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
Oct 20, 2026
Analyzed through
not analyzed

Statement of September 30, 2026

Amount outstanding
$52.30bn
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, October 20, 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
2.413%
Index ratio
1.3565
Real duration
1.215 yr
DV01
0.0119
Convexity
0.0208
Real clean price
97.688
Accrued (real)
0.133
Real dirty price
97.821
Indexed principal
135.650
Money clean price
132.514

The index ratio is a multiplier, not a percentage: 1.3565 means the principal is worth that many times its original face today. So the real clean price of 97.688 is not what a buyer pays , multiply by the ratio to get 132.514 per 100 of original face.

Against the fitted real curve

Priced 14.5 bp cheap to the real curve on that day, 17.22 cents per 100 of face.

That is 3.06 standard deviations from its own typical residual.

Real yield, 2,182 observations

-2%-1%0%1%2%3%Jan 31, 2018Oct 20, 2026Jan 31, 2018Real yield0.613%Feb 14, 2018Real yield0.816%Mar 1, 2018Real yield0.710%Mar 15, 2018Real yield0.734%Mar 29, 2018Real yield0.688%Apr 13, 2018Real yield0.686%Apr 27, 2018Real yield0.791%May 11, 2018Real yield0.816%May 25, 2018Real yield0.838%Jun 11, 2018Real yield0.823%Jun 25, 2018Real yield0.765%Jul 10, 2018Real yield0.742%Jul 24, 2018Real yield0.865%Aug 7, 2018Real yield0.880%Aug 21, 2018Real yield0.797%Sep 5, 2018Real yield0.834%Sep 19, 2018Real yield0.968%Oct 3, 2018Real yield1.024%Oct 18, 2018Real yield1.103%Nov 1, 2018Real yield1.150%Nov 16, 2018Real yield1.090%Dec 3, 2018Real yield1.059%Dec 18, 2018Real yield1.050%Jan 3, 2019Real yield0.923%Jan 17, 2019Real yield0.977%Feb 1, 2019Real yield0.827%Feb 15, 2019Real yield0.802%Mar 4, 2019Real yield0.774%Mar 18, 2019Real yield0.628%Apr 1, 2019Real yield0.577%Apr 15, 2019Real yield0.588%Apr 30, 2019Real yield0.537%May 14, 2019Real yield0.544%May 29, 2019Real yield0.489%Jun 12, 2019Real yield0.404%Jun 26, 2019Real yield0.329%Jul 11, 2019Real yield0.347%Jul 25, 2019Real yield0.306%Aug 8, 2019Real yield0.098%Aug 22, 2019Real yield0.111%Sep 6, 2019Real yield0.061%Sep 20, 2019Real yield0.185%Oct 4, 2019Real yield0.072%Oct 21, 2019Real yield0.235%Nov 4, 2019Real yield0.185%Nov 19, 2019Real yield0.198%Dec 4, 2019Real yield0.140%Dec 18, 2019Real yield0.184%Jan 3, 2020Real yield0.047%Jan 17, 2020Real yield0.099%Feb 3, 2020Real yield-0.103%Feb 18, 2020Real yield-0.125%Mar 3, 2020Real yield-0.417%Mar 17, 2020Real yield0.644%Mar 31, 2020Real yield-0.021%Apr 15, 2020Real yield-0.450%Apr 29, 2020Real yield-0.409%May 13, 2020Real yield-0.390%May 28, 2020Real yield-0.499%Jun 11, 2020Real yield-0.597%Jun 25, 2020Real yield-0.710%Jul 10, 2020Real yield-0.833%Jul 24, 2020Real yield-0.946%Aug 7, 2020Real yield-1.098%Aug 21, 2020Real yield-1.087%Sep 4, 2020Real yield-1.103%Sep 21, 2020Real yield-1.085%Oct 5, 2020Real yield-1.058%Oct 20, 2020Real yield-1.063%Nov 3, 2020Real yield-0.984%Nov 18, 2020Real yield-0.992%Dec 3, 2020Real yield-1.120%Dec 17, 2020Real yield-1.235%Jan 4, 2021Real yield-1.331%Jan 19, 2021Real yield-1.325%Feb 2, 2021Real yield-1.443%Feb 17, 2021Real yield-1.370%Mar 3, 2021Real yield-1.255%Mar 17, 2021Real yield-1.215%Mar 31, 2021Real yield-1.108%Apr 14, 2021Real yield-1.201%Apr 28, 2021Real yield-1.298%May 12, 2021Real yield-1.454%May 26, 2021Real yield-1.373%Jun 10, 2021Real yield-1.402%Jun 24, 2021Real yield-1.229%Jul 9, 2021Real yield-1.332%Jul 23, 2021Real yield-1.515%Aug 6, 2021Real yield-1.531%Aug 20, 2021Real yield-1.451%Sep 3, 2021Real yield-1.481%Sep 20, 2021Real