Inflation-linked (TIPS)

9128285W6 · 0.875% due January 15, 2029

Original term
10-Year
Maturity
Jan 15, 2029
Coupon
0.875%
Pays
Semi-Annual
Dated
Jan 15, 2019
First coupon
Jul 15, 2019
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$47.82bn
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
2.168%
Index ratio
1.3225
Real duration
2.295 yr
DV01
0.0223
Convexity
6.436
Real clean price
97.063
Accrued (real)
0.138
Real dirty price
97.200
Indexed principal
132.252
Money clean price
128.368

The index ratio is a multiplier, not a percentage: 1.3225 means the principal is worth that many times its original face today. So the real clean price of 97.063 is not what a buyer pays , multiply by the ratio to get 128.368 per 100 of original face.

Against the fitted real curve

Priced 0.7 bp cheap to the real curve on that day, 1.57 cents per 100 of face.

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

Real yield, 1,906 observations

-2%-1%0%1%2%3%Jan 31, 2019Sep 10, 2026Jan 31, 2019Real yield0.780%Apr 4, 2019Real yield0.608%Jun 7, 2019Real yield0.342%Aug 9, 2019Real yield0.118%Oct 11, 2019Real yield0.239%Dec 17, 2019Real yield0.170%Feb 21, 2020Real yield-0.154%Apr 24, 2020Real yield-0.445%Jun 26, 2020Real yield-0.711%Aug 28, 2020Real yield-1.074%Nov 2, 2020Real yield-0.926%Jan 7, 2021Real yield-1.160%Mar 12, 2021Real yield-0.949%May 13, 2021Real yield-1.228%Jul 16, 2021Real yield-1.317%Sep 17, 2021Real yield-1.284%Nov 22, 2021Real yield-1.258%Jan 26, 2022Real yield-0.797%Mar 30, 2022Real yield-0.627%Jun 2, 2022Real yield0.176%Aug 5, 2022Real yield0.383%Oct 7, 2022Real yield1.792%Dec 13, 2022Real yield1.434%Feb 16, 2023Real yield1.570%Apr 20, 2023Real yield1.335%Jun 23, 2023Real yield1.789%Aug 25, 2023Real yield2.142%Oct 30, 2023Real yield2.470%Jan 3, 2024Real yield1.775%Mar 7, 2024Real yield1.779%May 8, 2024Real yield2.180%Jul 12, 2024Real yield1.946%Sep 13, 2024Real yield1.450%Nov 18, 2024Real yield1.888%Jan 23, 2025Real yield1.925%Mar 27, 2025Real yield1.434%May 29, 2025Real yield1.470%Aug 1, 2025Real yield1.200%Oct 3, 2025Real yield1.128%Dec 9, 2025Real yield1.382%Feb 12, 2026Real yield1.060%Apr 16, 2026Real yield1.060%Jun 18, 2026Real yield1.917%Aug 21, 2026Real yield2.046%Sep 10, 2026Real yield2.168%

Price history

1,906 trading days to Sep 10, 2026

9095100105110115120Jan 31, 2019Sep 10, 2026Jan 31, 2019Close100.906Apr 4, 2019Close102.531Jun 7, 2019Close105.031Aug 9, 2019Close107.094Oct 11, 2019Close105.813Dec 17, 2019Close106.344Feb 21, 2020Close109.219Apr 24, 2020Close111.750Jun 26, 2020Close114.000Aug 28, 2020Close117.125Nov 2, 2020Close115.375Jan 7, 2021Close117.156Mar 12, 2021Close114.875May 13, 2021Close116.969Jul 16, 2021Close117.313Sep 17, 2021Close116.625Nov 22, 2021Close116.000Jan 26, 2022Close112.000Mar 30, 2022Close110.438Jun 2, 2022Close104.594Aug 5, 2022Close103.125Oct 7, 2022Close94.594Dec 13, 2022Close96.750Feb 16, 2023Close96.094Apr 20, 2023Close97.469Jun 23, 2023Close95.188Aug 25, 2023Close93.594Oct 30, 2023Close92.250Jan 3, 2024Close95.688Mar 7, 2024Close95.813May 8, 2024Close94.219Jul 12, 2024Close95.406Sep 13, 2024Close97.594Nov 18, 2024Close95.969Jan 23, 2025Close96.000Mar 27, 2025Close97.938May 29, 2025Close97.906Aug 1, 2025Close98.906Oct 3, 2025Close99.188Dec 9, 2025Close98.469Feb 12, 2026Close99.469Apr 16, 2026Close99.500Jun 18, 2026Close97.406Aug 21, 2026Close97.281Sep 10, 2026Close97.063
The most recent 20 trading days of prices for 9128285W6.
DateBidOfferClose
Sep 10, 202697.14197.09497.063
Sep 9, 202697.25097.21997.219
Sep 8, 202697.28197.25097.250
Sep 4, 202697.21997.18897.219
Sep 3, 202697.31397.28197.250
Sep 2, 202697.15697.12597.156
Sep 1, 202697.12597.09497.125
Aug 31, 202697.12597.09497.094
Aug 28, 202697.14197.09497.031
Aug 27, 202697.34497.31397.313
Aug 26, 202697.31397.28197.313
Aug 25, 202697.37597.34497.313
Aug 24, 202697.31397.28197.250
Aug 21, 202697.28197.25097.281
Aug 20, 202697.28197.25097.313
Aug 19, 202697.21997.18897.188
Aug 18, 202697.15697.12597.156
Aug 17, 202697.12597.09497.094
Aug 14, 202697.09497.06397.094
Aug 13, 202697.09497.06397.031

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 9128285W6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 17, 2019Jan 31, 2019New issue$13.0bn$13.0bn2.42x0.919%
Mar 21, 2019Mar 29, 2019Reopening$11.0bn$11.0bn2.43x0.578%
May 23, 2019May 31, 2019Reopening$11.0bn$12.2bn3.07x0.567%

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.