Inflation-linked (TIPS)

91282CNS6 · 1.875% due July 15, 2035

Original term
10-Year
Maturity
Jul 15, 2035
Coupon
1.875%
Pays
Semi-Annual
Dated
Jul 15, 2025
First coupon
Jan 15, 2026
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$63.80bn
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
2.480%
Index ratio
1.0400
Real duration
8.045 yr
DV01
0.0768
Convexity
72.255
Real clean price
95.219
Accrued (real)
0.296
Real dirty price
95.514
Indexed principal
104.000
Money clean price
99.027

The index ratio is a multiplier, not a percentage: 1.0400 means the principal is worth that many times its original face today. So the real clean price of 95.219 is not what a buyer pays , multiply by the ratio to get 99.027 per 100 of original face.

Against the fitted real curve

Priced 2.0 bp rich to the real curve on that day, 15.19 cents per 100 of face.

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

Real yield, 279 observations

1.6%1.8%2.0%2.2%2.4%2.6%Jul 31, 2025Sep 10, 2026Jul 31, 2025Real yield1.979%Aug 11, 2025Real yield1.868%Aug 20, 2025Real yield1.934%Aug 29, 2025Real yield1.812%Sep 10, 2025Real yield1.681%Sep 19, 2025Real yield1.743%Sep 30, 2025Real yield1.784%Oct 9, 2025Real yield1.787%Oct 21, 2025Real yield1.683%Oct 30, 2025Real yield1.797%Nov 10, 2025Real yield1.818%Nov 20, 2025Real yield1.832%Dec 2, 2025Real yield1.829%Dec 11, 2025Real yield1.864%Dec 22, 2025Real yield1.918%Jan 2, 2026Real yield1.907%Jan 13, 2026Real yield1.846%Jan 23, 2026Real yield1.853%Feb 3, 2026Real yield1.842%Feb 12, 2026Real yield1.713%Feb 24, 2026Real yield1.701%Mar 5, 2026Real yield1.733%Mar 16, 2026Real yield1.780%Mar 25, 2026Real yield1.938%Apr 3, 2026Real yield1.893%Apr 14, 2026Real yield1.790%Apr 23, 2026Real yield1.827%May 4, 2026Real yield1.841%May 13, 2026Real yield1.882%May 22, 2026Real yield2.067%Jun 3, 2026Real yield2.018%Jun 12, 2026Real yield2.084%Jun 24, 2026Real yield2.150%Jul 6, 2026Real yield2.162%Jul 15, 2026Real yield2.233%Jul 24, 2026Real yield2.361%Aug 4, 2026Real yield2.330%Aug 13, 2026Real yield2.307%Aug 24, 2026Real yield2.293%Sep 2, 2026Real yield2.374%Sep 10, 2026Real yield2.480%

Price history

279 trading days to Sep 10, 2026

949698100102104Jul 31, 2025Sep 10, 2026Jul 31, 2025Close99.063Aug 11, 2025Close100.063Aug 20, 2025Close99.469Aug 29, 2025Close100.563Sep 10, 2025Close101.750Sep 19, 2025Close101.188Sep 30, 2025Close100.813Oct 9, 2025Close100.781Oct 21, 2025Close101.719Oct 30, 2025Close100.688Nov 10, 2025Close100.500Nov 20, 2025Close100.375Dec 2, 2025Close100.406Dec 11, 2025Close100.094Dec 22, 2025Close99.625Jan 2, 2026Close99.719Jan 13, 2026Close100.250Jan 23, 2026Close100.188Feb 3, 2026Close100.281Feb 12, 2026Close101.406Feb 24, 2026Close101.500Mar 5, 2026Close101.219Mar 16, 2026Close100.813Mar 25, 2026Close99.469Apr 3, 2026Close99.844Apr 14, 2026Close100.719Apr 23, 2026Close100.406May 4, 2026Close100.281May 13, 2026Close99.938May 22, 2026Close98.406Jun 3, 2026Close98.813Jun 12, 2026Close98.281Jun 24, 2026Close97.750Jul 6, 2026Close97.656Jul 15, 2026Close97.094Jul 24, 2026Close96.094Aug 4, 2026Close96.344Aug 13, 2026Close96.531Aug 24, 2026Close96.656Sep 2, 2026Close96.031Sep 10, 2026Close95.219
The most recent 20 trading days of prices for 91282CNS6.
DateBidOfferClose
Sep 10, 202695.50095.46995.219
Sep 9, 202695.89195.84495.969
Sep 8, 202696.21996.18896.188
Sep 4, 202696.18896.15696.188
Sep 3, 202696.53196.50096.281
Sep 2, 202696.06396.03196.031
Sep 1, 202696.14196.12596.094
Aug 31, 202696.14196.12596.188
Aug 28, 202696.59496.56396.313
Aug 27, 202697.01697.00096.906
Aug 26, 202696.98496.96996.969
Aug 25, 202697.06397.03197.063
Aug 24, 202696.79796.78196.656
Aug 21, 202696.62596.59496.500
Aug 20, 202696.73496.71996.875
Aug 19, 202696.90696.87596.906
Aug 18, 202696.37596.34496.406
Aug 17, 202696.37596.34496.188
Aug 14, 202696.37596.34496.406
Aug 13, 202696.60996.59496.531

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 91282CNS6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 24, 2025Jul 31, 2025New issue$21.0bn$22.4bn2.41x1.985%
Sep 18, 2025Sep 30, 2025Reopening$19.0bn$20.0bn2.20x1.734%
Nov 20, 2025Nov 28, 2025Reopening$19.0bn$19.0bn2.41x1.843%

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.