Inflation-linked (TIPS)

91282CML2 · 2.125% due January 15, 2035

Original term
10-Year
Maturity
Jan 15, 2035
Coupon
2.125%
Pays
Semi-Annual
Dated
Jan 15, 2025
First coupon
Jul 15, 2025
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$60.85bn
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
2.475%
Index ratio
1.0582
Real duration
7.559 yr
DV01
0.0739
Convexity
64.166
Real clean price
97.375
Accrued (real)
0.335
Real dirty price
97.710
Indexed principal
105.816
Money clean price
103.038

The index ratio is a multiplier, not a percentage: 1.0582 means the principal is worth that many times its original face today. So the real clean price of 97.375 is not what a buyer pays , multiply by the ratio to get 103.038 per 100 of original face.

Against the fitted real curve

Priced 1.2 bp cheap to the real curve on that day, 8.64 cents per 100 of face.

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

Real yield, 404 observations

1.6%1.8%2.0%2.2%2.4%2.6%Jan 31, 2025Sep 10, 2026Jan 31, 2025Real yield2.164%Feb 14, 2025Real yield2.041%Mar 3, 2025Real yield1.792%Mar 17, 2025Real yield2.009%Mar 31, 2025Real yield1.831%Apr 14, 2025Real yield2.136%Apr 28, 2025Real yield1.965%May 12, 2025Real yield2.143%May 27, 2025Real yield2.092%Jun 10, 2025Real yield2.158%Jun 25, 2025Real yield1.981%Jul 10, 2025Real yield1.984%Jul 24, 2025Real yield1.980%Aug 7, 2025Real yield1.878%Aug 21, 2025Real yield1.931%Sep 5, 2025Real yield1.715%Sep 19, 2025Real yield1.738%Oct 3, 2025Real yield1.780%Oct 20, 2025Real yield1.724%Nov 3, 2025Real yield1.799%Nov 18, 2025Real yield1.827%Dec 3, 2025Real yield1.796%Dec 17, 2025Real yield1.899%Jan 2, 2026Real yield1.909%Jan 16, 2026Real yield1.882%Feb 2, 2026Real yield1.855%Feb 17, 2026Real yield1.696%Mar 3, 2026Real yield1.672%Mar 17, 2026Real yield1.719%Mar 31, 2026Real yield1.896%Apr 14, 2026Real yield1.784%Apr 28, 2026Real yield1.802%May 12, 2026Real yield1.870%May 27, 2026Real yield1.982%Jun 10, 2026Real yield2.129%Jun 25, 2026Real yield2.117%Jul 10, 2026Real yield2.239%Jul 24, 2026Real yield2.362%Aug 7, 2026Real yield2.314%Aug 21, 2026Real yield2.302%Sep 4, 2026Real yield2.353%Sep 10, 2026Real yield2.475%

Price history

404 trading days to Sep 10, 2026

9698100102104106Jan 31, 2025Sep 10, 2026Jan 31, 2025Close99.656Feb 14, 2025Close100.750Mar 3, 2025Close103.000Mar 17, 2025Close101.031Mar 31, 2025Close102.625Apr 14, 2025Close99.906Apr 28, 2025Close101.406May 12, 2025Close99.844May 27, 2025Close100.281Jun 10, 2025Close99.719Jun 25, 2025Close101.250Jul 10, 2025Close101.219Jul 24, 2025Close101.250Aug 7, 2025Close102.125Aug 21, 2025Close101.656Sep 5, 2025Close103.531Sep 19, 2025Close103.313Oct 3, 2025Close102.938Oct 20, 2025Close103.406Nov 3, 2025Close102.750Nov 18, 2025Close102.500Dec 3, 2025Close102.750Dec 17, 2025Close101.875Jan 2, 2026Close101.781Jan 16, 2026Close102.000Feb 2, 2026Close102.219Feb 17, 2026Close103.531Mar 3, 2026Close103.719Mar 17, 2026Close103.313Mar 31, 2026Close101.844Apr 14, 2026Close102.750Apr 28, 2026Close102.594May 12, 2026Close102.031May 27, 2026Close101.125Jun 10, 2026Close99.969Jun 25, 2026Close100.063Jul 10, 2026Close99.125Jul 24, 2026Close98.188Aug 7, 2026Close98.563Aug 21, 2026Close98.656Sep 4, 2026Close98.281Sep 10, 2026Close97.375
The most recent 20 trading days of prices for 91282CML2.
DateBidOfferClose
Sep 10, 202697.65697.62597.375
Sep 9, 202698.03198.00098.063
Sep 8, 202698.31398.28198.281
Sep 4, 202698.29798.28198.281
Sep 3, 202698.62598.59498.406
Sep 2, 202698.17298.15698.156
Sep 1, 202698.25098.21998.188
Aug 31, 202698.26698.25098.281
Aug 28, 202698.68898.65698.375
Aug 27, 202699.10999.09499.000
Aug 26, 202699.09499.06399.063
Aug 25, 202699.18899.15699.188
Aug 24, 202698.90698.87598.781
Aug 21, 202698.75098.71998.656
Aug 20, 202698.85998.84499.000
Aug 19, 202699.01699.00099.000
Aug 18, 202698.51698.50098.563
Aug 17, 202698.50098.46998.344
Aug 14, 202698.50098.46998.531
Aug 13, 202698.71998.68898.625

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 91282CML2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 23, 2025Jan 31, 2025New issue$20.0bn$21.1bn2.48x2.243%
Mar 20, 2025Mar 31, 2025Reopening$18.0bn$18.5bn2.35x1.935%
May 22, 2025May 30, 2025Reopening$18.0bn$18.0bn2.36x2.220%

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.