Inflation-linked (TIPS)

91282CGW5 · 1.25% due April 15, 2028

Original term
5-Year
Maturity
Apr 15, 2028
Coupon
1.250%
Pays
Semi-Annual
Dated
Apr 15, 2023
First coupon
Oct 15, 2023
Priced through
Sep 30, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$44.42bn
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
2.711%
Index ratio
1.1132
Real duration
1.499 yr
DV01
0.0147
Convexity
0.0301
Real clean price
97.813
Accrued (real)
0.577
Real dirty price
98.390
Indexed principal
111.325
Money clean price
108.890

The index ratio is a multiplier, not a percentage: 1.1132 means the principal is worth that many times its original face today. So the real clean price of 97.813 is not what a buyer pays , multiply by the ratio to get 108.890 per 100 of original face.

Against the fitted real curve

Priced 9.5 bp cheap to the real curve on that day, 14.00 cents per 100 of face.

That is -0.06 standard deviations from its own typical residual.

Real yield, 858 observations

0.50%1.00%1.50%2.00%2.50%3.00%Apr 28, 2023Sep 30, 2026Apr 28, 2023Real yield1.309%May 4, 2023Real yield1.159%May 10, 2023Real yield1.243%May 16, 2023Real yield1.408%May 22, 2023Real yield1.590%May 26, 2023Real yield1.794%Jun 2, 2023Real yield1.721%Jun 8, 2023Real yield1.736%Jun 14, 2023Real yield1.916%Jun 21, 2023Real yield1.815%Jun 27, 2023Real yield1.914%Jul 3, 2023Real yield2.001%Jul 10, 2023Real yield2.074%Jul 14, 2023Real yield1.914%Jul 20, 2023Real yield1.887%Jul 26, 2023Real yield1.875%Aug 1, 2023Real yield1.998%Aug 7, 2023Real yield1.880%Aug 11, 2023Real yield2.025%Aug 17, 2023Real yield2.201%Aug 23, 2023Real yield2.124%Aug 29, 2023Real yield2.105%Sep 5, 2023Real yield2.174%Sep 11, 2023Real yield2.155%Sep 15, 2023Real yield2.203%Sep 21, 2023Real yield2.346%Sep 27, 2023Real yield2.455%Oct 3, 2023Real yield2.611%Oct 10, 2023Real yield2.450%Oct 16, 2023Real yield2.431%Oct 20, 2023Real yield2.519%Oct 26, 2023Real yield2.545%Nov 1, 2023Real yield2.427%Nov 7, 2023Real yield2.339%Nov 13, 2023Real yield2.505%Nov 17, 2023Real yield2.355%Nov 24, 2023Real yield2.421%Nov 30, 2023Real yield2.292%Dec 6, 2023Real yield2.211%Dec 12, 2023Real yield2.300%Dec 18, 2023Real yield1.923%Dec 22, 2023Real yield1.872%Dec 29, 2023Real yield1.875%Jan 5, 2024Real yield1.979%Jan 11, 2024Real yield1.863%Jan 18, 2024Real yield1.890%Jan 24, 2024Real yield1.971%Jan 30, 2024Real yield1.887%Feb 5, 2024Real yield2.016%Feb 9, 2024Real yield2.003%Feb 15, 2024Real yield2.005%Feb 22, 2024Real yield2.097%Feb 28, 2024Real yield2.011%Mar 5, 2024Real yield1.869%Mar 11, 2024Real yield1.887%Mar 15, 2024Real yield2.077%Mar 21, 2024Real yield1.965%Mar 27, 2024Real yield1.952%Apr 2, 2024Real yield2.053%Apr 8, 2024Real yield2.106%Apr 12, 2024Real yield2.210%Apr 18, 2024Real yield2.314%Apr 24, 2024Real yield2.310%Apr 30, 2024Real yield2.390%May 6, 2024Real yield2.250%May 10, 2024Real yield2.288%May 16, 2024Real yield2.231%May 22, 2024Real yield2.269%May 29, 2024Real yield2.378%Jun 4, 2024Real yield2.192%Jun 10, 2024Real yield2.318%Jun 14, 2024Real yield2.252%Jun 21, 2024Real yield2.204%Jun 27, 2024Real yield2.189%Jul 3, 2024Real yield2.194%Jul 10, 2024Real yield2.118%Jul 16, 2024Real yield1.998%Jul 22, 2024Real yield2.099%Jul 26, 2024Real yield2.022%Aug 1, 2024Real yield1.882%Aug 7, 2024Real yield1.902%Aug 13, 2024Real yield1.807%Aug 19, 2024Real yield1.899%Aug 23, 2024Real yield1.758%Aug 29, 2024Real yield1.750%Sep 5, 2024Real yield1.762%Sep 11, 2024Real yield1.610%Sep 17, 2024Real yield1.511%Sep 23, 2024Real yield1.485%Sep 27, 