Inflation-linked (TIPS)

91282CJY8 · 1.75% due January 15, 2034

Original term
10-Year
Maturity
Jan 15, 2034
Coupon
1.750%
Pays
Semi-Annual
Dated
Jan 15, 2024
First coupon
Jul 15, 2024
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$55.30bn
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 10, 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
2.408%
Index ratio
1.0864
Real duration
6.809 yr
DV01
0.0653
Convexity
51.686
Real clean price
95.594
Accrued (real)
0.276
Real dirty price
95.870
Indexed principal
108.637
Money clean price
103.850

The index ratio is a multiplier, not a percentage: 1.0864 means the principal is worth that many times its original face today. So the real clean price of 95.594 is not what a buyer pays , multiply by the ratio to get 103.850 per 100 of original face.

Against the fitted real curve

Priced 1.7 bp cheap to the real curve on that day, 10.83 cents per 100 of face.

Not scored against its own history. A linker needs twenty observations before a score means anything.

Real yield, 655 observations

1.4%1.6%1.8%2.0%2.2%2.4%2.6%Jan 31, 2024Sep 10, 2026Jan 31, 2024Real yield1.733%Feb 22, 2024Real yield2.016%Mar 14, 2024Real yield1.992%Apr 4, 2024Real yield1.965%Apr 25, 2024Real yield2.279%May 16, 2024Real yield2.073%Jun 7, 2024Real yield2.133%Jul 1, 2024Real yield2.162%Jul 23, 2024Real yield2.001%Aug 13, 2024Real yield1.786%Sep 4, 2024Real yield1.732%Sep 25, 2024Real yield1.626%Oct 17, 2024Real yield1.805%Nov 7, 2024Real yield1.989%Dec 2, 2024Real yield1.941%Dec 23, 2024Real yield2.276%Jan 15, 2025Real yield2.239%Feb 6, 2025Real yield1.992%Feb 28, 2025Real yield1.819%Mar 21, 2025Real yield1.870%Apr 11, 2025Real yield2.236%May 2, 2025Real yield1.994%May 23, 2025Real yield2.088%Jun 16, 2025Real yield2.065%Jul 9, 2025Real yield1.906%Jul 30, 2025Real yield1.866%Aug 20, 2025Real yield1.826%Sep 11, 2025Real yield1.542%Oct 2, 2025Real yield1.653%Oct 24, 2025Real yield1.623%Nov 17, 2025Real yield1.738%Dec 9, 2025Real yield1.812%Dec 31, 2025Real yield1.826%Jan 23, 2026Real yield1.758%Feb 13, 2026Real yield1.569%Mar 9, 2026Real yield1.559%Mar 30, 2026Real yield1.823%Apr 20, 2026Real yield1.698%May 11, 2026Real yield1.724%Jun 2, 2026Real yield1.887%Jun 24, 2026Real yield2.096%Jul 16, 2026Real yield2.177%Aug 6, 2026Real yield2.283%Aug 27, 2026Real yield2.183%Sep 10, 2026Real yield2.408%

Price history

655 trading days to Sep 10, 2026

9596979899100101102Jan 31, 2024Sep 10, 2026Jan 31, 2024Close100.156Feb 22, 2024Close97.625Mar 14, 2024Close97.844Apr 4, 2024Close98.094Apr 25, 2024Close95.406May 16, 2024Close97.188Jun 7, 2024Close96.688Jul 1, 2024Close96.469Jul 23, 2024Close97.844Aug 13, 2024Close99.688Sep 4, 2024Close100.156Sep 25, 2024Close101.063Oct 17, 2024Close99.531Nov 7, 2024Close98.000Dec 2, 2024Close98.406Dec 23, 2024Close95.719Jan 15, 2025Close96.031Feb 6, 2025Close98.031Feb 28, 2025Close99.438Mar 21, 2025Close99.031Apr 11, 2025Close96.156May 2, 2025Close98.063May 23, 2025Close97.344Jun 16, 2025Close97.531Jul 9, 2025Close98.781Jul 30, 2025Close99.094Aug 20, 2025Close99.406Sep 11, 2025Close101.625Oct 2, 2025Close100.750Oct 24, 2025Close100.969Nov 17, 2025Close100.094Dec 9, 2025Close99.531Dec 31, 2025Close99.438Jan 23, 2026Close99.938Feb 13, 2026Close101.344Mar 9, 2026Close101.406Mar 30, 2026Close99.469Apr 20, 2026Close100.375May 11, 2026Close100.188Jun 2, 2026Close99.031Jun 24, 2026Close97.594Jul 16, 2026Close97.063Aug 6, 2026Close96.375Aug 27, 2026Close97.063Sep 10, 2026Close95.594
The most recent 20 trading days of prices for 91282CJY8.
DateBidOfferClose
Sep 10, 202695.84495.81395.594
Sep 9, 202696.18896.15696.219
Sep 8, 202696.43896.40696.406
Sep 4, 202696.42296.40696.406
Sep 3, 202696.75096.71996.531
Sep 2, 202696.34496.31396.313
Sep 1, 202696.39196.37596.344
Aug 31, 202696.39196.37596.406
Aug 28, 202696.73496.68896.469
Aug 27, 202697.17297.15697.063
Aug 26, 202697.14197.12597.125
Aug 25, 202697.25097.21997.250
Aug 24, 202697.01697.00096.906
Aug 21, 202696.87596.84496.781
Aug 20, 202696.98496.96997.094
Aug 19, 202697.09497.06397.094
Aug 18, 202696.68896.65696.719
Aug 17, 202696.65696.62596.531
Aug 14, 202696.67296.65696.688
Aug 13, 202696.84496.81396.781

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.

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 91282CJY8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 18, 2024Jan 31, 2024New issue$18.0bn$18.0bn2.62x1.810%
Mar 21, 2024Mar 28, 2024Reopening$16.0bn$16.0bn2.35x1.932%
May 23, 2024May 31, 2024Reopening$16.0bn$16.9bn2.33x2.184%

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.