Inflation-linked (TIPS)

91282CJH5 · 2.375% due October 15, 2028

Original term
5-Year
Maturity
Oct 15, 2028
Coupon
2.375%
Pays
Semi-Annual
Dated
Oct 15, 2023
First coupon
Apr 15, 2024
Priced through
Nov 9, 2026
Analyzed through
not analyzed

Statement of October 31, 2026

Amount outstanding
$45.69bn
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
2.458%
Index ratio
1.0956
Real duration
1.871 yr
DV01
0.0187
Convexity
0.0446
Real clean price
99.844
Accrued (real)
0.170
Real dirty price
100.013
Indexed principal
109.558
Money clean price
109.386

The index ratio is a multiplier, not a percentage: 1.0956 means the principal is worth that many times its original face today. So the real clean price of 99.844 is not what a buyer pays , multiply by the ratio to get 109.386 per 100 of original face.

Against the fitted real curve

Priced 9.6 bp rich to the real curve on that day, 17.92 cents per 100 of face.

That is 0.30 standard deviations from its own typical residual.

Real yield, 756 observations

0.5%1.0%1.5%2.0%2.5%3.0%Oct 31, 2023Nov 9, 2026Oct 31, 2023Real yield2.422%Nov 6, 2023Real yield2.247%Nov 10, 2023Real yield2.375%Nov 16, 2023Real yield2.226%Nov 22, 2023Real yield2.232%Nov 29, 2023Real yield2.083%Dec 5, 2023Real yield2.055%Dec 11, 2023Real yield2.142%Dec 15, 2023Real yield1.744%Dec 21, 2023Real yield1.716%Dec 28, 2023Real yield1.720%Jan 4, 2024Real yield1.792%Jan 10, 2024Real yield1.810%Jan 17, 2024Real yield1.774%Jan 23, 2024Real yield1.800%Jan 29, 2024Real yield1.702%Feb 2, 2024Real yield1.803%Feb 8, 2024Real yield1.836%Feb 14, 2024Real yield1.910%Feb 21, 2024Real yield1.902%Feb 27, 2024Real yield1.935%Mar 4, 2024Real yield1.786%Mar 8, 2024Real yield1.714%Mar 14, 2024Real yield1.917%Mar 20, 2024Real yield1.845%Mar 26, 2024Real yield1.836%Apr 2, 2024Real yield1.905%Apr 8, 2024Real yield1.954%Apr 12, 2024Real yield2.061%Apr 18, 2024Real yield2.169%Apr 24, 2024Real yield2.169%Apr 30, 2024Real yield2.249%May 6, 2024Real yield2.101%May 10, 2024Real yield2.137%May 16, 2024Real yield2.055%May 22, 2024Real yield2.098%May 29, 2024Real yield2.232%Jun 4, 2024Real yield2.036%Jun 10, 2024Real yield2.170%Jun 14, 2024Real yield2.086%Jun 21, 2024Real yield2.047%Jun 27, 2024Real yield2.046%Jul 3, 2024Real yield2.060%Jul 10, 2024Real yield1.983%Jul 16, 2024Real yield1.852%Jul 22, 2024Real yield1.949%Jul 26, 2024Real yield1.879%Aug 1, 2024Real yield1.717%Aug 7, 2024Real yield1.760%Aug 13, 2024Real yield1.658%Aug 19, 2024Real yield1.748%Aug 23, 2024Real yield1.583%Aug 29, 2024Real yield1.589%Sep 5, 2024Real yield1.609%Sep 11, 2024Real yield1.466%Sep 17, 2024Real yield1.385%Sep 23, 2024Real yield1.358%Sep 27, 2024Real yield1.354%Oct 3, 2024Real yield1.391%Oct 9, 2024Real yield1.584%Oct 16, 2024Real yield1.525%Oct 22, 2024Real yield1.626%Oct 28, 2024Real yield1.800%Nov 1, 2024Real yield1.822%Nov 7, 2024Real yield1.715%Nov 14, 2024Real yield1.859%Nov 20, 2024Real yield1.775%Nov 26, 2024Real yield1.772%Dec 3, 2024Real yield1.687%Dec 9, 2024Real yield1.684%Dec 13, 2024Real yield1.798%Dec 19, 2024Real yield2.033%Dec 26, 2024Real yield1.980%Jan 2, 2025Real yield1.910%Jan 8, 2025Real yield1.908%Jan 14, 2025Real