Inflation-linked (TIPS)

91282CGK1 · 1.125% due January 15, 2033

Original term
10-Year
Maturity
Jan 15, 2033
Coupon
1.125%
Pays
Semi-Annual
Dated
Jan 15, 2023
First coupon
Jul 15, 2023
Priced through
Nov 9, 2026
Analyzed through
not analyzed

Statement of October 31, 2026

Amount outstanding
$55.59bn
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, November 9, 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
2.509%
Index ratio
1.1265
Real duration
5.880 yr
DV01
0.0544
Convexity
0.384
Real clean price
92.125
Accrued (real)
0.361
Real dirty price
92.486
Indexed principal
112.654
Money clean price
103.782

The index ratio is a multiplier, not a percentage: 1.1265 means the principal is worth that many times its original face today. So the real clean price of 92.125 is not what a buyer pays , multiply by the ratio to get 103.782 per 100 of original face.

Against the fitted real curve

Priced 1.8 bp cheap to the real curve on that day, 9.56 cents per 100 of face.

That is -0.77 standard deviations from its own typical residual.

Real yield, 945 observations

1.0%1.5%2.0%2.5%3.0%Jan 31, 2023Nov 9, 2026Jan 31, 2023Real yield1.276%Feb 6, 2023Real yield1.375%Feb 10, 2023Real yield1.406%Feb 16, 2023Real yield1.486%Feb 23, 2023Real yield1.490%Mar 1, 2023Real yield1.574%Mar 7, 2023Real yield1.586%Mar 13, 2023Real yield1.312%Mar 17, 2023Real yield1.291%Mar 23, 2023Real yield1.132%Mar 29, 2023Real yield1.240%Apr 4, 2023Real yield1.095%Apr 10, 2023Real yield1.142%Apr 14, 2023Real yield1.220%Apr 20, 2023Real yield1.276%Apr 26, 2023Real yield1.176%May 2, 2023Real yield1.242%May 8, 2023Real yield1.283%May 12, 2023Real yield1.284%May 18, 2023Real yield1.427%May 24, 2023Real yield1.481%May 31, 2023Real yield1.464%Jun 6, 2023Real yield1.504%Jun 12, 2023Real yield1.562%Jun 16, 2023Real yield1.552%Jun 23, 2023Real yield1.538%Jun 29, 2023Real yield1.655%Jul 6, 2023Real yield1.788%Jul 12, 2023Real yield1.605%Jul 18, 2023Real yield1.577%Jul 24, 2023Real yield1.538%Jul 28, 2023Real yield1.644%Aug 3, 2023Real yield1.891%Aug 9, 2023Real yield1.727%Aug 15, 2023Real yield1.954%Aug 21, 2023Real yield2.066%Aug 25, 2023Real yield1.995%Aug 31, 2023Real yield1.915%Sep 7, 2023Real yield2.009%Sep 13, 2023Real yield1.960%Sep 19, 2023Real yield2.050%Sep 25, 2023Real yield2.236%Sep 29, 2023Real yield2.289%Oct 5, 2023Real yield2.463%Oct 12, 2023Real yield2.409%Oct 18, 2023Real yield2.508%Oct 24, 2023Real yield2.474%Oct 30, 2023Real yield2.480%Nov 3, 2023Real yield2.220%Nov 9, 2023Real yield2.327%Nov 15, 2023Real yield2.264%Nov 21, 2023Real