Inflation-linked (TIPS)

91282CEZ0 · 0.625% due July 15, 2032

Original term
10-Year
Maturity
Jul 15, 2032
Coupon
0.625%
Pays
Semi-Annual
Dated
Jul 15, 2022
First coupon
Jan 15, 2023
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$54.68bn
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
2.249%
Index ratio
1.1493
Real duration
5.671 yr
DV01
0.0517
Convexity
35.357
Real clean price
91.156
Accrued (real)
0.099
Real dirty price
91.255
Indexed principal
114.935
Money clean price
104.770

The index ratio is a multiplier, not a percentage: 1.1493 means the principal is worth that many times its original face today. So the real clean price of 91.156 is not what a buyer pays , multiply by the ratio to get 104.770 per 100 of original face.

Against the fitted real curve

Priced 3.6 bp rich to the real curve on that day, 18.38 cents per 100 of face.

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

Real yield, 1,031 observations

0.00%0.50%1.00%1.50%2.00%2.50%3.00%Jul 29, 2022Sep 10, 2026Jul 29, 2022Real yield0.132%Sep 1, 2022Real yield0.813%Oct 6, 2022Real yield1.610%Nov 10, 2022Real yield1.427%Dec 16, 2022Real yield1.351%Jan 24, 2023Real yield1.170%Feb 28, 2023Real yield1.474%Apr 3, 2023Real yield1.115%May 5, 2023Real yield1.205%Jun 9, 2023Real yield1.538%Jul 17, 2023Real yield1.548%Aug 18, 2023Real yield1.983%Sep 22, 2023Real yield2.089%Oct 27, 2023Real yield2.400%Dec 1, 2023Real yield2.002%Jan 8, 2024Real yield1.772%Feb 12, 2024Real yield1.874%Mar 18, 2024Real yield1.979%Apr 19, 2024Real yield2.157%May 23, 2024Real yield2.102%Jun 28, 2024Real yield2.012%Aug 2, 2024Real yield1.702%Sep 6, 2024Real yield1.603%Oct 10, 2024Real yield1.654%Nov 15, 2024Real yield1.995%Dec 20, 2024Real yield2.136%Jan 28, 2025Real yield1.964%Mar 4, 2025Real yield1.661%Apr 7, 2025Real yield1.732%May 9, 2025Real yield1.814%Jun 13, 2025Real yield1.845%Jul 21, 2025Real yield1.608%Aug 22, 2025Real yield1.457%Sep 26, 2025Real yield1.474%Oct 31, 2025Real yield1.496%Dec 8, 2025Real yield1.581%Jan 13, 2026Real yield1.537%Feb 18, 2026Real yield1.382%Mar 24, 2026Real yield1.640%Apr 27, 2026Real yield1.410%Jun 1, 2026Real yield1.666%Jul 7, 2026Real yield1.969%Aug 10, 2026Real yield2.107%Sep 10, 2026Real yield2.249%

Price history

1,031 trading days to Sep 10, 2026

859095100105110Jul 29, 2022Sep 10, 2026Jul 29, 2022Close104.875Sep 1, 2022Close98.219Oct 6, 2022Close91.125Nov 10, 2022Close92.781Dec 16, 2022Close93.500Jan 24, 2023Close95.125Feb 28, 2023Close92.594Apr 3, 2023Close95.688May 5, 2023Close94.969Jun 9, 2023Close92.281Jul 17, 2023Close92.281Aug 18, 2023Close88.969Sep 22, 2023Close88.281Oct 27, 2023Close86.125Dec 1, 2023Close89.156Jan 8, 2024Close90.969Feb 12, 2024Close90.313Mar 18, 2024Close89.656Apr 19, 2024Close88.500May 23, 2024Close89.000Jun 28, 2024Close89.750Aug 2, 2024Close92.031Sep 6, 2024Close92.813Oct 10, 2024Close92.531Nov 15, 2024Close90.313Dec 20, 2024Close89.500Jan 28, 2025Close90.750Mar 4, 2025Close92.844Apr 7, 2025Close92.469May 9, 2025Close92.031Jun 13, 2025Close91.938Jul 21, 2025Close93.531Aug 22, 2025Close94.563Sep 26, 2025Close94.531Oct 31, 2025Close94.469Dec 8, 2025Close94.031Jan 13, 2026Close94.375Feb 18, 2026Close95.375Mar 24, 2026Close93.938Apr 27, 2026Close95.344Jun 1, 2026Close93.969Jul 7, 2026Close92.406Aug 10, 2026Close91.781Sep 10, 2026Close91.156
The most recent 20 trading days of prices for 91282CEZ0.
DateBidOfferClose
Sep 10, 202691.37591.34491.156
Sep 9, 202691.64191.59491.656
Sep 8, 202691.84491.81391.813
Sep 4, 202691.81391.78191.813
Sep 3, 202692.07892.06391.906
Sep 2, 202691.75091.71991.719
Sep 1, 202691.78191.75091.750
Aug 31, 202691.76691.75091.781
Aug 28, 202692.00091.93891.781
Aug 27, 202692.40692.37592.313
Aug 26, 202692.37592.34492.375
Aug 25, 202692.48492.43892.469
Aug 24, 202692.31392.28192.188
Aug 21, 202692.21992.18892.156
Aug 20, 202692.28192.25092.375
Aug 19, 202692.34492.31392.313
Aug 18, 202692.09492.06392.094
Aug 17, 202692.03192.00091.938
Aug 14, 202692.06392.03192.031
Aug 13, 202692.15692.12592.094

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 91282CEZ0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 21, 2022Jul 29, 2022New issue$17.0bn$17.0bn2.18x0.630%
Sep 22, 2022Sep 30, 2022Reopening$15.0bn$15.0bn2.54x1.248%
Nov 17, 2022Nov 30, 2022Reopening$15.0bn$16.6bn2.25x1.485%

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.