Inflation-linked (TIPS)

91282CEJ6 · 0.125% due April 15, 2027

Original term
5-Year
Maturity
Apr 15, 2027
Coupon
0.125%
Pays
Semi-Annual
Dated
Apr 15, 2022
First coupon
Oct 15, 2022
Priced through
Sep 30, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$46.57bn
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 30, 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
2.239%
Index ratio
1.1827
Real duration
0.532 yr
DV01
0.0053
Convexity
0.00546
Real clean price
98.875
Accrued (real)
0.058
Real dirty price
98.933
Indexed principal
118.265
Money clean price
116.935

The index ratio is a multiplier, not a percentage: 1.1827 means the principal is worth that many times its original face today. So the real clean price of 98.875 is not what a buyer pays , multiply by the ratio to get 116.935 per 100 of original face.

Against the fitted real curve

Priced 42.5 bp rich to the real curve on that day, 22.36 cents per 100 of face.

That is -2.26 standard deviations from its own typical residual.

Real yield, 1,107 observations

-1%0%1%2%3%4%Apr 29, 2022Sep 30, 2026Apr 29, 2022Real yield-0.387%May 6, 2022Real yield-0.171%May 13, 2022Real yield-0.147%May 20, 2022Real yield-0.085%May 27, 2022Real yield-0.251%Jun 6, 2022Real yield-0.029%Jun 13, 2022Real yield0.439%Jun 21, 2022Real yield0.533%Jun 28, 2022Real yield0.508%Jul 6, 2022Real yield0.476%Jul 13, 2022Real yield0.505%Jul 20, 2022Real yield0.506%Jul 27, 2022Real yield0.198%Aug 3, 2022Real yield0.138%Aug 10, 2022Real yield0.314%Aug 17, 2022Real yield0.389%Aug 24, 2022Real yield0.404%Aug 31, 2022Real yield0.724%Sep 8, 2022Real yield0.939%Sep 15, 2022Real yield1.100%Sep 22, 2022Real yield1.484%Sep 29, 2022Real yield1.832%Oct 6, 2022Real yield1.779%Oct 14, 2022Real yield1.842%Oct 21, 2022Real yield1.781%Oct 28, 2022Real yield1.674%Nov 4, 2022Real yield1.849%Nov 14, 2022Real yield1.719%Nov 21, 2022Real yield1.773%Nov 29, 2022Real yield1.750%Dec 6, 2022Real yield1.486%Dec 13, 2022Real yield1.484%Dec 20, 2022Real yield1.662%Dec 28, 2022Real yield1.780%Jan 5, 2023Real yield1.844%Jan 12, 2023Real yield1.487%Jan 20, 2023Real yield1.496%Jan 27, 2023Real yield1.463%Feb 3, 2023Real yield1.557%Feb 10, 2023Real yield1.612%Feb 17, 2023Real yield1.684%Feb 27, 2023Real yield1.839%Mar 6, 2023Real yield1.732%Mar 13, 2023Real yield1.591%Mar 20, 2023Real yield1.598%Mar 27, 2023Real yield1.490%Apr 3, 2023Real yield1.290%Apr 10, 2023Real yield1.345%Apr 