yield-1.431%Oct 4, 2021Real yield-1.358%Oct 19, 2021Real yield-1.320%Nov 2, 2021Real yield-1.399%Nov 17, 2021Real yield-1.606%Dec 2, 2021Real yield-1.314%Dec 16, 2021Real yield-1.279%Dec 31, 2021Real yield-1.385%Jan 14, 2022Real yield-1.004%Jan 31, 2022Real yield-0.994%Feb 14, 2022Real yield-0.793%Mar 1, 2022Real yield-1.306%Mar 15, 2022Real yield-1.019%Mar 29, 2022Real yield-0.651%Apr 12, 2022Real yield-0.401%Apr 27, 2022Real yield-0.339%May 11, 2022Real yield0.021%May 25, 2022Real yield0.023%Jun 9, 2022Real yield0.130%Jun 24, 2022Real yield0.500%Jul 11, 2022Real yield0.616%Jul 25, 2022Real yield0.419%Aug 8, 2022Real yield0.320%Aug 22, 2022Real yield0.471%Sep 6, 2022Real yield0.914%Sep 20, 2022Real yield1.300%Oct 4, 2022Real yield1.597%Oct 19, 2022Real yield1.885%Nov 2, 2022Real yield1.731%Nov 17, 2022Real yield1.714%Dec 2, 2022Real yield1.247%Dec 16, 2022Real yield1.541%Jan 3, 2023Real yield1.745%Jan 18, 2023Real yield1.405%Feb 1, 2023Real yield1.264%Feb 15, 2023Real yield1.609%Mar 2, 2023Real yield1.743%Mar 16, 2023Real yield1.523%Mar 30, 2023Real yield1.324%Apr 13, 2023Real yield1.282%Apr 27, 2023Real yield1.344%May 11, 2023Real yield1.294%May 25, 2023Real yield1.827%Jun 9, 2023Real yield1.833%Jun 26, 2023Real yield1.890%Jul 11, 2023Real yield2.137%Jul 25, 2023Real yield1.960%Aug 8, 2023Real yield1.911%Aug 22, 2023Real yield2.281%Sep 6, 2023Real yield2.266%Sep 20, 2023Real yield2.313%Oct 4, 2023Real yield2.597%Oct 19, 2023Real yield2.592%Nov 2, 2023Real yield2.446%Nov 16, 2023Real yield2.380%Dec 1, 2023Real yield2.168%Dec 15, 2023Real yield1.901%Jan 2, 2024Real yield1.924%Jan 17, 2024Real yield1.930%Jan 31, 2024Real yield1.808%Feb 14, 2024Real yield2.027%Feb 29, 2024Real yield1.965%Mar 14, 2024Real yield2.041%Mar 28, 2024Real yield1.968%Apr 11, 2024Real yield2.252%Apr 25, 2024Real yield2.344%May 9, 2024Real yield2.233%May 23, 2024Real yield2.326%Jun 7, 2024Real yield2.322%Jun 24, 2024Real yield2.228%Jul 9, 2024Real yield2.143%Jul 23, 2024Real yield2.083%Aug 6, 2024Real yield1.877%Aug 20, 2024Real yield1.863%Sep 4, 2024Real yield1.751%Sep 18, 2024Real yield1.507%Oct 2, 2024Real yield1.429%Oct 17, 2024Real yield1.653%Oct 31, 2024Real yield1.821%Nov 15, 2024Real yield1.914%Dec 2, 2024Real yield1.815%Dec 16, 2024Real yield1.896%Dec 31, 2024Real yield1.993%Jan 15, 2025Real yield1.813%Jan 30, 2025Real yield1.708%Feb 13, 2025Real yield1.623%Feb 28, 2025Real yield1.312%Mar 14, 2025Real yield1.438%Mar 28, 2025Real yield1.196%Apr 11, 2025Real yield1.441%Apr 25, 2025Real yield1.133%May 9, 2025Real yield1.214%May 23, 2025Real yield1.360%Jun 9, 2025Real yield1.485%Jun 24, 2025Real yield1.336%Jul 9, 2025Real yield1.273%Jul 23, 2025Real yield1.220%Aug 6, 2025Real yield1.126%Aug 20, 2025Real yield1.122%Sep 4, 2025Real yield0.943%Sep 18, 2025Real yield0.923%Oct 2, 2025Real yield1.000%Oct 17, 2025Real yield0.996%Oct 31, 2025Real yield1.208%Nov 17, 2025Real yield1.281%Dec 2, 2025Real yield1.265%Dec 16, 2025Real yield1.372%Dec 31, 2025Real yield1.375%Jan 15, 2026Real yield1.279%Jan 30, 2026Real yield0.921%Feb 13, 2026Real yield0.964%Mar 2, 2026Real yield0.888%Mar 16, 2026Real yield0.879%Mar 30, 2026Real yield0.923%Apr 13, 2026Real yield0.896%Apr 27, 2026Real yield0.757%May 11, 2026Real yield0.971%May 26, 2026Real yield1.372%Jun 9, 2026Real yield1.514%Jun 24, 2026Real yield2.185%Jul 9, 2026Real yield2.166%Jul 23, 2026Real yield2.430%Aug 6, 2026Real yield2.549%Aug 20, 2026Real yield2.279%Sep 3, 2026Real yield2.210%Sep 18, 2026Real yield2.591%Oct 2, 2026Real yield2.526%Oct 19, 2026Real yield2.383%Oct 20, 2026Real yield2.413%