yield2.213%Nov 28, 2023Real yield2.164%Dec 4, 2023Real yield2.122%Dec 8, 2023Real yield2.076%Dec 14, 2023Real yield1.745%Dec 20, 2023Real yield1.719%Dec 27, 2023Real yield1.682%Jan 3, 2024Real yield1.749%Jan 9, 2024Real yield1.831%Jan 16, 2024Real yield1.801%Jan 22, 2024Real yield1.822%Jan 26, 2024Real yield1.871%Feb 1, 2024Real yield1.680%Feb 7, 2024Real yield1.869%Feb 13, 2024Real yield2.021%Feb 20, 2024Real yield1.951%Feb 26, 2024Real yield1.977%Mar 1, 2024Real yield1.866%Mar 7, 2024Real yield1.812%Mar 13, 2024Real yield1.892%Mar 19, 2024Real yield1.998%Mar 25, 2024Real yield1.915%Apr 1, 2024Real yield1.985%Apr 5, 2024Real yield2.019%Apr 11, 2024Real yield2.164%Apr 17, 2024Real yield2.203%Apr 23, 2024Real yield2.205%Apr 29, 2024Real yield2.220%May 3, 2024Real yield2.142%May 9, 2024Real yield2.123%May 15, 2024Real yield2.046%May 21, 2024Real yield2.081%May 28, 2024Real yield2.200%Jun 3, 2024Real yield2.068%Jun 7, 2024Real yield2.132%Jun 13, 2024Real yield2.034%Jun 20, 2024Real yield1.998%Jun 26, 2024Real yield2.062%Jul 2, 2024Real yield2.127%Jul 9, 2024Real yield2.024%Jul 15, 2024Real yield1.942%Jul 19, 2024Real yield1.965%Jul 25, 2024Real yield2.003%Jul 31, 2024Real yield1.859%Aug 6, 2024Real yield1.790%Aug 12, 2024Real yield1.795%Aug 16, 2024Real yield1.813%Aug 22, 2024Real yield1.769%Aug 28, 2024Real yield1.679%Sep 4, 2024Real yield1.697%Sep 10, 2024Real yield1.619%Sep 16, 2024Real yield1.518%Sep 20, 2024Real yield1.555%Sep 26, 2024Real yield1.601%Oct 2, 2024Real yield1.540%Oct 8, 2024Real yield1.744%Oct 15, 2024Real yield1.721%Oct 21, 2024Real yield1.840%Oct 25, 2024Real yield1.922%Oct 31, 2024Real yield1.923%Nov 6, 2024Real yield1.998%Nov 13, 2024Real yield2.060%Nov 19, 2024Real yield2.014%Nov 25, 2024Real yield1.955%Dec 2, 2024Real yield1.905%Dec 6, 2024Real yield1.877%Dec 12, 2024Real yield1.969%Dec 18, 2024Real yield2.159%Dec 24, 2024Real yield2.215%Dec 31, 2024Real yield2.213%Jan 7, 2025Real yield2.255%Jan 13, 2025Real yield2.307%Jan 17, 2025Real yield2.152%Jan 24, 2025Real yield2.128%Jan 30, 2025Real yield2.049%Feb 5, 2025Real yield1.918%Feb 11, 2025Real yield1.981%Feb 18, 2025Real yield2.010%Feb 24, 2025Real yield1.892%Feb 28, 2025Real yield1.765%Mar 6, 2025Real yield1.841%Mar 12, 2025Real yield1.869%Mar 18, 2025Real yield1.889%Mar 24, 2025Real yield1.872%Mar 28, 2025Real yield1.763%Apr 3, 2025Real yield1.614%Apr 9, 2025Real yield1.957%Apr 15, 2025Real yield2.031%Apr 22, 2025Real yield1.997%Apr 28, 2025Real yield1.832%May 2, 2025Real yield1.914%May 8, 2025Real yield1.925%May 14, 2025Real yield1.999%May 20, 2025Real