17, 2023Real yield1.518%Apr 24, 2023Real yield1.424%May 1, 2023Real yield1.548%May 8, 2023Real yield1.420%May 15, 2023Real yield1.502%May 22, 2023Real yield1.750%May 30, 2023Real yield1.863%Jun 6, 2023Real yield1.872%Jun 13, 2023Real yield2.067%Jun 21, 2023Real yield2.006%Jun 28, 2023Real yield2.079%Jul 6, 2023Real yield2.390%Jul 13, 2023Real yield2.027%Jul 20, 2023Real yield2.147%Jul 27, 2023Real yield2.249%Aug 3, 2023Real yield2.297%Aug 10, 2023Real yield2.197%Aug 17, 2023Real yield2.395%Aug 24, 2023Real yield2.369%Aug 31, 2023Real yield2.305%Sep 8, 2023Real yield2.341%Sep 15, 2023Real yield2.362%Sep 22, 2023Real yield2.481%Sep 29, 2023Real yield2.562%Oct 6, 2023Real yield2.775%Oct 16, 2023Real yield2.581%Oct 23, 2023Real yield2.654%Oct 30, 2023Real yield2.638%Nov 6, 2023Real yield2.522%Nov 13, 2023Real yield2.656%Nov 20, 2023Real yield2.478%Nov 28, 2023Real yield2.432%Dec 5, 2023Real yield2.334%Dec 12, 2023Real yield2.449%Dec 19, 2023Real yield2.063%Dec 27, 2023Real yield1.964%Jan 4, 2024Real yield2.089%Jan 11, 2024Real yield1.997%Jan 19, 2024Real yield2.034%Jan 26, 2024Real yield2.003%Feb 2, 2024Real yield2.078%Feb 9, 2024Real yield2.100%Feb 16, 2024Real yield2.114%Feb 26, 2024Real yield2.137%Mar 4, 2024Real yield1.998%Mar 11, 2024Real yield1.977%Mar 18, 2024Real yield2.175%Mar 25, 2024Real yield2.045%Apr 1, 2024Real yield2.189%Apr 8, 2024Real yield2.180%Apr 15, 2024Real yield2.306%Apr 22, 2024Real yield2.365%Apr 29, 2024Real yield2.403%May 6, 2024Real yield2.360%May 13, 2024Real yield2.386%May 20, 2024Real yield2.366%May 28, 2024Real yield2.442%Jun 4, 2024Real yield2.328%Jun 11, 2024Real yield2.438%Jun 18, 2024Real yield2.360%Jun 26, 2024Real yield2.399%Jul 3, 2024Real yield2.333%Jul 11, 2024Real yield2.226%Jul 18, 2024Real yield2.192%Jul 25, 2024Real yield2.280%Aug 1, 2024Real yield2.098%Aug 8, 2024Real yield2.137%Aug 15, 2024Real yield2.101%Aug 22, 2024Real yield2.065%Aug 29, 2024Real yield1.915%Sep 6, 2024Real yield1.870%Sep 13, 2024Real yield1.679%Sep 20, 2024Real yield1.575%Sep 27, 2024Real yield1.586%Oct 4, 2024Real yield1.793%Oct 11, 2024Real yield1.689%Oct 21, 2024Real yield1.833%Oct 28, 2024Real yield1.954%Nov 4, 2024Real yield1.996%Nov 12, 2024Real yield1.972%Nov 19, 2024Real yield1.890%Nov 26, 2024Real yield1.918%Dec 4, 2024Real yield1.810%Dec 11, 2024Real yield1.852%Dec 18, 2024Real yield2.079%Dec 26, 2024Real yield2.055%Jan 3, 2025Real yield1.991%Jan 10, 2025Real