Price history

2,182 trading days to Oct 20, 2026

9095100105110115Jan 31, 2018Oct 20, 2026Jan 31, 2018Close98.906Feb 14, 2018Close97.000Mar 1, 2018Close98.000Mar 15, 2018Close97.781Mar 29, 2018Close98.219Apr 13, 2018Close98.250Apr 27, 2018Close97.281May 11, 2018Close97.063May 25, 2018Close96.875Jun 11, 2018Close97.031Jun 25, 2018Close97.563Jul 10, 2018Close97.781Jul 24, 2018Close96.688Aug 7, 2018Close96.563Aug 21, 2018Close97.313Sep 5, 2018Close97.000Sep 19, 2018Close95.844Oct 3, 2018Close95.375Oct 18, 2018Close94.719Nov 1, 2018Close94.344Nov 16, 2018Close94.875Dec 3, 2018Close95.156Dec 18, 2018Close95.250Jan 3, 2019Close96.344Jan 17, 2019Close95.906Feb 1, 2019Close97.188Feb 15, 2019Close97.406Mar 4, 2019Close97.656Mar 18, 2019Close98.906Apr 1, 2019Close99.344Apr 15, 2019Close99.250Apr 30, 2019Close99.688May 14, 2019Close99.625May 29, 2019Close100.094Jun 12, 2019Close100.813Jun 26, 2019Close101.438Jul 11, 2019Close101.281Jul 25, 2019Close101.625Aug 8, 2019Close103.375Aug 22, 2019Close103.250Sep 6, 2019Close103.656Sep 20, 2019Close102.594Oct 4, 2019Close103.531Oct 21, 2019Close102.156Nov 4, 2019Close102.563Nov 19, 2019Close102.438Dec 4, 2019Close102.906Dec 18, 2019Close102.531Jan 3, 2020Close103.625Jan 17, 2020Close103.188Feb 3, 2020Close104.813Feb 18, 2020Close104.969Mar 3, 2020Close107.344Mar 17, 2020Close98.906Mar 31, 2020Close104.063Apr 15, 2020Close107.500Apr 29, 2020Close107.125May 13, 2020Close106.938May 28, 2020Close107.781Jun 11, 2020Close108.531Jun 25, 2020Close109.406Jul 10, 2020Close110.344Jul 24, 2020Close111.219Aug 7, 2020Close112.406Aug 21, 2020Close112.250Sep 4, 2020Close112.313Sep 21, 2020Close112.094Oct 5, 2020Close111.813Oct 20, 2020Close111.781Nov 3, 2020Close111.094Nov 18, 2020Close111.094Dec 3, 2020Close112.031Dec 17, 2020Close112.875Jan 4, 2021Close113.531Jan 19, 2021Close113.406Feb 2, 2021Close114.250Feb 17, 2021Close113.594Mar 3, 2021Close112.625Mar 17, 2021Close112.250Mar 31, 2021Close111.375Apr 14, 2021Close112.000Apr 28, 2021Close112.656May 12, 2021Close113.750May 26, 2021Close113.063Jun 10, 2021Close113.188Jun 24, 2021Close111.844Jul 9, 2021Close112.500Jul 23, 2021Close113.750Aug 6, 2021Close113.781Aug 20, 2021Close113.125Sep 3, 2021Close113.250Sep 20, 2021Close112.813Oct 4, 2021Close112.219Oct 19, 2021Close111.875Nov 2, 2021Close112.344Nov 17, 2021Close113.688Dec 2, 2021Close111.594Dec 16, 2021Close111.281Dec 31, 2021Close111.906Jan 14, 2022Close109.313Jan 31, 2022Close109.188Feb 14, 2022Close107.844Mar 1, 2022Close111.063Mar 15, 2022Close109.156Mar 29, 2022Close106.813Apr 12, 2022Close105.250Apr 27, 2022Close104.844May 11, 2022Close102.719May 25, 2022Close102.688Jun 9, 2022Close102.063Jun 24, 2022Close100.000Jul 11, 2022Close99.375Jul 25, 2022Close100.438Aug 8, 2022Close100.969Aug 22, 2022Close100.156Sep 6, 2022Close97.844Sep 20, 2022Close95.906Oct 4, 2022Close94.469Oct 19, 2022Close93.125Nov 2, 2022Close93.906Nov 17, 2022Close94.031Dec 2, 2022Close96.313Dec 16, 2022Close94.938Jan 3, 2023Close94.031Jan 18, 2023Close95.656Feb 