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
Sep 30, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$45.72bn
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
2.454%
Index ratio
1.0902
Real duration
1.956 yr
DV01
0.0197
Convexity
0.0487
Real clean price
99.844
Accrued (real)
1.097
Real dirty price
100.940
Indexed principal
109.019
Money clean price
108.848

The index ratio is a multiplier, not a percentage: 1.0902 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 108.848 per 100 of original face.

Against the fitted real curve

Priced 15.1 bp rich to the real curve on that day, 29.75 cents per 100 of face.

That is -1.89 standard deviations from its own typical residual.

Real yield, 731 observations

0.50%1.00%1.50%2.00%2.50%3.00%Oct 31, 2023Sep 30, 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 1, 2024Real yield1.927%Apr 5, 2024Real yield1.918%Apr 11, 2024Real yield2.127%Apr 17, 2024Real yield2.140%Apr 23, 2024Real yield2.139%Apr 29, 2024Real yield2.183%May 3, 2024Real yield2.086%May 9, 2024Real yield2.078%May 15, 2024Real yield2.018%May 21, 2024Real yield2.061%May 28, 2024Real yield2.194%Jun 3, 2024Real yield2.074%Jun 7, 2024Real yield2.155%Jun 13, 2024Real yield2.064%Jun 20, 2024Real yield2.018%Jun 26, 2024Real yield2.092%Jul 2, 2024Real yield2.083%Jul 9, 2024Real yield1.991%Jul 15, 2024Real yield1.890%Jul 19, 2024Real yield1.934%Jul 25, 2024Real yield1.941%Jul 31, 2024Real yield1.786%Aug 6, 2024Real yield1.715%Aug 12, 2024Real yield1.712%Aug 16, 2024Real yield1.741%Aug 22, 2024Real yield1.700%Aug 28, 2024Real yield1.574%Sep 4, 2024Real yield1.602%Sep 10, 2024Real yield1.498%Sep 16, 2024Real yield1.378%Sep 20, 2024Real yield1.343%Sep 26, 2024Real yield1.395%Oct 2, 2024Real yield1.329%Oct 8, 2024Real yield1.569%Oct 15, 2024Real yield1.526%Oct 21, 2024Real yield1.626%Oct 25, 2024Real yield1.752%Oct 31, 2024Real yield1.742%Nov 6, 2024Real yield1.748%Nov 13, 2024Real yield1.827%Nov 19, 2024Real yield1.767%Nov 25, 2024Real yield1.765%Dec 2, 2024Real yield1.695%Dec 6, 2024Real yield1.668%Dec 12, 2024Real yield1.724%Dec 18, 2024Real yield1.965%Dec 24, 2024Real yield1.997%Dec 31, 2024Real yield1.944%Jan 7, 2025Real yield1.942%Jan 13, 2025Real yield1.958%Jan 17, 2025Real yield1.775%Jan 24, 2025Real yield1.772%Jan 30, 2025Real yield1.684%Feb 5, 2025Real yield1.535%Feb 11, 2025Real yield1.592%Feb 18, 2025Real yield1.622%Feb 24, 2025Real yield1.488%Feb 28, 2025Real yield1.302%Mar 6, 2025Real yield1.377%Mar 12, 2025Real yield1.381%Mar 18, 2025Real yield1.456%Mar 24, 2025Real yield1.381%Mar 28, 2025Real yield1.209%Apr 3, 2025Real yield1.011%Apr 