yield1.963%Jan 17, 2025Real yield1.731%Jan 27, 2025Real yield1.701%Feb 3, 2025Real yield1.581%Feb 10, 2025Real yield1.579%Feb 18, 2025Real yield1.548%Feb 25, 2025Real yield1.379%Mar 4, 2025Real yield1.192%Mar 11, 2025Real yield1.248%Mar 18, 2025Real yield1.382%Mar 25, 2025Real yield1.269%Apr 1, 2025Real yield1.074%Apr 8, 2025Real yield0.956%Apr 15, 2025Real yield1.221%Apr 22, 2025Real yield1.069%Apr 29, 2025Real yield0.915%May 6, 2025Real yield1.088%May 13, 2025Real yield1.433%May 20, 2025Real yield1.276%May 28, 2025Real yield1.358%Jun 4, 2025Real yield1.354%Jun 11, 2025Real yield1.542%Jun 18, 2025Real yield1.434%Jun 26, 2025Real yield1.323%Jul 3, 2025Real yield1.378%Jul 11, 2025Real yield1.300%Jul 18, 2025Real yield1.184%Jul 25, 2025Real yield1.289%Aug 1, 2025Real yield1.226%Aug 8, 2025Real yield1.182%Aug 15, 2025Real yield1.213%Aug 22, 2025Real yield1.050%Aug 29, 2025Real yield0.945%Sep 8, 2025Real yield0.934%Sep 15, 2025Real yield0.985%Sep 22, 2025Real yield1.016%Sep 29, 2025Real yield1.047%Oct 6, 2025Real yield1.038%Oct 14, 2025Real yield1.009%Oct 21, 2025Real yield1.020%Oct 28, 2025Real yield1.163%Nov 4, 2025Real yield1.288%Nov 12, 2025Real yield1.351%Nov 19, 2025Real yield1.459%Nov 26, 2025Real yield1.411%Dec 4, 2025Real yield1.382%Dec 11, 2025Real yield1.448%Dec 18, 2025Real yield1.564%Dec 26, 2025Real yield1.595%Jan 5, 2026Real yield1.469%Jan 12, 2026Real yield1.387%Jan 20, 2026Real yield1.358%Jan 27, 2026Real yield1.167%Feb 3, 2026Real yield1.050%Feb 10, 2026Real yield0.984%Feb 18, 2026Real yield1.056%Feb 25, 2026Real yield1.016%Mar 4, 2026Real yield0.917%Mar 11, 2026Real yield0.758%Mar 18, 2026Real yield0.593%Mar 25, 2026Real yield0.871%Apr 1, 2026Real yield0.762%Apr 8, 2026Real yield0.805%Apr 15, 2026Real yield0.692%Apr 22, 2026Real yield0.703%Apr 29, 2026Real yield0.452%May 6, 2026Real yield0.760%May 13, 2026Real yield0.602%May 20, 2026Real yield0.927%May 28, 2026Real yield1.163%Jun 4, 2026Real yield1.186%Jun 11, 2026Real yield1.475%Jun 18, 2026Real yield2.228%Jun 26, 2026Real yield2.603%Jul 6, 2026Real yield2.673%Jul 13, 2026Real yield2.738%Jul 20, 2026Real yield2.939%Jul 27, 2026Real yield3.286%Aug 3, 2026Real yield3.467%Aug 10, 2026Real yield3.322%Aug 17, 2026Real yield3.219%Aug 24, 2026Real yield2.857%Aug 31, 2026Real yield2.682%Sep 8, 2026Real yield2.347%Sep 15, 2026Real yield2.310%Sep 22, 2026Real yield2.557%Sep 29, 2026Real yield2.406%Sep 30, 2026Real yield2.239%

