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
Nov 9, 2026
Analyzed through
not analyzed

Statement of October 31, 2026

Amount outstanding
$44.54bn
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
2.846%
Index ratio
1.1187
Real duration
1.399 yr
DV01
0.0137
Convexity
0.0266
Real clean price
97.781
Accrued (real)
0.089
Real dirty price
97.871
Indexed principal
111.875
Money clean price
109.393

The index ratio is a multiplier, not a percentage: 1.1187 means the principal is worth that many times its original face today. So the real clean price of 97.781 is not what a buyer pays , multiply by the ratio to get 109.393 per 100 of original face.

Against the fitted real curve

Priced 25.4 bp cheap to the real curve on that day, 34.73 cents per 100 of face.

That is 4.52 standard deviations from its own typical residual.

Real yield, 883 observations

0.5%1.0%1.5%2.0%2.5%3.0%Apr 28, 2023Nov 9, 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 3, 2024Real yield2.054%Apr 9, 2024Real yield2.074%Apr 15, 2024Real yield2.270%Apr 19, 2024Real yield2.307%Apr 25, 2024Real yield2.353%May 1, 2024Real yield2.357%May 7, 2024Real yield2.285%May 13, 2024Real yield2.289%May 17, 2024Real yield2.242%May 23, 2024Real yield2.330%May 30, 2024Real yield2.327%Jun 5, 2024Real yield2.166%Jun 11, 2024Real yield2.275%Jun 17, 2024Real yield2.270%Jun 24, 2024Real yield2.214%Jun 28, 2024Real yield2.191%Jul 5, 2024Real yield2.099%Jul 11, 2024Real yield2.057%Jul 17, 2024Real yield1.990%Jul 23, 2024Real yield2.082%Jul 29, 2024Real yield2.023%Aug 2, 2024Real yield1.830%Aug 8, 2024Real yield1.930%Aug 14, 2024Real yield1.825%Aug 20, 2024Real yield1.846%Aug 26, 2024Real yield1.749%Aug 30, 2024Real yield1.797%Sep 6, 2024Real yield1.718%Sep 12, 2024Real yield1.601%Sep 18, 2024Real yield1.530%Sep 24, 2024Real yield1.422%Sep 30, 2024Real yield1.541%Oct 4, 2024Real yield1.700%Oct 10, 2024Real yield1.664%Oct 17, 2024Real yield1.694%Oct 23, 2024Real yield1.837%Oct 29, 2024Real yield1.897%Nov 4, 2024Real yield1.948%Nov 8, 2024Real yield1.846%Nov 15, 2024Real yield1.965%Nov 21, 2024Real yield1.938%Nov 27, 2024Real yield1.873%Dec 4, 2024Real yield1.789%Dec 10, 2024Real yield1.831%Dec 16, 2024Real yield1.942%Dec 20, 2024Real yield2.104%Dec 27, 2024Real yield2.139%Jan 3, 2025Real yield2.054%Jan 9, 2025Real yield2.016%Jan 15, 2025Real yield1.878%Jan 22, 2025Real yield1.912%Jan 28, 2025Real yield1.773%Feb 3, 2025Real yield1.684%Feb 7, 2025Real yield1.717%Feb 13, 2025Real yield1.708%Feb 20, 2025Real yield1.618%Feb 26, 2025Real yield1.486%Mar 4, 2025Real yield1.353%Mar 10, 2025Real yield1.416%Mar 14, 2025Real yield1.531%Mar 20, 2025Real yield1.427%Mar 26, 2025Real yield1.428%Apr 1, 2025Real yield1.260%Apr 7, 2025Real yield1.303%Apr 11, 2025Real