2024Real yield1.486%Oct 3, 2024Real yield1.533%Oct 9, 2024Real yield1.729%Oct 16, 2024Real yield1.666%Oct 22, 2024Real yield1.762%Oct 28, 2024Real yield1.925%Nov 1, 2024Real yield1.947%Nov 7, 2024Real yield1.835%Nov 14, 2024Real yield1.992%Nov 20, 2024Real yield1.899%Nov 26, 2024Real yield1.921%Dec 3, 2024Real yield1.837%Dec 9, 2024Real yield1.820%Dec 13, 2024Real yield1.921%Dec 19, 2024Real yield2.152%Dec 26, 2024Real yield2.097%Jan 2, 2025Real yield2.032%Jan 8, 2025Real yield2.015%Jan 14, 2025Real yield2.009%Jan 21, 2025Real yield1.902%Jan 27, 2025Real yield1.793%Jan 31, 2025Real yield1.765%Feb 6, 2025Real yield1.675%Feb 12, 2025Real yield1.759%Feb 19, 2025Real yield1.659%Feb 25, 2025Real yield1.506%Mar 3, 2025Real yield1.332%Mar 7, 2025Real yield1.498%Mar 13, 2025Real yield1.458%Mar 19, 2025Real yield1.459%Mar 25, 2025Real yield1.428%Mar 31, 2025Real yield1.229%Apr 4, 2025Real yield1.218%Apr 10, 2025Real yield1.474%Apr 16, 2025Real yield1.421%Apr 22, 2025Real yield1.336%Apr 28, 2025Real yield1.164%May 2, 2025Real yield1.337%May 8, 2025Real yield1.326%May 14, 2025Real yield1.514%May 20, 2025Real yield1.404%May 27, 2025Real yield1.416%Jun 2, 2025Real yield1.429%Jun 6, 2025Real yield1.588%Jun 12, 2025Real yield1.543%Jun 18, 2025Real yield1.477%Jun 25, 2025Real yield1.387%Jul 1, 2025Real yield1.353%Jul 8, 2025Real yield1.377%Jul 14, 2025Real yield1.296%Jul 18, 2025Real yield1.215%Jul 24, 2025Real yield1.285%Jul 30, 2025Real yield1.297%Aug 5, 2025Real yield1.179%Aug 11, 2025Real yield1.178%Aug 15, 2025Real yield1.202%Aug 21, 2025Real yield1.190%Aug 27, 2025Real yield0.937%Sep 3, 2025Real yield0.983%Sep 9, 2025Real yield0.945%Sep 15, 2025Real yield0.992%Sep 19, 2025Real yield1.027%Sep 25, 2025Real yield1.113%Oct 1, 2025Real yield1.062%Oct 7, 2025Real yield1.073%Oct 14, 2025Real yield1.047%Oct 20, 2025Real yield1.071%Oct 24, 2025Real yield1.083%Oct 30, 2025Real yield1.276%Nov 5, 2025Real yield1.302%Nov 12, 2025Real yield1.289%Nov 18, 2025Real yield1.329%Nov 24, 2025Real yield1.303%Dec 1, 2025Real yield1.331%Dec 5, 2025Real yield1.318%Dec 11, 2025Real yield1.372%Dec 17, 2025Real yield1.414%Dec 23, 2025Real yield1.457%Dec 30, 2025Real yield1.403%Jan 6, 2026Real yield1.362%Jan 12, 2026Real yield1.306%Jan 16, 2026Real yield1.321%Jan 23, 2026Real yield1.250%Jan 29, 2026Real yield1.063%Feb 4, 2026Real yield1.105%Feb 10, 2026Real yield1.046%Feb 17, 2026Real yield1.103%Feb 23, 2026Real yield1.057%Feb 27, 2026Real yield0.951%Mar 5, 2026Real yield1.010%Mar 11, 2026Real yield0.978%Mar 17, 2026Real yield0.915%Mar 23, 2026Real yield1.142%Mar 27, 2026Real yield1.157%Apr 2, 2026Real yield1.047%Apr 8, 2026Real yield1.062%Apr 14, 2026Real yield0.997%Apr 20, 2026Real yield1.027%Apr 24, 2026Real yield0.913%Apr 30, 2026Real yield0.911%May 6, 2026Real yield1.087%May 12, 2026Real yield1.069%May 18, 2026Real yield1.200%May 22, 2026Real yield1.486%May 29, 2026Real yield1.420%Jun 4, 2026Real yield1.438%Jun 10, 2026Real yield1.612%Jun 16, 2026Real yield1.756%Jun 23, 2026Real yield2.135%Jun 29, 2026Real yield2.125%Jul 6, 2026Real yield2.171%Jul 10, 2026Real yield2.234%Jul 16, 2026Real yield2.296%Jul 22, 2026Real yield2.381%Jul 28, 2026Real yield2.525%Aug 3, 2026Real yield2.499%Aug 7, 2026Real yield2.414%Aug 13, 2026Real yield2.383%Aug 19, 2026Real yield2.315%Aug 25, 2026Real yield2.247%Aug 31, 2026Real yield2.337%Sep 4, 2026Real yield2.269%Sep 11, 2026Real yield2.443%Sep 17, 2026Real yield2.554%Sep 23, 2026Real yield2.756%Sep 29, 2026Real yield2.751%Sep 30, 2026Real yield2.711%