1, 2023Close96.344Feb 15, 2023Close94.781Mar 2, 2023Close94.219Mar 16, 2023Close95.250Mar 30, 2023Close96.188Apr 13, 2023Close96.406Apr 27, 2023Close96.156May 11, 2023Close96.406May 25, 2023Close94.125Jun 9, 2023Close94.156Jun 26, 2023Close93.969Jul 11, 2023Close93.000Jul 25, 2023Close93.781Aug 8, 2023Close94.031Aug 22, 2023Close92.594Sep 6, 2023Close92.719Sep 20, 2023Close92.594Oct 4, 2023Close91.563Oct 19, 2023Close91.656Nov 2, 2023Close92.281Nov 16, 2023Close92.594Dec 1, 2023Close93.469Dec 15, 2023Close94.531Jan 2, 2024Close94.500Jan 17, 2024Close94.531Jan 31, 2024Close95.031Feb 14, 2024Close94.281Feb 29, 2024Close94.563Mar 14, 2024Close94.344Mar 28, 2024Close94.656Apr 11, 2024Close93.719Apr 25, 2024Close93.469May 9, 2024Close93.906May 23, 2024Close93.656Jun 7, 2024Close93.750Jun 24, 2024Close94.125Jul 9, 2024Close94.469Jul 23, 2024Close94.719Aug 6, 2024Close95.438Aug 20, 2024Close95.531Sep 4, 2024Close95.938Sep 18, 2024Close96.750Oct 2, 2024Close97.031Oct 17, 2024Close96.375Oct 31, 2024Close95.906Nov 15, 2024Close95.688Dec 2, 2024Close96.031Dec 16, 2024Close95.844Dec 31, 2024Close95.625Jan 15, 2025Close96.188Jan 30, 2025Close96.531Feb 13, 2025Close96.813Feb 28, 2025Close97.719Mar 14, 2025Close97.406Mar 28, 2025Close98.094Apr 11, 2025Close97.469Apr 25, 2025Close98.313May 9, 2025Close98.125May 23, 2025Close97.781Jun 9, 2025Close97.500Jun 24, 2025Close97.906Jul 9, 2025Close98.094Jul 23, 2025Close98.250Aug 6, 2025Close98.500Aug 20, 2025Close98.531Sep 4, 2025Close98.969Sep 18, 2025Close99.031Oct 2, 2025Close98.875Oct 17, 2025Close98.906Oct 31, 2025Close98.469Nov 17, 2025Close98.344Dec 2, 2025Close98.406Dec 16, 2025Close98.219Dec 31, 2025Close98.250Jan 15, 2026Close98.469Jan 30, 2026Close99.188Feb 13, 2026Close99.125Mar 2, 2026Close99.281Mar 16, 2026Close99.313Mar 30, 2026Close99.250Apr 13, 2026Close99.313Apr 27, 2026Close99.563May 11, 2026Close99.219May 26, 2026Close98.594Jun 9, 2026Close98.406Jun 24, 2026Close97.438Jul 9, 2026Close97.531Jul 23, 2026Close97.219Aug 6, 2026Close97.125Aug 20, 2026Close97.563Sep 3, 2026Close97.719Sep 18, 2026Close97.313Oct 2, 2026Close97.469Oct 19, 2026Close97.719Oct 20, 2026Close97.688
The most recent 20 trading days of prices for 9128283R9.
DateBidOfferClose
Oct 20, 202697.73497.68897.688
Oct 19, 202697.75097.71997.719
Oct 16, 202697.73497.68897.750
Oct 15, 202697.64197.59497.625
Oct 14, 202697.56397.53197.594
Oct 13, 202697.57897.53197.500
Oct 9, 202697.56397.53197.563
Oct 8, 202697.59497.56397.625
Oct 7, 202697.56397.53197.531
Oct 6, 202697.50097.46997.469
Oct 5, 202697.50097.46997.469
Oct 2, 202697.43897.40697.469
Oct 1, 202697.46997.43897.500
Sep 30, 202697.34497.31397.313
Sep 29, 202697.21997.18897.250
Sep 28, 202697.25097.21997.219
Sep 25, 202697.28197.25097.281
Sep 24, 202697.25097.21997.188
Sep 23, 202697.20397.15697.156
Sep 22, 202697.25097.21997.250

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.

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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.