9, 2025Real yield1.352%Apr 15, 2025Real yield1.419%Apr 21, 2025Real yield1.351%Apr 25, 2025Real yield1.202%May 1, 2025Real yield1.135%May 7, 2025Real yield1.202%May 13, 2025Real yield1.463%May 19, 2025Real yield1.339%May 23, 2025Real yield1.351%May 30, 2025Real yield1.281%Jun 5, 2025Real yield1.390%Jun 11, 2025Real yield1.452%Jun 17, 2025Real yield1.381%Jun 24, 2025Real yield1.299%Jun 30, 2025Real yield1.209%Jul 7, 2025Real yield1.259%Jul 11, 2025Real yield1.225%Jul 17, 2025Real yield1.135%Jul 23, 2025Real yield1.177%Jul 29, 2025Real yield1.123%Aug 4, 2025Real yield1.038%Aug 8, 2025Real yield1.071%Aug 14, 2025Real yield1.057%Aug 20, 2025Real yield1.070%Aug 26, 2025Real yield0.895%Sep 2, 2025Real yield0.886%Sep 8, 2025Real yield0.809%Sep 12, 2025Real yield0.871%Sep 18, 2025Real yield0.896%Sep 24, 2025Real yield0.950%Sep 30, 2025Real yield0.983%Oct 6, 2025Real yield1.007%Oct 10, 2025Real yield0.967%Oct 17, 2025Real yield0.960%Oct 23, 2025Real yield0.934%Oct 29, 2025Real yield1.126%Nov 4, 2025Real yield1.108%Nov 10, 2025Real yield1.154%Nov 17, 2025Real yield1.179%Nov 21, 2025Real yield1.140%Nov 28, 2025Real yield1.132%Dec 4, 2025Real yield1.149%Dec 10, 2025Real yield1.209%Dec 16, 2025Real yield1.268%Dec 22, 2025Real yield1.284%Dec 29, 2025Real yield1.266%Jan 5, 2026Real yield1.213%Jan 9, 2026Real yield1.184%Jan 15, 2026Real yield1.179%Jan 22, 2026Real yield1.160%Jan 28, 2026Real yield1.015%Feb 3, 2026Real yield0.960%Feb 9, 2026Real yield0.917%Feb 13, 2026Real yield0.895%Feb 20, 2026Real yield0.934%Feb 26, 2026Real yield0.857%Mar 4, 2026Real yield0.895%Mar 10, 2026Real yield0.862%Mar 16, 2026Real yield0.865%Mar 20, 2026Real yield0.928%Mar 26, 2026Real yield1.117%Apr 1, 2026Real yield1.011%Apr 7, 2026Real yield0.904%Apr 13, 2026Real yield0.907%Apr 17, 2026Real yield0.897%Apr 23, 2026Real yield0.904%Apr 29, 2026Real yield0.844%May 5, 2026Real yield0.897%May 11, 2026Real yield0.951%May 15, 2026Real yield1.071%May 21, 2026Real yield1.247%May 28, 2026Real yield1.239%Jun 3, 2026Real yield1.257%Jun 9, 2026Real yield1.450%Jun 15, 2026Real yield1.525%Jun 22, 2026Real yield1.902%Jun 26, 2026Real yield1.871%Jul 2, 2026Real yield1.937%Jul 9, 2026Real yield1.879%Jul 15, 2026Real yield1.960%Jul 21, 2026Real yield2.043%Jul 27, 2026Real yield2.214%Jul 31, 2026Real yield2.126%Aug 6, 2026Real yield2.139%Aug 12, 2026Real yield2.049%Aug 18, 2026Real yield1.987%Aug 24, 2026Real yield1.940%Aug 28, 2026Real yield2.042%Sep 3, 2026Real yield1.950%Sep 10, 2026Real yield2.022%Sep 16, 2026Real yield2.313%Sep 22, 2026Real yield2.390%Sep 28, 2026Real yield2.501%Sep 30, 2026Real yield2.454%