yield1.951%May 27, 2025Real yield1.925%Jun 2, 2025Real yield1.927%Jun 6, 2025Real yield2.039%Jun 12, 2025Real yield1.934%Jun 18, 2025Real yield1.895%Jun 25, 2025Real yield1.814%Jul 1, 2025Real yield1.774%Jul 8, 2025Real yield1.859%Jul 14, 2025Real yield1.819%Jul 18, 2025Real yield1.779%Jul 24, 2025Real yield1.780%Jul 30, 2025Real yield1.758%Aug 5, 2025Real yield1.658%Aug 11, 2025Real yield1.659%Aug 15, 2025Real yield1.720%Aug 21, 2025Real yield1.707%Aug 27, 2025Real yield1.525%Sep 3, 2025Real yield1.553%Sep 9, 2025Real yield1.467%Sep 15, 2025Real yield1.454%Sep 19, 2025Real yield1.524%Sep 25, 2025Real yield1.580%Oct 1, 2025Real yield1.544%Oct 7, 2025Real yield1.572%Oct 14, 2025Real yield1.518%Oct 20, 2025Real yield1.537%Oct 24, 2025Real yield1.519%Oct 30, 2025Real yield1.623%Nov 5, 2025Real yield1.662%Nov 12, 2025Real yield1.597%Nov 18, 2025Real yield1.627%Nov 24, 2025Real yield1.590%Dec 1, 2025Real yield1.629%Dec 5, 2025Real yield1.654%Dec 11, 2025Real yield1.679%Dec 17, 2025Real yield1.709%Dec 23, 2025Real yield1.734%Dec 30, 2025Real yield1.697%Jan 6, 2026Real yield1.699%Jan 12, 2026Real yield1.676%Jan 16, 2026Real yield1.696%Jan 23, 2026Real yield1.659%Jan 29, 2026Real yield1.592%Feb 4, 2026Real yield1.627%Feb 10, 2026Real yield1.516%Feb 17, 2026Real yield1.488%Feb 23, 2026Real yield1.460%Feb 27, 2026Real yield1.383%Mar 5, 2026Real yield1.490%Mar 11, 2026Real yield1.486%Mar 17, 2026Real yield1.468%Mar 23, 2026Real yield1.700%Mar 27, 2026Real yield1.807%Apr 2, 2026Real yield1.658%Apr 8, 2026Real yield1.659%Apr 14, 2026Real yield1.570%Apr 20, 2026Real yield1.582%Apr 24, 2026Real yield1.538%Apr 30, 2026Real yield1.573%May 6, 2026Real yield1.600%May 12, 2026Real yield1.631%May 18, 2026Real yield1.775%May 22, 2026Real yield1.864%May 29, 2026Real yield1.763%Jun 4, 2026Real yield1.831%Jun 10, 2026Real yield1.957%Jun 16, 2026Real yield1.897%Jun 23, 2026Real yield2.094%Jun 29, 2026Real yield1.958%Jul 6, 2026Real yield2.008%Jul 10, 2026Real yield2.085%Jul 16, 2026Real yield2.103%Jul 22, 2026Real yield2.159%Jul 28, 2026Real yield2.221%Aug 3, 2026Real yield2.213%Aug 7, 2026Real yield2.172%Aug 13, 2026Real yield2.146%Aug 19, 2026Real yield2.100%Aug 25, 2026Real yield2.075%Aug 31, 2026Real yield2.209%Sep 4, 2026Real yield2.217%Sep 11, 2026Real yield2.414%Sep 17, 2026Real yield2.472%Sep 23, 2026Real yield2.646%Sep 29, 2026Real yield2.741%Oct 5, 2026Real yield2.751%Oct 9, 2026Real yield2.721%Oct 16, 2026Real yield2.558%Oct 22, 2026Real yield2.447%Oct 28, 2026Real yield2.490%Nov 3, 2026Real yield2.459%Nov 9, 2026Real yield2.509%