Price history

858 trading days to Sep 30, 2026

949596979899100101Apr 28, 2023Sep 30, 2026Apr 28, 2023Close99.719May 4, 2023Close100.438May 10, 2023Close100.031May 16, 2023Close99.250May 22, 2023Close98.406May 26, 2023Close97.469Jun 2, 2023Close97.813Jun 8, 2023Close97.750Jun 14, 2023Close96.938Jun 21, 2023Close97.406Jun 27, 2023Close96.969Jul 3, 2023Close96.594Jul 10, 2023Close96.281Jul 14, 2023Close97.000Jul 20, 2023Close97.125Jul 26, 2023Close97.188Aug 1, 2023Close96.656Aug 7, 2023Close97.188Aug 11, 2023Close96.563Aug 17, 2023Close95.813Aug 23, 2023Close96.156Aug 29, 2023Close96.250Sep 5, 2023Close95.969Sep 11, 2023Close96.063Sep 15, 2023Close95.875Sep 21, 2023Close95.281Sep 27, 2023Close94.844Oct 3, 2023Close94.219Oct 10, 2023Close94.906Oct 16, 2023Close95.000Oct 20, 2023Close94.656Oct 26, 2023Close94.563Nov 1, 2023Close95.063Nov 7, 2023Close95.438Nov 13, 2023Close94.781Nov 17, 2023Close95.406Nov 24, 2023Close95.156Nov 30, 2023Close95.688Dec 6, 2023Close96.031Dec 12, 2023Close95.688Dec 18, 2023Close97.219Dec 22, 2023Close97.438Dec 29, 2023Close97.438Jan 5, 2024Close97.031Jan 11, 2024Close97.500Jan 18, 2024Close97.406Jan 24, 2024Close97.094Jan 30, 2024Close97.438Feb 5, 2024Close96.938Feb 9, 2024Close97.000Feb 15, 2024Close97.000Feb 22, 2024Close96.656Feb 28, 2024Close97.000Mar 5, 2024Close97.563Mar 11, 2024Close97.500Mar 15, 2024Close96.781Mar 21, 2024Close97.219Mar 27, 2024Close97.281Apr 2, 2024Close96.906Apr 8, 2024Close96.719Apr 12, 2024Close96.344Apr 18, 2024Close95.969Apr 24, 2024Close96.000Apr 30, 2024Close95.719May 6, 2024Close96.250May 10, 2024Close96.125May 16, 2024Close96.344May 22, 2024Close96.219May 29, 2024Close95.844Jun 4, 2024Close96.531Jun 10, 2024Close96.094Jun 14, 2024Close96.344Jun 21, 2024Close96.531Jun 27, 2024Close96.594Jul 3, 2024Close96.594Jul 10, 2024Close96.875Jul 16, 2024Close97.313Jul 22, 2024Close96.969Jul 26, 2024Close97.250Aug 1, 2024Close97.750Aug 7, 2024Close97.688Aug 13, 2024Close98.031Aug 19, 2024Close97.719Aug 23, 2024Close98.219Aug 29, 2024Close98.250Sep 5, 2024Close98.219Sep 11, 2024Close98.750Sep 17, 2024Close99.094Sep 23, 2024Close99.188Sep 27, 2024Close99.188Oct 3, 2024Close99.031Oct 9, 2024Close98.375Oct 16, 2024Close98.594Oct 22, 2024Close98.281Oct 28, 2024Close97.750Nov 1, 2024Close97.688Nov 7, 2024Close98.063Nov 14, 2024Close97.563Nov 20, 2024Close97.875Nov 26, 2024Close97.813Dec 3, 2024Close98.094Dec 9, 2024Close98.156Dec 13, 2024Close97.844Dec 19, 2024Close97.125Dec 26, 2024Close97.313Jan 2, 2025Close97.531Jan 8, 2025Close97.594Jan 14, 2025Close97.625Jan 21, 2025Close97.969Jan 27, 2025Close98.313Jan 31, 2025Close98.406Feb 6, 2025Close98.688Feb 12, 2025Close98.438Feb 19, 2025Close98.750Feb 25, 2025Close99.219Mar 3, 2025Close99.750Mar 7, 2025Close99.250Mar 13, 2025Close99.375Mar 19, 2025Close99.375Mar 25, 2025Close99.469Mar 31, 2025Close100.063Apr 4, 2025Close100.094Apr 10, 2025Close99.344Apr 16, 2025Close99.500Apr 22, 2025Close99.750Apr 28, 2025Close100.250May 2, 2025Close99.750May 8, 2025Close99.781May 14, 2025Close99.250May 20, 2025Close99.563May 27, 