yield1.923%Jan 21, 2025Real yield1.809%Jan 27, 2025Real yield1.703%Jan 31, 2025Real yield1.674%Feb 6, 2025Real yield1.568%Feb 12, 2025Real yield1.678%Feb 19, 2025Real yield1.578%Feb 25, 2025Real yield1.427%Mar 3, 2025Real yield1.240%Mar 7, 2025Real yield1.410%Mar 13, 2025Real yield1.372%Mar 19, 2025Real yield1.376%Mar 25, 2025Real yield1.345%Mar 31, 2025Real yield1.155%Apr 4, 2025Real yield1.149%Apr 10, 2025Real yield1.450%Apr 16, 2025Real yield1.382%Apr 23, 2025Real yield1.323%Apr 29, 2025Real yield1.110%May 5, 2025Real yield1.295%May 9, 2025Real yield1.253%May 15, 2025Real yield1.369%May 21, 2025Real yield1.374%May 28, 2025Real yield1.359%Jun 3, 2025Real yield1.373%Jun 9, 2025Real yield1.463%Jun 13, 2025Real yield1.439%Jun 20, 2025Real yield1.320%Jun 26, 2025Real yield1.222%Jul 2, 2025Real yield1.245%Jul 9, 2025Real yield1.238%Jul 15, 2025Real yield1.233%Jul 21, 2025Real yield1.083%Jul 25, 2025Real yield1.183%Jul 31, 2025Real yield1.218%Aug 6, 2025Real yield1.066%Aug 12, 2025Real yield1.079%Aug 18, 2025Real yield1.112%Aug 22, 2025Real yield0.937%Aug 28, 2025Real yield0.843%Sep 4, 2025Real yield0.864%Sep 10, 2025Real yield0.846%Sep 16, 2025Real yield0.849%Sep 22, 2025Real yield0.952%Sep 26, 2025Real yield0.996%Oct 2, 2025Real yield0.960%Oct 8, 2025Real yield0.973%Oct 15, 2025Real yield0.965%Oct 21, 2025Real yield0.926%Oct 27, 2025Real yield0.992%Oct 31, 2025Real yield1.121%Nov 6, 2025Real yield1.138%Nov 13, 2025Real yield1.151%Nov 19, 2025Real yield1.188%Nov 25, 2025Real yield1.138%Dec 2, 2025Real yield1.174%Dec 8, 2025Real yield1.233%Dec 12, 2025Real yield1.237%Dec 18, 2025Real yield1.244%Dec 24, 2025Real yield1.293%Dec 31, 2025Real yield1.274%Jan 7, 2026Real yield1.177%Jan 13, 2026Real yield1.136%Jan 20, 2026Real yield1.185%Jan 26, 2026Real yield1.086%Jan 30, 2026Real yield0.894%Feb 5, 2026Real yield0.946%Feb 11, 2026Real yield0.949%Feb 18, 2026Real yield0.951%Feb 24, 2026Real yield0.919%Mar 2, 2026Real yield0.839%Mar 6, 2026Real yield0.770%Mar 12, 2026Real yield0.883%Mar 18, 2026Real yield0.814%Mar 24, 2026Real yield1.083%Mar 30, 2026Real yield0.953%Apr 3, 2026Real yield0.968%Apr 9, 2026Real yield0.938%Apr 15, 2026Real yield0.879%Apr 21, 2026Real yield0.932%Apr 27, 2026Real yield0.772%May 1, 2026Real yield0.812%May 7, 2026Real yield1.009%May 13, 2026Real yield0.948%May 19, 2026Real yield1.159%May 26, 2026Real yield1.280%Jun 1, 2026Real yield1.260%Jun 5, 2026Real yield1.439%Jun 11, 2026Real yield1.462%Jun 17, 2026Real yield1.782%Jun 24, 2026Real yield1.915%Jun 30, 2026Real yield1.884%Jul 7, 2026Real yield1.908%Jul 13, 2026Real yield1.976%Jul 17, 2026Real yield1.973%Jul 23, 2026Real yield2.114%Jul 29, 2026Real yield2.098%Aug 4, 2026Real yield2.125%Aug 10, 2026Real yield2.065%Aug 14, 2026Real yield2.003%Aug 20, 2026Real yield1.912%Aug 26, 2026Real yield1.924%Sep 1, 2026Real yield1.996%Sep 8, 2026Real yield1.947%Sep 14, 2026Real yield2.189%Sep 18, 2026Real yield2.375%Sep 24, 2026Real yield2.500%Sep 30, 2026Real yield2.454%Oct 6, 2026Real yield2.359%Oct 13, 2026Real yield2.359%Oct 19, 2026Real yield2.229%Oct 23, 2026Real yield2.114%Oct 29, 2026Real yield2.113%Nov 4, 2026Real yield2.358%Nov 9, 2026Real yield2.458%