Price history

945 trading days to Nov 9, 2026

87.590.092.595.097.5100.0102.5Jan 31, 2023Nov 9, 2026Jan 31, 2023Close98.594Feb 6, 2023Close97.688Feb 10, 2023Close97.406Feb 16, 2023Close96.688Feb 23, 2023Close96.656Mar 1, 2023Close95.906Mar 7, 2023Close95.813Mar 13, 2023Close98.281Mar 17, 2023Close98.469Mar 23, 2023Close99.938Mar 29, 2023Close98.938Apr 4, 2023Close100.281Apr 10, 2023Close99.844Apr 14, 2023Close99.125Apr 20, 2023Close98.625Apr 26, 2023Close99.531May 2, 2023Close98.938May 8, 2023Close98.563May 12, 2023Close98.563May 18, 2023Close97.281May 24, 2023Close96.813May 31, 2023Close96.969Jun 6, 2023Close96.625Jun 12, 2023Close96.125Jun 16, 2023Close96.219Jun 23, 2023Close96.344Jun 29, 2023Close95.344Jul 6, 2023Close94.219Jul 12, 2023Close95.781Jul 18, 2023Close96.031Jul 24, 2023Close96.375Jul 28, 2023Close95.469Aug 3, 2023Close93.406Aug 9, 2023Close94.781Aug 15, 2023Close92.906Aug 21, 2023Close92.000Aug 25, 2023Close92.594Aug 31, 2023Close93.250Sep 7, 2023Close92.500Sep 13, 2023Close92.906Sep 19, 2023Close92.188Sep 25, 2023Close90.719Sep 29, 2023Close90.313Oct 5, 2023Close88.969Oct 12, 2023Close89.406Oct 18, 2023Close88.656Oct 24, 2023Close88.938Oct 30, 2023Close88.906Nov 3, 2023Close90.938Nov 9, 2023Close90.125Nov 15, 2023Close90.625Nov 21, 2023Close91.031Nov 28, 2023Close91.438Dec 4, 2023Close91.781Dec 8, 2023Close92.156Dec 14, 2023Close94.813Dec 20, 2023Close95.031Dec 27, 2023Close95.344Jan 3, 2024Close94.813Jan 9, 2024Close94.156Jan 16, 2024Close94.406Jan 22, 2024Close94.250Jan 26, 2024Close93.875Feb 1, 2024Close95.406Feb 7, 2024Close93.906Feb 13, 2024Close92.719Feb 20, 2024Close93.281Feb 26, 2024Close93.094Mar 1, 2024Close93.969Mar 7, 2024Close94.406Mar 13, 2024Close93.781Mar 19, 2024Close92.969Mar 25, 2024Close93.625Apr 1, 2024Close93.094Apr 5, 2024Close92.844Apr 11, 2024Close91.750Apr 17, 2024Close91.469Apr 23, 2024Close91.469Apr 29, 2024Close91.375May 3, 2024Close91.969May 9, 2024Close92.125May 15, 2024Close92.719May 21, 2024Close92.469May 28, 2024Close91.594Jun 3, 2024Close92.594Jun 7, 2024Close92.125Jun 13, 2024Close92.875Jun 20, 2024Close93.156Jun 26, 2024Close92.688Jul 2, 2024Close92.219Jul 9, 2024Close93.000Jul 15, 2024Close93.625Jul 19, 2024Close93.469Jul 25, 2024Close93.188Jul 31, 2024Close94.281Aug 6, 2024Close94.813Aug 12, 2024Close94.781Aug 16, 2024Close94.656Aug 22, 2024Close95.000Aug 28, 2024Close95.688Sep 4, 2024Close95.563Sep 10, 2024Close96.156Sep 16, 2024Close96.938Sep 20, 2024Close96.656Sep 26, 2024Close96.313Oct 2, 2024Close96.781Oct 8, 2024Close95.250Oct 15, 2024Close95.438Oct 21, 2024Close94.563Oct 25, 2024Close93.969Oct 31, 2024Close93.969Nov 6, 2024Close93.438Nov 13, 2024Close93.000Nov 19, 2024Close93.344Nov 25, 2024Close93.781Dec 2, 2024Close94.156Dec 6, 2024Close94.375Dec 12, 2024Close93.719Dec 18, 2024Close92.375Dec 24, 2024Close92.000Dec 31, 2024Close92.031Jan 7, 2025Close91.750Jan 13, 2025Close91.406Jan 17, 2025Close92.500Jan 24, 2025Close92.688Jan 30, 2025Close93.250Feb 5, 2025Close94.188Feb 11, 2025Close93.750Feb 18, 2025Close93.563Feb 24, 2025Close94.406Feb 28, 2025Close95.313Mar 6, 2025Close94.781Mar 12, 2025Close94.594Mar 18, 2025Close94.469Mar 24, 2025Close94.594Mar 28, 2025Close95.375Apr 3, 2025Close96.438Apr 9, 2025Close94.031Apr 15, 2025Close93.531Apr 22, 2025Close93.781Apr 28, 2025Close94.938May 2, 2025Close94.375May 8, 2025Close94.313May 14, 2025Close93.813May 20, 