2025Close99.531Jun 2, 2025Close99.500Jun 6, 2025Close99.063Jun 12, 2025Close99.188Jun 18, 2025Close99.375Jun 25, 2025Close99.625Jul 1, 2025Close99.719Jul 8, 2025Close99.656Jul 14, 2025Close99.875Jul 18, 2025Close100.094Jul 24, 2025Close99.906Jul 30, 2025Close99.875Aug 5, 2025Close100.188Aug 11, 2025Close100.188Aug 15, 2025Close100.125Aug 21, 2025Close100.156Aug 27, 2025Close100.813Sep 3, 2025Close100.688Sep 9, 2025Close100.781Sep 15, 2025Close100.656Sep 19, 2025Close100.563Sep 25, 2025Close100.344Oct 1, 2025Close100.469Oct 7, 2025Close100.438Oct 14, 2025Close100.500Oct 20, 2025Close100.438Oct 24, 2025Close100.406Oct 30, 2025Close99.938Nov 5, 2025Close99.875Nov 12, 2025Close99.906Nov 18, 2025Close99.813Nov 24, 2025Close99.875Dec 1, 2025Close99.813Dec 5, 2025Close99.844Dec 11, 2025Close99.719Dec 17, 2025Close99.625Dec 23, 2025Close99.531Dec 30, 2025Close99.656Jan 6, 2026Close99.750Jan 12, 2026Close99.875Jan 16, 2026Close99.844Jan 23, 2026Close100.000Jan 29, 2026Close100.406Feb 4, 2026Close100.313Feb 10, 2026Close100.438Feb 17, 2026Close100.313Feb 23, 2026Close100.406Feb 27, 2026Close100.625Mar 5, 2026Close100.500Mar 11, 2026Close100.563Mar 17, 2026Close100.688Mar 23, 2026Close100.219Mar 27, 2026Close100.188Apr 2, 2026Close100.406Apr 8, 2026Close100.375Apr 14, 2026Close100.500Apr 20, 2026Close100.438Apr 24, 2026Close100.656Apr 30, 2026Close100.656May 6, 2026Close100.313May 12, 2026Close100.344May 18, 2026Close100.094May 22, 2026Close99.563May 29, 2026Close99.688Jun 4, 2026Close99.656Jun 10, 2026Close99.344Jun 16, 2026Close99.094Jun 23, 2026Close98.438Jun 29, 2026Close98.469Jul 6, 2026Close98.406Jul 10, 2026Close98.313Jul 16, 2026Close98.219Jul 22, 2026Close98.094Jul 28, 2026Close97.875Aug 3, 2026Close97.938Aug 7, 2026Close98.094Aug 13, 2026Close98.156Aug 19, 2026Close98.281Aug 25, 2026Close98.406Aug 31, 2026Close98.281Sep 4, 2026Close98.406Sep 11, 2026Close98.156Sep 17, 2026Close98.000Sep 23, 2026Close97.719Sep 29, 2026Close97.750Sep 30, 2026Close97.813
The most recent 20 trading days of prices for 91282CGW5.
DateBidOfferClose
Sep 30, 202697.87597.84497.813
Sep 29, 202697.71997.68897.750
Sep 28, 202697.78197.75097.719
Sep 25, 202697.81397.78197.813
Sep 24, 202697.78197.75097.719
Sep 23, 202697.75097.71997.719
Sep 22, 202697.84497.81397.813
Sep 21, 202697.90697.87597.813
Sep 18, 202697.92297.87597.875
Sep 17, 202698.00097.96998.000
Sep 16, 202698.20398.18897.938
Sep 15, 202698.20398.18898.156
Sep 14, 202698.23498.21998.156
Sep 11, 202698.25098.21998.156
Sep 10, 202698.45398.40698.375
Sep 9, 202698.50098.46998.469
Sep 8, 202698.50098.46998.469
Sep 4, 202698.42298.40698.406
Sep 3, 202698.46998.43898.438
Sep 2, 202698.37598.34498.344

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 91282CGW5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 20, 2023Apr 28, 2023New issue$21.0bn$21.0bn2.34x1.320%
Jun 22, 2023Jun 30, 2023Reopening$19.0bn$19.0bn2.56x1.832%

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.

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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.