Inflation-linked (TIPS)

91282CCM1 · 0.125% due July 15, 2031

Original term
10-Year
Maturity
Jul 15, 2031
Coupon
0.125%
Pays
Semi-Annual
Dated
Jul 15, 2021
First coupon
Jan 15, 2022
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$57.22bn
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
1.2460
Real duration
4.776 yr
DV01
0.0433
Convexity
25.216
Real clean price
90.656
Accrued (real)
0.020
Real dirty price
90.676
Indexed principal
124.595
Money clean price
112.953

The index ratio is a multiplier, not a percentage: 1.2460 means the principal is worth that many times its original face today. So the real clean price of 90.656 is not what a buyer pays , multiply by the ratio to get 112.953 per 100 of original face.

Against the fitted real curve

Priced 5.1 bp rich to the real curve on that day, 22.12 cents per 100 of face.

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

Real yield, 1,280 observations

-2%-1%0%1%2%3%Jul 30, 2021Sep 10, 2026Jul 30, 2021Real yield-1.160%Sep 13, 2021Real yield-1.045%Oct 26, 2021Real yield-1.071%Dec 9, 2021Real yield-1.027%Jan 24, 2022Real yield-0.746%Mar 8, 2022Real yield-1.123%Apr 20, 2022Real yield-0.111%Jun 2, 2022Real yield0.225%Jul 18, 2022Real yield0.564%Aug 29, 2022Real yield0.555%Oct 12, 2022Real yield1.665%Nov 25, 2022Real yield1.406%Jan 10, 2023Real yield1.399%Feb 23, 2023Real yield1.485%Apr 6, 2023Real yield1.021%May 18, 2023Real yield1.406%Jul 3, 2023Real yield1.657%Aug 15, 2023Real yield1.930%Sep 27, 2023Real yield2.280%Nov 9, 2023Real yield2.286%Dec 22, 2023Real yield1.682%Feb 7, 2024Real yield1.784%Mar 21, 2024Real yield1.845%May 2, 2024Real yield2.119%Jun 14, 2024Real yield1.943%Jul 30, 2024Real yield1.815%Sep 11, 2024Real yield1.475%Oct 24, 2024Real yield1.727%Dec 9, 2024Real yield1.784%Jan 23, 2025Real yield2.007%Mar 7, 2025Real yield1.688%Apr 18, 2025Real yield1.745%Jun 2, 2025Real yield1.680%Jul 16, 2025Real yield1.538%Aug 27, 2025Real yield1.219%Oct 9, 2025Real yield1.328%Nov 24, 2025Real yield1.355%Jan 8, 2026Real yield1.468%Feb 23, 2026Real yield1.212%Apr 6, 2026Real yield1.408%May 18, 2026Real yield1.516%Jul 1, 2026Real yield1.869%Aug 13, 2026Real yield1.974%Sep 10, 2026Real yield2.168%

Price history

1,280 trading days to Sep 10, 2026

80859095100105110115Jul 30, 2021Sep 10, 2026Jul 30, 2021Close113.594Sep 13, 2021Close112.156Oct 26, 2021Close112.281Dec 9, 2021Close111.656Jan 24, 2022Close108.563Mar 8, 2022Close112.344Apr 20, 2022Close102.188Jun 2, 2022Close99.094Jul 18, 2022Close96.156Aug 29, 2022Close96.281Oct 12, 2022Close87.500Nov 25, 2022Close89.625Jan 10, 2023Close89.813Feb 23, 2023Close89.313Apr 6, 2023Close92.906May 18, 2023Close90.156Jul 3, 2023Close88.531Aug 15, 2023Close86.813Sep 27, 2023Close84.688Nov 9, 2023Close84.875Dec 22, 2023Close89.000Feb 7, 2024Close88.500Mar 21, 2024Close88.281May 2, 2024Close86.750Jun 14, 2024Close88.031Jul 30, 2024Close89.000Sep 11, 2024Close91.250Oct 24, 2024Close89.875Dec 9, 2024Close89.719Jan 23, 2025Close88.625Mar 7, 2025Close90.625Apr 18, 2025Close90.469Jun 2, 2025Close91.000Jul 16, 2025Close91.938Aug 27, 2025Close93.813Oct 9, 2025Close93.344Nov 24, 2025Close93.344Jan 8, 2026Close92.906Feb 23, 2026Close94.344Apr 6, 2026Close93.500May 18, 2026Close93.125Jul 1, 2026Close91.656Aug 13, 2026Close91.375Sep 10, 2026Close90.656
The most recent 20 trading days of prices for 91282CCM1.
DateBidOfferClose
Sep 10, 202690.82890.81390.656
Sep 9, 202691.09491.06391.063
Sep 8, 202691.21991.18891.188
Sep 4, 202691.18891.15691.188
Sep 3, 202691.40691.37591.250
Sep 2, 202691.10991.09491.063
Sep 1, 202691.12591.09491.094
Aug 31, 202691.14191.12591.125
Aug 28, 202691.28191.25091.094
Aug 27, 202691.67291.65691.594
Aug 26, 202691.65691.62591.656
Aug 25, 202691.75091.71991.750
Aug 24, 202691.59491.56391.500
Aug 21, 202691.51691.50091.469
Aug 20, 202691.59491.56391.656
Aug 19, 202691.59491.56391.563
Aug 18, 202691.43891.40691.438
Aug 17, 202691.35991.34491.313
Aug 14, 202691.37591.34491.344
Aug 13, 202691.43891.40691.375

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 91282CCM1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 22, 2021Jul 30, 2021New issue$16.0bn$16.0bn2.50x-1.016%
Sep 23, 2021Sep 30, 2021Reopening$14.0bn$15.7bn2.55x-0.939%
Nov 18, 2021Nov 30, 2021Reopening$14.0bn$15.2bn2.43x-1.145%

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.