Inflation-linked (TIPS)

91282CDX6 · 0.125% due January 15, 2032

Original term
10-Year
Maturity
Jan 15, 2032
Coupon
0.125%
Pays
Semi-Annual
Dated
Jan 15, 2022
First coupon
Jul 15, 2022
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$60.38bn
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
2.273%
Index ratio
1.2047
Real duration
5.264 yr
DV01
0.0470
Convexity
30.377
Real clean price
89.250
Accrued (real)
0.020
Real dirty price
89.270
Indexed principal
120.468
Money clean price
107.518

The index ratio is a multiplier, not a percentage: 1.2047 means the principal is worth that many times its original face today. So the real clean price of 89.250 is not what a buyer pays , multiply by the ratio to get 107.518 per 100 of original face.

Against the fitted real curve

Priced 2.1 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, 1,155 observations

-2%-1%0%1%2%3%Jan 31, 2022Sep 10, 2026Jan 31, 2022Real yield-0.666%Mar 10, 2022Real yield-0.910%Apr 19, 2022Real yield-0.010%May 26, 2022Real yield0.115%Jul 7, 2022Real yield0.675%Aug 15, 2022Real yield0.389%Sep 22, 2022Real yield1.362%Nov 1, 2022Real yield1.614%Dec 12, 2022Real yield1.380%Jan 23, 2023Real yield1.267%Mar 2, 2023Real yield1.601%Apr 10, 2023Real yield1.147%May 17, 2023Real yield1.348%Jun 27, 2023Real yield1.614%Aug 4, 2023Real yield1.745%Sep 13, 2023Real yield1.958%Oct 23, 2023Real yield2.472%Nov 30, 2023Real yield2.161%Jan 10, 2024Real yield1.844%Feb 20, 2024Real yield1.933%Mar 28, 2024Real yield1.864%May 6, 2024Real yield2.116%Jun 13, 2024Real yield2.008%Jul 24, 2024Real yield1.973%Aug 30, 2024Real yield1.693%Oct 9, 2024Real yield1.695%Nov 19, 2024Real yield1.960%Dec 30, 2024Real yield2.169%Feb 7, 2025Real yield1.931%Mar 19, 2025Real yield1.765%Apr 25, 2025Real yield1.776%Jun 4, 2025Real yield1.775%Jul 15, 2025Real yield1.744%Aug 21, 2025Real yield1.568%Sep 30, 2025Real yield1.450%Nov 7, 2025Real yield1.501%Dec 18, 2025Real yield1.565%Jan 29, 2026Real yield1.455%Mar 10, 2026Real yield1.346%Apr 16, 2026Real yield1.480%May 26, 2026Real yield1.695%Jul 6, 2026Real yield1.935%Aug 12, 2026Real yield2.105%Sep 10, 2026Real yield2.273%

Price history

1,155 trading days to Sep 10, 2026

80859095100105110115Jan 31, 2022Sep 10, 2026Jan 31, 2022Close108.156Mar 10, 2022Close110.688Apr 19, 2022Close101.313May 26, 2022Close100.094Jul 7, 2022Close94.938Aug 15, 2022Close97.563Sep 22, 2022Close89.219Nov 1, 2022Close87.313Dec 12, 2022Close89.313Jan 23, 2023Close90.344Mar 2, 2023Close87.844Apr 10, 2023Close91.500May 17, 2023Close90.031Jun 27, 2023Close88.156Aug 4, 2023Close87.344Sep 13, 2023Close85.969Oct 23, 2023Close82.625Nov 30, 2023Close84.906Jan 10, 2024Close87.250Feb 20, 2024Close86.813Mar 28, 2024Close87.438May 6, 2024Close85.938Jun 13, 2024Close86.813Jul 24, 2024Close87.219Aug 30, 2024Close89.188Oct 9, 2024Close89.313Nov 19, 2024Close87.813Dec 30, 2024Close86.719Feb 7, 2025Close88.344Mar 19, 2025Close89.500Apr 25, 2025Close89.594Jun 4, 2025Close89.750Jul 15, 2025Close90.094Aug 21, 2025Close91.250Sep 30, 2025Close92.063Nov 7, 2025Close91.906Dec 18, 2025Close91.688Jan 29, 2026Close92.438Mar 10, 2026Close93.156Apr 16, 2026Close92.563May 26, 2026Close91.594Jul 6, 2026Close90.563Aug 12, 2026Close89.906Sep 10, 2026Close89.250
The most recent 20 trading days of prices for 91282CDX6.
DateBidOfferClose
Sep 10, 202689.42289.40689.250
Sep 9, 202689.68889.65689.688
Sep 8, 202689.84489.81389.813
Sep 4, 202689.81389.78189.813
Sep 3, 202690.06390.03189.875
Sep 2, 202689.75089.71989.719
Sep 1, 202689.76689.75089.750
Aug 31, 202689.78189.75089.781
Aug 28, 202689.96989.93889.781
Aug 27, 202690.35990.34490.281
Aug 26, 202690.34490.31390.344
Aug 25, 202690.43890.40690.438
Aug 24, 202690.28190.25090.188
Aug 21, 202690.18890.15690.125
Aug 20, 202690.25090.21990.344
Aug 19, 202690.28190.25090.250
Aug 18, 202690.09490.06390.094
Aug 17, 202690.03190.00089.938
Aug 14, 202690.03190.00090.000
Aug 13, 202690.12590.09490.063

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 91282CDX6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 20, 2022Jan 31, 2022New issue$16.0bn$18.4bn2.30x-0.540%
Mar 24, 2022Mar 31, 2022Reopening$14.0bn$16.6bn2.43x-0.589%
May 19, 2022May 31, 2022Reopening$14.0bn$16.1bn2.24x0.232%

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.