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 10, 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 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
2.205%
Index ratio
1.1827
Real duration
0.586 yr
DV01
0.0058
Convexity
0.634
Real clean price
98.781
Accrued (real)
0.051
Real dirty price
98.832
Indexed principal
118.273
Money clean price
116.832

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 98.781 is not what a buyer pays , multiply by the ratio to get 116.832 per 100 of original face.

Against the fitted real curve

Priced 6.9 bp rich to the real curve on that day, 3.97 cents per 100 of face.

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

Real yield, 1,093 observations

-1%0%1%2%3%4%Apr 29, 2022Sep 10, 2026Apr 29, 2022Real yield-0.387%Jun 6, 2022Real yield-0.029%Jul 13, 2022Real yield0.505%Aug 17, 2022Real yield0.389%Sep 22, 2022Real yield1.484%Oct 28, 2022Real yield1.674%Dec 6, 2022Real yield1.486%Jan 12, 2023Real yield1.487%Feb 17, 2023Real yield1.684%Mar 27, 2023Real yield1.490%May 1, 2023Real yield1.548%Jun 6, 2023Real yield1.872%Jul 13, 2023Real yield2.027%Aug 17, 2023Real yield2.395%Sep 22, 2023Real yield2.481%Oct 30, 2023Real yield2.638%Dec 5, 2023Real yield2.334%Jan 11, 2024Real yield1.997%Feb 16, 2024Real yield2.114%Mar 25, 2024Real yield2.045%Apr 29, 2024Real yield2.403%Jun 4, 2024Real yield2.328%Jul 11, 2024Real yield2.226%Aug 15, 2024Real yield2.101%Sep 20, 2024Real yield1.575%Oct 28, 2024Real yield1.954%Dec 4, 2024Real yield1.810%Jan 10, 2025Real yield1.963%Feb 18, 2025Real yield1.548%Mar 25, 2025Real yield1.269%Apr 29, 2025Real yield0.915%Jun 4, 2025Real yield1.354%Jul 11, 2025Real yield1.300%Aug 15, 2025Real yield1.213%Sep 22, 2025Real yield1.016%Oct 28, 2025Real yield1.163%Dec 4, 2025Real yield1.382%Jan 12, 2026Real yield1.387%Feb 18, 2026Real yield1.056%Mar 25, 2026Real yield0.871%Apr 29, 2026Real yield0.452%Jun 4, 2026Real yield1.186%Jul 13, 2026Real yield2.738%Aug 17, 2026Real yield3.219%Sep 10, 2026Real yield2.205%

Price history

1,093 trading days to Sep 10, 2026

90.092.595.097.5100.0102.5105.0Apr 29, 2022Sep 10, 2026Apr 29, 2022Close102.563Jun 6, 2022Close100.750Jul 13, 2022Close98.219Aug 17, 2022Close98.781Sep 22, 2022Close94.031Oct 28, 2022Close93.375Dec 6, 2022Close94.281Jan 12, 2023Close94.406Feb 17, 2023Close93.781Mar 27, 2023Close94.656May 1, 2023Close94.563Jun 6, 2023Close93.531Jul 13, 2023Close93.156Aug 17, 2023Close92.094Sep 22, 2023Close92.031Oct 30, 2023Close91.750Dec 5, 2023Close92.906Jan 11, 2024Close94.125Feb 16, 2024Close93.969Mar 25, 2024Close94.344Apr 29, 2024Close93.531Jun 4, 2024Close93.938Jul 11, 2024Close94.406Aug 15, 2024Close94.906Sep 20, 2024Close96.375Oct 28, 2024Close95.625Dec 4, 2024Close96.125Jan 10, 2025Close95.969Feb 18, 2025Close97.000Mar 25, 2025Close97.688Apr 29, 2025Close98.469Jun 4, 2025Close97.750Jul 11, 2025Close97.969Aug 15, 2025Close98.219Sep 22, 2025Close98.625Oct 28, 2025Close98.500Dec 4, 2025Close98.313Jan 12, 2026Close98.438Feb 18, 2026Close98.938Mar 25, 2026Close99.219Apr 29, 2026Close99.688Jun 4, 2026Close99.094Jul 13, 2026Close98.063Aug 17, 2026Close98.000Sep 10, 2026Close98.781
The most recent 20 trading days of prices for 91282CEJ6.
DateBidOfferClose
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
Sep 1, 202698.50098.46998.531
Aug 31, 202698.43898.40698.438
Aug 28, 202698.39198.34498.344
Aug 27, 202698.37598.34498.375
Aug 26, 202698.31398.28198.313
Aug 25, 202698.32898.28198.281
Aug 24, 202698.31398.28198.281
Aug 21, 202698.34498.31398.313
Aug 20, 202698.23498.18898.219
Aug 19, 202698.15698.12598.125
Aug 18, 202698.09498.06398.063
Aug 17, 202698.00097.96998.000
Aug 14, 202697.93897.90697.938
Aug 13, 202697.90697.87597.844

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.