Price history

1,107 trading days to Sep 30, 2026

90.092.595.097.5100.0102.5105.0Apr 29, 2022Sep 30, 2026Apr 29, 2022Close102.563May 6, 2022Close101.469May 13, 2022Close101.344May 20, 2022Close101.031May 27, 2022Close101.844Jun 6, 2022Close100.750Jun 13, 2022Close98.500Jun 21, 2022Close98.063Jun 28, 2022Close98.188Jul 6, 2022Close98.344Jul 13, 2022Close98.219Jul 20, 2022Close98.219Jul 27, 2022Close99.656Aug 3, 2022Close99.938Aug 10, 2022Close99.125Aug 17, 2022Close98.781Aug 24, 2022Close98.719Aug 31, 2022Close97.281Sep 8, 2022Close96.344Sep 15, 2022Close95.656Sep 22, 2022Close94.031Sep 29, 2022Close92.594Oct 6, 2022Close92.844Oct 14, 2022Close92.625Oct 21, 2022Close92.906Oct 28, 2022Close93.375Nov 4, 2022Close92.688Nov 14, 2022Close93.250Nov 21, 2022Close93.063Nov 29, 2022Close93.188Dec 6, 2022Close94.281Dec 13, 2022Close94.313Dec 20, 2022Close93.625Dec 28, 2022Close93.188Jan 5, 2023Close92.969Jan 12, 2023Close94.406Jan 20, 2023Close94.406Jan 27, 2023Close94.563Feb 3, 2023Close94.219Feb 10, 2023Close94.031Feb 17, 2023Close93.781Feb 27, 2023Close93.219Mar 6, 2023Close93.656Mar 13, 2023Close94.219Mar 20, 2023Close94.219Mar 27, 2023Close94.656Apr 3, 2023Close95.438Apr 10, 2023Close95.250Apr 17, 2023Close94.625Apr 24, 2023Close95.000May 1, 2023Close94.563May 8, 2023Close95.063May 15, 2023Close94.781May 22, 2023Close93.906May 30, 2023Close93.531Jun 6, 2023Close93.531Jun 13, 2023Close92.875Jun 21, 2023Close93.125Jun 28, 2023Close92.906Jul 6, 2023Close91.875Jul 13, 2023Close93.156Jul 20, 2023Close92.781Jul 27, 2023Close92.469Aug 3, 2023Close92.344Aug 10, 2023Close92.719Aug 17, 2023Close92.094Aug 24, 2023Close92.219Aug 31, 2023Close92.469Sep 8, 2023Close92.406Sep 15, 2023Close92.375Sep 22, 2023Close92.031Sep 29, 2023Close91.813Oct 6, 2023Close91.188Oct 16, 2023Close91.844Oct 23, 2023Close91.656Oct 30, 2023Close91.750Nov 6, 2023Close92.156Nov 13, 2023Close91.781Nov 20, 2023Close92.375Nov 28, 2023Close92.563Dec 5, 2023Close92.906Dec 12, 2023Close92.594Dec 19, 2023Close93.813Dec 27, 2023Close94.156Jan 4, 2024Close93.813Jan 11, 2024Close94.125Jan 19, 2024Close94.063Jan 26, 2024Close94.188Feb 2, 2024Close94.000Feb 9, 2024Close93.969Feb 16, 2024Close93.969Feb 26, 2024Close93.938Mar 4, 2024Close94.375Mar 11, 2024Close94.469Mar 18, 2024Close93.938Mar 25, 2024Close94.344Apr 1, 2024Close93.969Apr 8, 2024Close94.031Apr 15, 2024Close93.719Apr 22, 2024Close93.594Apr 29, 2024Close93.531May 6, 2024Close93.688May 13, 2024Close93.656May 20, 2024Close93.750May 28, 2024Close93.594Jun 4, 2024Close93.938Jun 11, 2024Close93.688Jun 18, 2024Close93.938Jun 26, 2024Close93.875Jul 3, 2024Close94.094Jul 11, 2024Close94.406Jul 18, 2024Close94.531Jul 25, 2024Close94.344Aug 1, 2024Close94.844Aug 8, 2024Close94.781Aug 15, 2024Close94.906Aug 22, 2024Close95.031Aug 29, 2024Close95.438Sep 6, 2024Close95.594Sep 13, 2024Close96.094Sep 20, 2024Close96.375Sep 27, 2024Close96.375Oct 4, 2024Close95.906Oct 11, 2024Close96.188Oct 21, 2024Close95.875Oct 28, 2024Close95.625Nov 4, 2024Close95.563Nov 12, 2024Close95.656Nov 19, 2024Close95.875Nov 26, 2024Close95.844Dec 4, 2024Close96.125Dec 11, 2024Close96.063Dec 