yield1.571%Apr 17, 2025Real yield1.378%Apr 24, 2025Real yield1.250%Apr 30, 2025Real yield1.099%May 6, 2025Real yield1.283%May 12, 2025Real yield1.546%May 16, 2025Real yield1.437%May 22, 2025Real yield1.438%May 29, 2025Real yield1.439%Jun 4, 2025Real yield1.429%Jun 10, 2025Real yield1.577%Jun 16, 2025Real yield1.556%Jun 23, 2025Real yield1.386%Jun 27, 2025Real yield1.353%Jul 3, 2025Real yield1.400%Jul 10, 2025Real yield1.331%Jul 16, 2025Real yield1.250%Jul 22, 2025Real yield1.180%Jul 28, 2025Real yield1.309%Aug 1, 2025Real yield1.214%Aug 7, 2025Real yield1.191%Aug 13, 2025Real yield1.143%Aug 19, 2025Real yield1.202%Aug 25, 2025Real yield1.069%Aug 29, 2025Real yield0.947%Sep 5, 2025Real yield0.945%Sep 11, 2025Real yield0.968%Sep 17, 2025Real yield0.967%Sep 23, 2025Real yield1.039%Sep 29, 2025Real yield1.112%Oct 3, 2025Real yield1.112%Oct 9, 2025Real yield1.098%Oct 16, 2025Real yield1.034%Oct 22, 2025Real yield1.020%Oct 28, 2025Real yield1.134%Nov 3, 2025Real yield1.250%Nov 7, 2025Real yield1.276%Nov 14, 2025Real yield1.329%Nov 20, 2025Real yield1.330%Nov 26, 2025Real yield1.290%Dec 3, 2025Real yield1.290%Dec 9, 2025Real yield1.426%Dec 15, 2025Real yield1.387%Dec 19, 2025Real yield1.415%Dec 26, 2025Real yield1.444%Jan 2, 2026Real yield1.404%Jan 8, 2026Real yield1.334%Jan 14, 2026Real yield1.264%Jan 21, 2026Real yield1.278%Jan 27, 2026Real yield1.178%Feb 2, 2026Real yield1.091%Feb 6, 2026Real yield1.061%Feb 12, 2026Real yield1.060%Feb 19, 2026Real yield1.088%Feb 25, 2026Real yield1.057%Mar 3, 2026Real yield1.010%Mar 9, 2026Real yield0.918%Mar 13, 2026Real yield1.037%Mar 19, 2026Real yield0.990%Mar 25, 2026Real yield1.204%Mar 31, 2026Real yield1.048%Apr 6, 2026Real yield1.046%Apr 10, 2026Real yield1.061%Apr 16, 2026Real yield0.996%Apr 22, 2026Real yield1.026%Apr 28, 2026Real yield0.896%May 4, 2026Real yield0.941%May 8, 2026Real yield1.119%May 14, 2026Real yield1.118%May 20, 2026Real yield1.300%May 27, 2026Real yield1.436%Jun 2, 2026Real yield1.386%Jun 8, 2026Real yield1.594%Jun 12, 2026Real yield1.702%Jun 18, 2026Real yield2.025%Jun 25, 2026Real yield2.120%Jul 1, 2026Real yield2.200%Jul 8, 2026Real yield2.155%Jul 14, 2026Real yield2.293%Jul 20, 2026Real yield2.321%Jul 24, 2026Real yield2.445%Jul 30, 2026Real yield2.433%Aug 5, 2026Real yield2.483%Aug 11, 2026Real yield2.418%Aug 17, 2026Real yield2.370%Aug 21, 2026Real yield2.244%Aug 27, 2026Real yield2.250%Sep 2, 2026Real yield2.300%Sep 9, 2026Real yield2.232%Sep 15, 2026Real yield2.447%Sep 21, 2026Real yield2.688%Sep 25, 2026Real yield2.704%Oct 1, 2026Real yield2.566%Oct 7, 2026Real yield2.580%Oct 14, 2026Real yield2.575%Oct 20, 2026Real yield2.480%Oct 26, 2026Real yield2.384%Oct 30, 2026Real yield2.307%Nov 5, 2026Real yield2.675%Nov 9, 2026Real yield2.846%

