Treasury note

91282CME8 · 4.25% due December 31, 2026

Original term
2-Year
Maturity
Dec 31, 2026
Coupon
4.250%
Pays
Semi-Annual
Dated
Dec 31, 2024
First coupon
Jun 30, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$69.67bn
Held stripped
$218.4m
Share stripped
0.31%

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. The index figures are published per holding.

Risk, September 10, 2026

Yield to maturity
4.007%
Modified duration
0.298 yr
DV01
0.0030
Convexity
0.178
Dirty price
100.906

Where its rate sensitivity sits

3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 2 of twelve buckets, summing to 0.304 years against a modified duration of 0.298.

Against the fitted curve

Priced 4.2 bp rich to the curve on that day, 1.26 cents per 100 of face.

That is -0.11 standard deviations from its own typical residual.

Yield to maturity, 425 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Dec 31, 2024Sep 10, 2026Dec 31, 2024Yield to maturity4.250%Jan 15, 2025Yield to maturity4.266%Jan 30, 2025Yield to maturity4.197%Feb 13, 2025Yield to maturity4.318%Feb 28, 2025Yield to maturity4.015%Mar 14, 2025Yield to maturity4.046%Mar 28, 2025Yield to maturity3.949%Apr 11, 2025Yield to maturity3.999%Apr 25, 2025Yield to maturity3.839%May 9, 2025Yield to maturity3.949%May 23, 2025Yield to maturity4.064%Jun 9, 2025Yield to maturity4.081%Jun 24, 2025Yield to maturity3.906%Jul 9, 2025Yield to maturity3.963%Jul 23, 2025Yield to maturity3.999%Aug 6, 2025Yield to maturity3.830%Aug 20, 2025Yield to maturity3.866%Sep 4, 2025Yield to maturity3.756%Sep 18, 2025Yield to maturity3.666%Oct 2, 2025Yield to maturity3.649%Oct 17, 2025Yield to maturity3.573%Oct 31, 2025Yield to maturity3.717%Nov 17, 2025Yield to maturity3.699%Dec 2, 2025Yield to maturity3.620%Dec 16, 2025Yield to maturity3.537%Dec 31, 2025Yield to maturity3.540%Jan 15, 2026Yield to maturity3.611%Jan 30, 2026Yield to maturity3.577%Feb 13, 2026Yield to maturity3.545%Mar 2, 2026Yield to maturity3.588%Mar 16, 2026Yield to maturity3.677%Mar 30, 2026Yield to maturity3.775%Apr 13, 2026Yield to maturity3.750%Apr 27, 2026Yield to maturity3.722%May 11, 2026Yield to maturity3.741%May 26, 2026Yield to maturity3.815%Jun 9, 2026Yield to maturity3.844%Jun 24, 2026Yield to maturity4.001%Jul 9, 2026Yield to maturity3.976%Jul 23, 2026Yield to maturity4.019%Aug 6, 2026Yield to maturity3.913%Aug 20, 2026Yield to maturity3.873%Sep 3, 2026Yield to maturity3.924%Sep 10, 2026Yield to maturity4.007%

Price history

425 trading days to Sep 10, 2026

99.5099.75100.00100.25100.50100.75101.00Dec 31, 2024Sep 10, 2026Dec 31, 2024Close100.000Jan 15, 2025Close99.969Jan 30, 2025Close100.094Feb 13, 2025Close99.875Feb 28, 2025Close100.406Mar 14, 2025Close100.344Mar 28, 2025Close100.500Apr 11, 2025Close100.406Apr 25, 2025Close100.656May 9, 2025Close100.469May 23, 2025Close100.281Jun 9, 2025Close100.250Jun 24, 2025Close100.500Jul 9, 2025Close100.406Jul 23, 2025Close100.344Aug 6, 2025Close100.563Aug 20, 2025Close100.500Sep 4, 2025Close100.625Sep 18, 2025Close100.719Oct 2, 2025Close100.719Oct 17, 2025Close100.781Oct 31, 2025Close100.594Nov 17, 2025Close100.594Dec 2, 2025Close100.656Dec 16, 2025Close100.719Dec 31, 2025Close100.688Jan 15, 2026Close100.594Jan 30, 2026Close100.594Feb 13, 2026Close100.594Mar 2, 2026Close100.531Mar 16, 2026Close100.438Mar 30, 2026Close100.344Apr 13, 2026Close100.344Apr 27, 2026Close100.344May 11, 2026Close100.313May 26, 2026Close100.250Jun 9, 2026Close100.219Jun 24, 2026Close100.125Jul 9, 2026Close100.125Jul 23, 2026Close100.094Aug 6, 2026Close100.125Aug 20, 2026Close100.125Sep 3, 2026Close100.094Sep 10, 2026Close100.063
The most recent 20 trading days of prices for 91282CME8.
DateBidOfferClose
Sep 10, 2026–100.063100.063
Sep 9, 2026–100.063100.063
Sep 8, 2026–100.094100.094
Sep 4, 2026–100.094100.094
Sep 3, 2026–100.094100.094
Sep 2, 2026–100.094100.094
Sep 1, 2026–100.094100.094
Aug 31, 2026–100.094100.094
Aug 28, 2026–100.094100.094
Aug 27, 2026–100.125100.125
Aug 26, 2026–100.125100.125
Aug 25, 2026–100.125100.125
Aug 24, 2026–100.125100.125
Aug 21, 2026–100.125100.125
Aug 20, 2026–100.125100.125
Aug 19, 2026–100.125100.125
Aug 18, 2026–100.125100.125
Aug 17, 2026–100.125100.125
Aug 14, 2026–100.125100.125
Aug 13, 2026–100.125100.125

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.

Auction

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 91282CME8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 23, 2024Dec 31, 2024New issue$69.0bn$69.7bn2.73x4.335%

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.