18, 2024Close95.594Dec 26, 2024Close95.688Jan 3, 2025Close95.875Jan 10, 2025Close95.969Jan 17, 2025Close96.500Jan 27, 2025Close96.594Feb 3, 2025Close96.875Feb 10, 2025Close96.906Feb 18, 2025Close97.000Feb 25, 2025Close97.375Mar 4, 2025Close97.781Mar 11, 2025Close97.688Mar 18, 2025Close97.438Mar 25, 2025Close97.688Apr 1, 2025Close98.094Apr 8, 2025Close98.344Apr 15, 2025Close97.844Apr 22, 2025Close98.156Apr 29, 2025Close98.469May 6, 2025Close98.156May 13, 2025Close97.531May 20, 2025Close97.844May 28, 2025Close97.719Jun 4, 2025Close97.750Jun 11, 2025Close97.438Jun 18, 2025Close97.656Jun 26, 2025Close97.875Jul 3, 2025Close97.813Jul 11, 2025Close97.969Jul 18, 2025Close98.188Jul 25, 2025Close98.031Aug 1, 2025Close98.156Aug 8, 2025Close98.250Aug 15, 2025Close98.219Aug 22, 2025Close98.500Aug 29, 2025Close98.688Sep 8, 2025Close98.719Sep 15, 2025Close98.656Sep 22, 2025Close98.625Sep 29, 2025Close98.594Oct 6, 2025Close98.625Oct 14, 2025Close98.688Oct 21, 2025Close98.688Oct 28, 2025Close98.500Nov 4, 2025Close98.344Nov 12, 2025Close98.281Nov 19, 2025Close98.156Nov 26, 2025Close98.250Dec 4, 2025Close98.313Dec 11, 2025Close98.250Dec 18, 2025Close98.125Dec 26, 2025Close98.125Jan 5, 2026Close98.313Jan 12, 2026Close98.438Jan 20, 2026Close98.500Jan 27, 2026Close98.750Feb 3, 2026Close98.906Feb 10, 2026Close99.000Feb 18, 2026Close98.938Feb 25, 2026Close99.000Mar 4, 2026Close99.125Mar 11, 2026Close99.313Mar 18, 2026Close99.500Mar 25, 2026Close99.219Apr 1, 2026Close99.344Apr 8, 2026Close99.313Apr 15, 2026Close99.438Apr 22, 2026Close99.438Apr 29, 2026Close99.688May 6, 2026Close99.406May 13, 2026Close99.563May 20, 2026Close99.281May 28, 2026Close99.094Jun 4, 2026Close99.094Jun 11, 2026Close98.875Jun 18, 2026Close98.313Jun 26, 2026Close98.063Jul 6, 2026Close98.063Jul 13, 2026Close98.063Jul 20, 2026Close97.969Jul 27, 2026Close97.781Aug 3, 2026Close97.719Aug 10, 2026Close97.875Aug 17, 2026Close98.000Aug 24, 2026Close98.281Aug 31, 2026Close98.438Sep 8, 2026Close98.688Sep 15, 2026Close98.750Sep 22, 2026Close98.656Sep 29, 2026Close98.781Sep 30, 2026Close98.875
The most recent 20 trading days of prices for 91282CEJ6.
DateBidOfferClose
Sep 30, 202698.87598.84498.875
Sep 29, 202698.78198.75098.781
Sep 28, 202698.81398.78198.750
Sep 25, 202698.81398.78198.750
Sep 24, 202698.81398.78198.781
Sep 23, 202698.70398.65698.719
Sep 22, 202698.68898.65698.656
Sep 21, 202698.70398.65698.625
Sep 18, 202698.71998.68898.688
Sep 17, 202698.65698.62598.656
Sep 16, 202698.75098.71998.656
Sep 15, 202698.75098.71998.750
Sep 14, 202698.75098.71998.688
Sep 11, 202698.73498.68898.656
Sep 10, 202698.81398.78198.781
Sep 9, 202698.76698.71998.719
Sep 8, 202698.71998.68898.688
Sep 4, 202698.62598.59498.625
Sep 3, 202698.59498.56398.563
Sep 2, 202698.59498.56398.531

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.

2 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 91282CEJ6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 21, 2022Apr 29, 2022New issue$20.0bn$20.0bn2.73x-0.340%
Jun 23, 2022Jun 30, 2022Reopening$18.0bn$19.4bn2.61x0.362%

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.