Inflation-linked (TIPS)

91282CBF7 · 0.125% due January 15, 2031

Original term
10-Year
Maturity
Jan 15, 2031
Coupon
0.125%
Pays
Semi-Annual
Dated
Jan 15, 2021
First coupon
Jul 15, 2021
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$55.08bn
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
2.219%
Index ratio
1.2828
Real duration
4.283 yr
DV01
0.0391
Convexity
20.495
Real clean price
91.375
Accrued (real)
0.020
Real dirty price
91.395
Indexed principal
128.283
Money clean price
117.218

The index ratio is a multiplier, not a percentage: 1.2828 means the principal is worth that many times its original face today. So the real clean price of 91.375 is not what a buyer pays , multiply by the ratio to get 117.218 per 100 of original face.

Against the fitted real curve

Priced 2.5 bp cheap to the real curve on that day, 9.79 cents per 100 of face.

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

Real yield, 1,407 observations

-2%-1%0%1%2%3%Jan 29, 2021Sep 10, 2026Jan 29, 2021Real yield-1.026%Mar 17, 2021Real yield-0.679%Apr 30, 2021Real yield-0.776%Jun 16, 2021Real yield-0.775%Aug 2, 2021Real yield-1.193%Sep 16, 2021Real yield-1.040%Nov 2, 2021Real yield-0.992%Dec 20, 2021Real yield-1.023%Feb 4, 2022Real yield-0.583%Mar 23, 2022Real yield-0.669%May 9, 2022Real yield0.278%Jun 24, 2022Real yield0.583%Aug 10, 2022Real yield0.366%Sep 26, 2022Real yield1.671%Nov 10, 2022Real yield1.500%Dec 29, 2022Real yield1.614%Feb 15, 2023Real yield1.491%Apr 3, 2023Real yield1.117%May 17, 2023Real yield1.353%Jul 5, 2023Real yield1.816%Aug 18, 2023Real yield2.036%Oct 4, 2023Real yield2.460%Nov 20, 2023Real yield2.169%Jan 8, 2024Real yield1.801%Feb 23, 2024Real yield1.952%Apr 9, 2024Real yield1.959%May 23, 2024Real yield2.133%Jul 11, 2024Real yield1.894%Aug 26, 2024Real yield1.571%Oct 10, 2024Real yield1.621%Nov 27, 2024Real yield1.882%Jan 15, 2025Real yield2.050%Mar 4, 2025Real yield1.575%Apr 17, 2025Real yield1.762%Jun 3, 2025Real yield1.708%Jul 21, 2025Real yield1.446%Sep 4, 2025Real yield1.225%Oct 21, 2025Real yield1.252%Dec 8, 2025Real yield1.492%Jan 26, 2026Real yield1.420%Mar 12, 2026Real yield1.280%Apr 27, 2026Real yield1.248%Jun 11, 2026Real yield1.724%Jul 29, 2026Real yield2.071%Sep 10, 2026Real yield2.219%

Price history

1,407 trading days to Sep 10, 2026

80859095100105110115Jan 29, 2021Sep 10, 2026Jan 29, 2021Close112.094Mar 17, 2021Close108.188Apr 30, 2021Close109.094Jun 16, 2021Close108.969Aug 2, 2021Close113.219Sep 16, 2021Close111.438Nov 2, 2021Close110.781Dec 20, 2021Close110.938Feb 4, 2022Close106.500Mar 23, 2022Close107.219May 9, 2022Close98.688Jun 24, 2022Close96.188Aug 10, 2022Close98.000Sep 26, 2022Close88.063Nov 10, 2022Close89.469Dec 29, 2022Close88.813Feb 15, 2023Close89.844Apr 3, 2023Close92.625May 17, 2023Close91.094Jul 5, 2023Close88.156Aug 18, 2023Close86.938Oct 4, 2023Close84.531Nov 20, 2023Close86.531Jan 8, 2024Close89.000Feb 23, 2024Close88.281Apr 9, 2024Close88.438May 23, 2024Close87.625Jul 11, 2024Close89.219Aug 26, 2024Close91.250Oct 10, 2024Close91.125Nov 27, 2024Close89.875Jan 15, 2025Close89.188Mar 4, 2025Close91.906Apr 17, 2025Close91.094Jun 3, 2025Close91.563Jul 21, 2025Close93.063Sep 4, 2025Close94.313Oct 21, 2025Close94.313Dec 8, 2025Close93.313Jan 26, 2026Close93.813Mar 12, 2026Close94.594Apr 27, 2026Close94.875Jun 11, 2026Close92.969Jul 29, 2026Close91.750Sep 10, 2026Close91.375
The most recent 20 trading days of prices for 91282CBF7.
DateBidOfferClose
Sep 10, 202691.53191.50091.375
Sep 9, 202691.78191.75091.750
Sep 8, 202691.89191.87591.875
Sep 4, 202691.84491.81391.844
Sep 3, 202692.06392.03191.906
Sep 2, 202691.79791.78191.750
Sep 1, 202691.79791.78191.781
Aug 31, 202691.81391.78191.813
Aug 28, 202691.95391.90691.781
Aug 27, 202692.29792.28192.250
Aug 26, 202692.26692.25092.281
Aug 25, 202692.37592.34492.344
Aug 24, 202692.25092.21992.188
Aug 21, 202692.18892.15692.156
Aug 20, 202692.21992.18892.281
Aug 19, 202692.21992.18892.188
Aug 18, 202692.07892.06392.063
Aug 17, 202692.01692.00091.969
Aug 14, 202692.00091.96991.969
Aug 13, 202692.03192.00092.000

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 91282CBF7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 21, 2021Jan 29, 2021New issue$15.0bn$15.0bn2.68x-0.987%
Mar 18, 2021Mar 31, 2021Reopening$13.0bn$15.3bn2.42x-0.580%
May 20, 2021May 28, 2021Reopening$13.0bn$13.0bn2.50x-0.805%

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.