Price history

756 trading days to Nov 9, 2026

99100101102103104105Oct 31, 2023Nov 9, 2026Oct 31, 2023Close99.781Nov 6, 2023Close100.594Nov 10, 2023Close100.000Nov 16, 2023Close100.688Nov 22, 2023Close100.656Nov 29, 2023Close101.344Dec 5, 2023Close101.469Dec 11, 2023Close101.063Dec 15, 2023Close102.906Dec 21, 2023Close103.031Dec 28, 2023Close103.000Jan 4, 2024Close102.656Jan 10, 2024Close102.563Jan 17, 2024Close102.719Jan 23, 2024Close102.594Jan 29, 2024Close103.031Feb 2, 2024Close102.563Feb 8, 2024Close102.406Feb 14, 2024Close102.063Feb 21, 2024Close102.094Feb 27, 2024Close101.938Mar 4, 2024Close102.594Mar 8, 2024Close102.906Mar 14, 2024Close102.000Mar 20, 2024Close102.313Mar 26, 2024Close102.344Apr 2, 2024Close102.031Apr 8, 2024Close101.813Apr 12, 2024Close101.344Apr 18, 2024Close100.875Apr 24, 2024Close100.875Apr 30, 2024Close100.531May 6, 2024Close101.156May 10, 2024Close101.000May 16, 2024Close101.344May 22, 2024Close101.156May 29, 2024Close100.594Jun 4, 2024Close101.406Jun 10, 2024Close100.844Jun 14, 2024Close101.188Jun 21, 2024Close101.344Jun 27, 2024Close101.344Jul 3, 2024Close101.281Jul 10, 2024Close101.594Jul 16, 2024Close102.125Jul 22, 2024Close101.719Jul 26, 2024Close102.000Aug 1, 2024Close102.656Aug 7, 2024Close102.469Aug 13, 2024Close102.875Aug 19, 2024Close102.500Aug 23, 2024Close103.156Aug 29, 2024Close103.125Sep 5, 2024Close103.031Sep 11, 2024Close103.594Sep 17, 2024Close103.906Sep 23, 2024Close104.000Sep 27, 2024Close104.000Oct 3, 2024Close103.844Oct 9, 2024Close103.063Oct 16, 2024Close103.281Oct 22, 2024Close102.875Oct 28, 2024Close102.188Nov 1, 2024Close102.094Nov 7, 2024Close102.500Nov 14, 2024Close101.938Nov 20, 2024Close102.250Nov 26, 2024Close102.250Dec 3, 2024Close102.563Dec 9, 2024Close102.563Dec 13, 2024Close102.125Dec 19, 2024Close101.250Dec 26, 2024Close101.438Jan 2, 2025Close101.688Jan 8, 2025Close101.688Jan 14, 2025Close101.625Jan 21, 2025Close102.031Jan 27, 2025Close102.406Jan 31, 2025Close102.500Feb 6, 2025Close102.875Feb 12, 2025Close102.469Feb 19, 2025Close102.813Feb 25, 2025Close103.344Mar 3, 2025Close104.000Mar 7, 2025Close103.375Mar 13, 2025Close103.500Mar 19, 2025Close103.469Mar 25, 2025Close103.563Mar 31, 2025Close104.219Apr 4, 2025Close104.219Apr 10, 2025Close103.156Apr 16, 2025Close103.375Apr 23, 2025Close103.563Apr 29, 2025Close104.281May 5, 2025Close103.625May 9, 2025Close103.750May 15, 2025Close103.344May 21, 2025Close103.313May 28, 2025Close103.344Jun 3, 2025Close103.281Jun 9, 2025Close102.969Jun 13, 2025Close103.031Jun 20, 2025Close103.406Jun 26, 2025Close103.719Jul 2, 2025Close103.625Jul 9, 2025Close103.625Jul 15, 2025Close103.625Jul 21, 2025Close104.094Jul 25, 2025Close103.750Jul 31, 2025Close103.625Aug 6, 2025Close104.094Aug 12, 2025Close104.031Aug 18, 2025Close103.906Aug 22, 2025Close104.438Aug 28, 2025Close104.719Sep 4, 2025Close104.625Sep 10, 2025Close104.656Sep 