Price history

883 trading days to Nov 9, 2026

949596979899100101Apr 28, 2023Nov 9, 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 3, 2024Close96.906Apr 9, 2024Close96.844Apr 15, 2024Close96.125Apr 19, 2024Close96.000Apr 25, 2024Close95.844May 1, 2024Close95.844May 7, 2024Close96.125May 13, 2024Close96.125May 17, 2024Close96.313May 23, 2024Close96.000May 30, 2024Close96.031Jun 5, 2024Close96.625Jun 11, 2024Close96.250Jun 17, 2024Close96.281Jun 24, 2024Close96.500Jun 28, 2024Close96.594Jul 5, 2024Close96.938Jul 11, 2024Close97.094Jul 17, 2024Close97.344Jul 23, 2024Close97.031Jul 29, 2024Close97.250Aug 2, 2024Close97.938Aug 8, 2024Close97.594Aug 14, 2024Close97.969Aug 20, 2024Close97.906Aug 26, 2024Close98.250Aug 30, 2024Close98.094Sep 6, 2024Close98.375Sep 12, 2024Close98.781Sep 18, 2024Close99.031Sep 24, 2024Close99.406Sep 30, 2024Close99.000Oct 4, 2024Close98.469Oct 10, 2024Close98.594Oct 17, 2024Close98.500Oct 23, 2024Close98.031Oct 29, 2024Close97.844Nov 4, 2024Close97.688Nov 8, 2024Close98.031Nov 15, 2024Close97.656Nov 21, 2024Close97.750Nov 27, 2024Close97.969Dec 4, 2024Close98.250Dec 10, 2024Close98.125Dec 16, 2024Close97.781Dec 20, 2024Close97.281Dec 27, 2024Close97.188Jan 3, 2025Close97.469Jan 9, 2025Close97.594Jan 15, 2025Close98.031Jan 22, 2025Close97.938Jan 28, 2025Close98.375Feb 3, 2025Close98.656Feb 7, 2025Close98.563Feb 13, 2025Close98.594Feb 20, 2025Close98.875Feb 26, 2025Close99.281Mar 4, 2025Close99.688Mar 10, 2025Close99.500Mar 14, 2025Close99.156Mar 20, 2025Close99.469Mar 26, 2025Close99.469Apr 1, 2025Close99.969Apr 7, 2025Close99.844Apr 11, 2025Close99.063Apr 17, 2025Close99.625Apr 24, 2025Close100.000Apr 30, 2025Close100.438May 6, 2025Close99.906May 12, 2025Close99.156May 16, 2025Close99.469May 22, 2025Close99.469May 29, 2025Close99.469Jun 4, 2025Close99.500Jun 10, 2025Close99.094Jun 16, 2025Close99.156Jun 23, 2025Close99.625Jun 27, 2025Close99.719Jul 3, 2025Close99.594Jul 10, 2025Close99.781Jul 16, 2025Close100.000Jul 22, 2025Close100.188Jul 28, 2025Close99.844Aug 1, 2025Close100.094Aug 7, 2025Close100.156Aug 13, 2025Close100.281Aug 19, 2025Close100.125Aug 25, 2025Close100.469Aug 29, 2025Close100.781Sep 5, 2025Close100.781Sep 11, 2025Close100.719Sep 17, 2025Close100.719Sep 23, 2025Close100.531Sep 29, 2025Close100.344Oct 3, 2025Close100.344Oct 9, 2025Close100.375Oct 16, 2025Close100.531Oct 22, 2025Close100.563Oct 28, 2025Close100.281Nov 3, 2025Close100.000Nov 7, 2025Close99.938Nov 14, 2025Close99.813Nov 20, 2025Close99.813Nov 26, 2025Close99.906Dec 3, 2025Close99.906Dec 9, 2025Close99.594Dec 15, 2025Close99.688Dec 19, 2025Close99.625Dec 26, 2025Close99.563Jan 2, 2026Close99.656Jan 8, 2026Close99.813Jan 14, 2026Close99.969Jan 21, 2026Close99.938Jan 27, 2026Close100.156Feb 2, 2026Close100.344Feb 6, 2026Close100.406Feb 12, 2026Close100.406Feb 19, 2026Close100.344Feb 25, 2026Close100.406Mar 3, 2026Close100.500Mar 9, 2026Close100.688Mar 13, 2026Close100.438Mar 19, 2026Close100.531Mar 25, 2026Close100.094Mar 31, 2026Close100.406Apr 6, 2026Close100.406Apr 10, 2026Close100.375Apr 16, 2026Close100.500Apr 22, 2026Close100.438Apr 28, 2026Close100.688May 4, 2026Close100.594May 8, 2026Close100.250May 14, 2026Close100.250May 20, 2026Close99.906May 27, 2026Close99.656Jun 2, 2026Close99.750Jun 8, 2026Close99.375Jun 12, 2026Close99.188Jun 18, 2026Close98.625Jun 25, 2026Close98.469Jul 1, 2026Close98.344Jul 8, 2026Close98.438Jul 14, 2026Close98.219Jul 20, 2026Close98.188Jul 24, 2026Close98.000Jul 30, 2026Close98.031Aug 5, 2026Close97.969Aug 11, 2026Close98.094Aug 17, 2026Close98.188Aug 21, 2026Close98.406Aug 27, 2026Close98.406Sep 2, 2026Close98.344Sep 9, 2026Close98.469Sep 15, 2026Close98.156Sep 21, 2026Close97.813Sep 25, 2026Close97.813Oct 1, 2026Close98.031Oct 7, 2026Close98.031Oct 14, 2026Close98.063Oct 20, 2026Close98.219Oct 26, 2026Close98.375Oct 30, 2026Close98.500Nov 5, 2026Close98.000Nov 9, 2026Close97.781
The most recent 20 trading days of prices for 91282CGW5.
DateBidOfferClose
Nov 9, 202697.81397.84497.781
Nov 6, 202697.93897.98497.969
Nov 5, 202697.93897.98498.000
Nov 4, 202698.03198.07897.938
Nov 3, 202698.18898.21998.156
Nov 2, 202698.31398.32898.250
Oct 30, 202698.46998.50098.500
Oct 29, 202698.40698.42298.406
Oct 28, 202698.28198.31398.406
Oct 27, 202698.34498.37598.313
Oct 26, 202698.37598.39198.375
Oct 23, 202698.40698.43898.406
Oct 22, 202698.34498.37598.406
Oct 21, 202698.25098.28198.219
Oct 20, 202698.21998.25098.219
Oct 19, 202698.21998.25098.219
Oct 16, 202698.21998.26698.250
Oct 15, 202698.12598.15698.125
Oct 14, 202698.00098.03198.063
Oct 13, 202698.00098.04798.000

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.

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.

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.