Price history

731 trading days to Sep 30, 2026

99100101102103104105Oct 31, 2023Sep 30, 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 1, 2024Close101.938Apr 5, 2024Close101.969Apr 11, 2024Close101.063Apr 17, 2024Close101.000Apr 23, 2024Close101.000Apr 29, 2024Close100.813May 3, 2024Close101.219May 9, 2024Close101.250May 15, 2024Close101.500May 21, 2024Close101.313May 28, 2024Close100.750Jun 3, 2024Close101.250Jun 7, 2024Close100.906Jun 13, 2024Close101.281Jun 20, 2024Close101.469Jun 26, 2024Close101.156Jul 2, 2024Close101.188Jul 9, 2024Close101.563Jul 15, 2024Close101.969Jul 19, 2024Close101.781Jul 25, 2024Close101.750Jul 31, 2024Close102.375Aug 6, 2024Close102.656Aug 12, 2024Close102.656Aug 16, 2024Close102.531Aug 22, 2024Close102.688Aug 28, 2024Close103.188Sep 4, 2024Close103.063Sep 10, 2024Close103.469Sep 16, 2024Close103.938Sep 20, 2024Close104.063Sep 26, 2024Close103.844Oct 2, 2024Close104.094Oct 8, 2024Close103.125Oct 15, 2024Close103.281Oct 21, 2024Close102.875Oct 25, 2024Close102.375Oct 31, 2024Close102.406Nov 6, 2024Close102.375Nov 13, 2024Close102.063Nov 19, 2024Close102.281Nov 25, 2024Close102.281Dec 2, 2024Close102.531Dec 6, 2024Close102.625Dec 12, 2024Close102.406Dec 18, 2024Close101.500Dec 24, 2024Close101.375Dec 31, 2024Close101.563Jan 7, 2025Close101.563Jan 13, 2025Close101.500Jan 17, 2025Close102.156Jan 24, 2025Close102.156Jan 30, 2025Close102.469Feb 5, 2025Close103.000Feb 11, 2025Close102.781Feb 18, 2025Close102.656Feb 24, 2025Close103.125Feb 28, 2025Close103.781Mar 6, 2025Close103.500Mar 12, 2025Close103.469Mar 18, 2025Close103.188Mar 24, 2025Close103.438Mar 28, 2025Close104.031Apr 3, 2025Close104.719Apr 9, 2025Close103.500Apr 15, 2025Close103.250Apr 21, 2025Close103.469Apr 25, 2025Close103.969May 1, 2025Close104.188May 7, 2025Close103.938May 13, 2025Close103.031May 19, 2025Close103.438May 23, 2025Close103.375May 30, 2025Close103.594Jun 5, 2025Close103.219Jun 11, 2025Close103.000Jun 17, 2025Close103.219Jun 24, 2025Close103.469Jun 30, 2025Close103.750Jul 7, 2025Close103.563Jul 11, 2025Close103.656Jul 17, 2025Close103.938Jul 23, 2025Close103.781Jul 29, 2025Close103.938Aug 4, 2025Close104.188Aug 8, 2025Close104.063Aug 14, 2025Close104.094Aug 20, 2025Close104.031Aug 26, 2025Close104.563Sep 2, 2025Close104.563Sep 8, 2025Close104.781Sep 12, 2025Close104.563Sep 18, 2025Close104.469Sep 24, 2025Close104.281Sep 30, 2025Close104.156Oct 6, 2025Close104.063Oct 10, 2025Close104.156Oct 17, 2025Close104.156Oct 23, 2025Close104.219Oct 29, 2025Close103.625Nov 4, 2025Close103.656Nov 10, 2025Close103.500Nov 17, 2025Close103.406Nov 21, 2025Close103.500Nov 28, 2025Close103.500Dec 4, 2025Close103.438Dec 10, 2025Close103.250Dec 16, 2025Close103.063Dec 22, 2025Close103.000Dec 29, 2025Close103.031Jan 5, 2026Close103.156Jan 9, 2026Close103.219Jan 15, 2026Close103.219Jan 22, 2026Close103.250Jan 28, 2026Close103.625Feb 3, 2026Close103.750Feb 9, 2026Close103.844Feb 13, 2026Close103.875Feb 20, 2026Close103.750Feb 26, 2026Close103.938Mar 4, 2026Close103.813Mar 10, 2026Close103.875Mar 16, 2026Close103.844Mar 20, 2026Close103.656Mar 26, 2026Close103.156Apr 1, 2026Close103.406Apr 7, 2026Close103.656Apr 13, 2026Close103.625Apr 17, 2026Close103.625Apr 23, 2026Close103.594Apr 29, 2026Close103.719May 5, 2026Close103.563May 11, 2026Close103.406May 15, 2026Close103.094May 21, 2026Close102.656May 28, 2026Close102.656Jun 3, 2026Close102.594Jun 9, 2026Close102.125Jun 15, 2026Close101.938Jun 22, 2026Close101.063Jun 26, 2026Close101.125Jul 2, 2026Close100.969Jul 9, 2026Close101.094Jul 15, 2026Close100.906Jul 21, 2026Close100.719Jul 27, 2026Close100.344Jul 31, 2026Close100.531Aug 6, 2026Close100.500Aug 12, 2026Close100.688Aug 18, 2026Close100.813Aug 24, 2026Close100.906Aug 28, 2026Close100.688Sep 3, 2026Close100.875Sep 10, 2026Close100.719Sep 16, 2026Close100.125Sep 22, 2026Close99.969Sep 28, 2026Close99.750Sep 30, 2026Close99.844
The most recent 20 trading days of prices for 91282CJH5.
DateBidOfferClose
Sep 30, 202699.90699.87599.844
Sep 29, 202699.71999.68899.781
Sep 28, 202699.78199.75099.750
Sep 25, 202699.87599.84499.875
Sep 24, 202699.79799.78199.750
Sep 23, 202699.84499.81399.781
Sep 22, 202699.98499.96999.969
Sep 21, 2026100.031100.00099.969
Sep 18, 2026100.063100.031100.000
Sep 17, 2026100.188100.156100.188
Sep 16, 2026100.438100.406100.125
Sep 15, 2026100.438100.406100.375
Sep 14, 2026100.484100.469100.375
Sep 11, 2026100.500100.469100.406
Sep 10, 2026100.781100.750100.719
Sep 9, 2026100.891100.844100.844
Sep 8, 2026100.906100.875100.875
Sep 4, 2026100.844100.813100.844
Sep 3, 2026100.953100.938100.875
Sep 2, 2026100.813100.781100.781

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 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.