aug 14, 202697.39197.34497.344
Aug 13, 202697.37597.34497.313

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.

3 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 9128283R9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 18, 2018Jan 31, 2018New issue$13.0bn$14.9bn2.69x0.548%
Mar 22, 2018Mar 29, 2018Reopening$11.0bn$11.0bn2.56x0.764%
May 17, 2018May 31, 2018Reopening$11.0bn$12.9bn2.42x0.934%

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.