Inflation-linked (TIPS)

91282CLE9 · 1.875% due July 15, 2034

Original term
10-Year
Maturity
Jul 15, 2034
Coupon
1.875%
Pays
Semi-Annual
Dated
Jul 15, 2024
First coupon
Jan 15, 2025
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$57.83bn
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
2.393%
Index ratio
1.0642
Real duration
7.209 yr
DV01
0.0696
Convexity
58.044
Real clean price
96.313
Accrued (real)
0.296
Real dirty price
96.608
Indexed principal
106.424
Money clean price
102.500

The index ratio is a multiplier, not a percentage: 1.0642 means the principal is worth that many times its original face today. So the real clean price of 96.313 is not what a buyer pays , multiply by the ratio to get 102.500 per 100 of original face.

Against the fitted real curve

Priced 3.3 bp rich to the real curve on that day, 23.14 cents per 100 of face.

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

Real yield, 529 observations

1.4%1.6%1.8%2.0%2.2%2.4%Jul 31, 2024Sep 10, 2026Jul 31, 2024Real yield1.851%Aug 19, 2024Real yield1.788%Sep 6, 2024Real yield1.685%Sep 25, 2024Real yield1.609%Oct 15, 2024Real yield1.745%Nov 1, 2024Real yield2.039%Nov 21, 2024Real yield2.080%Dec 11, 2024Real yield1.954%Dec 31, 2024Real yield2.233%Jan 21, 2025Real yield2.172%Feb 7, 2025Real yield2.014%Feb 27, 2025Real yield1.860%Mar 18, 2025Real yield1.923%Apr 4, 2025Real yield1.758%Apr 23, 2025Real yield2.028%May 12, 2025Real yield2.078%May 30, 2025Real yield1.973%Jun 18, 2025Real yield1.981%Jul 9, 2025Real yield1.902%Jul 28, 2025Real yield1.898%Aug 14, 2025Real yield1.806%Sep 3, 2025Real yield1.711%Sep 22, 2025Real yield1.680%Oct 9, 2025Real yield1.698%Oct 29, 2025Real yield1.685%Nov 18, 2025Real yield1.734%Dec 8, 2025Real yield1.800%Dec 26, 2025Real yield1.800%Jan 15, 2026Real yield1.756%Feb 4, 2026Real yield1.751%Feb 24, 2026Real yield1.591%Mar 13, 2026Real yield1.693%Apr 1, 2026Real yield1.822%Apr 20, 2026Real yield1.703%May 7, 2026Real yield1.743%May 27, 2026Real yield1.887%Jun 15, 2026Real yield1.984%Jul 6, 2026Real yield2.079%Jul 23, 2026Real yield2.280%Aug 11, 2026Real yield2.269%Aug 28, 2026Real yield2.263%Sep 10, 2026Real yield2.393%

Price history

529 trading days to Sep 10, 2026

9698100102104Jul 31, 2024Sep 10, 2026Jul 31, 2024Close100.219Aug 19, 2024Close100.781Sep 6, 2024Close101.719Sep 25, 2024Close102.406Oct 15, 2024Close101.156Nov 1, 2024Close98.563Nov 21, 2024Close98.219Dec 11, 2024Close99.313Dec 31, 2024Close96.938Jan 21, 2025Close97.469Feb 7, 2025Close98.813Feb 27, 2025Close100.125Mar 18, 2025Close99.594Apr 4, 2025Close101.000Apr 23, 2025Close98.719May 12, 2025Close98.313May 30, 2025Close99.188Jun 18, 2025Close99.125Jul 9, 2025Close99.781Jul 28, 2025Close99.813Aug 14, 2025Close100.563Sep 3, 2025Close101.344Sep 22, 2025Close101.594Oct 9, 2025Close101.438Oct 29, 2025Close101.531Nov 18, 2025Close101.125Dec 8, 2025Close100.594Dec 26, 2025Close100.594Jan 15, 2026Close100.938Feb 4, 2026Close100.969Feb 24, 2026Close102.219Mar 13, 2026Close101.406Apr 1, 2026Close100.406Apr 20, 2026Close101.313May 7, 2026Close101.000May 27, 2026Close99.906Jun 15, 2026Close99.188Jul 6, 2026Close98.500Jul 23, 2026Close97.063Aug 11, 2026Close97.156Aug 28, 2026Close97.219Sep 10, 2026Close96.313
The most recent 20 trading days of prices for 91282CLE9.
DateBidOfferClose
Sep 10, 202696.56396.53196.313
Sep 9, 202696.90696.87596.938
Sep 8, 202697.17297.15697.156
Sep 4, 202697.15697.12597.156
Sep 3, 202697.50097.46997.281
Sep 2, 202697.06397.03197.031
Sep 1, 202697.12597.09497.094
Aug 31, 202697.12597.09497.156
Aug 28, 202697.51697.46997.219
Aug 27, 202697.93897.90697.844
Aug 26, 202697.92297.90697.906
Aug 25, 202698.03198.00098.031
Aug 24, 202697.78197.75097.656
Aug 21, 202697.62597.59497.531
Aug 20, 202697.71997.68897.844
Aug 19, 202697.85997.84497.844
Aug 18, 202697.40697.37597.438
Aug 17, 202697.37597.34497.250
Aug 14, 202697.40697.37597.406
Aug 13, 202697.57897.56397.500

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 91282CLE9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 18, 2024Jul 31, 2024New issue$19.0bn$20.0bn2.38x1.883%
Sep 19, 2024Sep 30, 2024Reopening$17.0bn$17.4bn2.44x1.592%
Nov 21, 2024Nov 29, 2024Reopening$17.0bn$17.0bn2.35x2.071%

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.