2025Close94.156May 27, 2025Close94.344Jun 2, 2025Close94.344Jun 6, 2025Close93.594Jun 12, 2025Close94.313Jun 18, 2025Close94.594Jun 25, 2025Close95.156Jul 1, 2025Close95.438Jul 8, 2025Close94.875Jul 14, 2025Close95.156Jul 18, 2025Close95.438Jul 24, 2025Close95.438Jul 30, 2025Close95.594Aug 5, 2025Close96.281Aug 11, 2025Close96.281Aug 15, 2025Close95.875Aug 21, 2025Close95.969Aug 27, 2025Close97.219Sep 3, 2025Close97.031Sep 9, 2025Close97.625Sep 15, 2025Close97.719Sep 19, 2025Close97.250Sep 25, 2025Close96.875Oct 1, 2025Close97.125Oct 7, 2025Close96.938Oct 14, 2025Close97.313Oct 20, 2025Close97.188Oct 24, 2025Close97.313Oct 30, 2025Close96.625Nov 5, 2025Close96.375Nov 12, 2025Close96.813Nov 18, 2025Close96.625Nov 24, 2025Close96.875Dec 1, 2025Close96.625Dec 5, 2025Close96.469Dec 11, 2025Close96.313Dec 17, 2025Close96.125Dec 23, 2025Close95.969Dec 30, 2025Close96.219Jan 6, 2026Close96.219Jan 12, 2026Close96.375Jan 16, 2026Close96.250Jan 23, 2026Close96.500Jan 29, 2026Close96.938Feb 4, 2026Close96.719Feb 10, 2026Close97.438Feb 17, 2026Close97.625Feb 23, 2026Close97.813Feb 27, 2026Close98.313Mar 5, 2026Close97.625Mar 11, 2026Close97.656Mar 17, 2026Close97.781Mar 23, 2026Close96.313Mar 27, 2026Close95.656Apr 2, 2026Close96.594Apr 8, 2026Close96.594Apr 14, 2026Close97.156Apr 20, 2026Close97.094Apr 24, 2026Close97.375Apr 30, 2026Close97.156May 6, 2026Close97.000May 12, 2026Close96.813May 18, 2026Close95.938May 22, 2026Close95.406May 29, 2026Close96.031Jun 4, 2026Close95.625Jun 10, 2026Close94.875Jun 16, 2026Close95.250Jun 23, 2026Close94.094Jun 29, 2026Close94.906Jul 6, 2026Close94.625Jul 10, 2026Close94.188Jul 16, 2026Close94.094Jul 22, 2026Close93.781Jul 28, 2026Close93.438Aug 3, 2026Close93.500Aug 7, 2026Close93.750Aug 13, 2026Close93.906Aug 19, 2026Close94.188Aug 25, 2026Close94.344Aug 31, 2026Close93.594Sep 4, 2026Close93.563Sep 11, 2026Close92.469Sep 17, 2026Close92.156Sep 23, 2026Close91.219Sep 29, 2026Close90.719Oct 5, 2026Close90.688Oct 9, 2026Close90.875Oct 16, 2026Close91.781Oct 22, 2026Close92.406Oct 28, 2026Close92.188Nov 3, 2026Close92.375Nov 9, 2026Close92.125
The most recent 20 trading days of prices for 91282CGK1.
DateBidOfferClose
Nov 9, 202692.15692.18892.125
Nov 6, 202692.43892.46992.438
Nov 5, 202692.37592.42292.531
Nov 4, 202692.25092.28192.281
Nov 3, 202692.43892.48492.375
Nov 2, 202692.75092.78192.594
Oct 30, 202692.75092.76692.781
Oct 29, 202692.50092.51692.500
Oct 28, 202692.12592.15692.188
Oct 27, 202692.28192.29792.281
Oct 26, 202692.21992.25092.219
Oct 23, 202692.28192.31392.281
Oct 22, 202692.06392.09492.406
Oct 21, 202691.71991.75091.656
Oct 20, 202691.65691.68891.625
Oct 19, 202691.59491.62591.500
Oct 16, 202691.71991.76691.781
Oct 15, 202691.50091.53191.531
Oct 14, 202690.90690.93891.156
Oct 13, 202691.03191.06391.000

Prices are per 100 of face, from Treasury's own end-of-day file. A dash means that side was not quoted that day, which is almost always the offer and almost always near maturity: a holder of a bill days from paying par has little reason to sell it.

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 91282CGK1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 19, 2023Jan 31, 2023New issue$17.0bn$17.0bn2.79x1.220%
Mar 23, 2023Mar 31, 2023Reopening$15.0bn$15.0bn2.28x1.182%
May 18, 2023May 31, 2023Reopening$15.0bn$17.8bn2.31x1.395%

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.