16, 2025Close104.625Sep 22, 2025Close104.281Sep 26, 2025Close104.125Oct 2, 2025Close104.219Oct 8, 2025Close104.156Oct 15, 2025Close104.156Oct 21, 2025Close104.250Oct 27, 2025Close104.031Oct 31, 2025Close103.625Nov 6, 2025Close103.563Nov 13, 2025Close103.500Nov 19, 2025Close103.375Nov 25, 2025Close103.500Dec 2, 2025Close103.375Dec 8, 2025Close103.188Dec 12, 2025Close103.156Dec 18, 2025Close103.125Dec 24, 2025Close102.969Dec 31, 2025Close103.000Jan 7, 2026Close103.250Jan 13, 2026Close103.344Jan 20, 2026Close103.188Jan 26, 2026Close103.438Jan 30, 2026Close103.938Feb 5, 2026Close103.781Feb 11, 2026Close103.750Feb 18, 2026Close103.719Feb 24, 2026Close103.781Mar 2, 2026Close103.969Mar 6, 2026Close104.125Mar 12, 2026Close103.813Mar 18, 2026Close103.969Mar 24, 2026Close103.250Mar 30, 2026Close103.563Apr 3, 2026Close103.500Apr 9, 2026Close103.563Apr 15, 2026Close103.688Apr 21, 2026Close103.531Apr 27, 2026Close103.906May 1, 2026Close103.781May 7, 2026Close103.281May 13, 2026Close103.406May 19, 2026Close102.875May 26, 2026Close102.563Jun 1, 2026Close102.594Jun 5, 2026Close102.156Jun 11, 2026Close102.094Jun 17, 2026Close101.344Jun 24, 2026Close101.031Jun 30, 2026Close101.094Jul 7, 2026Close101.031Jul 13, 2026Close100.875Jul 17, 2026Close100.875Jul 23, 2026Close100.563Jul 29, 2026Close100.594Aug 4, 2026Close100.531Aug 10, 2026Close100.656Aug 14, 2026Close100.781Aug 20, 2026Close100.969Aug 26, 2026Close100.938Sep 1, 2026Close100.781Sep 8, 2026Close100.875Sep 14, 2026Close100.375Sep 18, 2026Close100.000Sep 24, 2026Close99.750Sep 30, 2026Close99.844Oct 6, 2026Close100.031Oct 13, 2026Close100.031Oct 19, 2026Close100.281Oct 23, 2026Close100.500Oct 29, 2026Close100.500Nov 4, 2026Close100.031Nov 9, 2026Close99.844
The most recent 20 trading days of prices for 91282CJH5.
DateBidOfferClose
Nov 9, 202699.87599.90699.844
Nov 6, 2026100.031100.063100.031
Nov 5, 2026100.031100.063100.094
Nov 4, 2026100.094100.125100.031
Nov 3, 2026100.281100.313100.219
Nov 2, 2026100.406100.438100.375
Oct 30, 2026100.563100.594100.625
Oct 29, 2026100.469100.500100.500
Oct 28, 2026100.313100.328100.469
Oct 27, 2026100.406100.422100.375
Oct 26, 2026100.438100.453100.438
Oct 23, 2026100.500100.531100.500
Oct 22, 2026100.406100.438100.500
Oct 21, 2026100.281100.313100.250
Oct 20, 2026100.250100.281100.250
Oct 19, 2026100.281100.313100.281
Oct 16, 2026100.281100.313100.344
Oct 15, 2026100.188100.219100.188
Oct 14, 2026100.000100.047100.094
Oct 13, 2026100.031100.063100.031

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 91282CJH5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 19, 2023Oct 31, 2023New issue$22.0bn$22.0bn2.36x2.440%
Dec 21, 2023Dec 29, 2023Reopening$20.0bn$20.0bn2.55x1.710%

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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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.