Inflation-linked (TIPS)

91282CPU9 · 1.875% due January 15, 2036

Original term
10-Year
Maturity
Jan 15, 2036
Coupon
1.875%
Pays
Semi-Annual
Dated
Jan 15, 2026
First coupon
Jul 15, 2026
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$62.66bn
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
2.544%
Index ratio
1.0277
Real duration
8.453 yr
DV01
0.0801
Convexity
79.823
Real clean price
94.469
Accrued (real)
0.296
Real dirty price
94.764
Indexed principal
102.772
Money clean price
97.087

The index ratio is a multiplier, not a percentage: 1.0277 means the principal is worth that many times its original face today. So the real clean price of 94.469 is not what a buyer pays , multiply by the ratio to get 97.087 per 100 of original face.

Against the fitted real curve

Priced 0.7 bp cheap to the real curve on that day, 5.28 cents per 100 of face.

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

Real yield, 155 observations

1.6%1.8%2.0%2.2%2.4%2.6%Jan 30, 2026Sep 10, 2026Jan 30, 2026Real yield1.899%Feb 5, 2026Real yield1.885%Feb 11, 2026Real yield1.851%Feb 18, 2026Real yield1.792%Feb 24, 2026Real yield1.775%Mar 2, 2026Real yield1.754%Mar 6, 2026Real yield1.792%Mar 12, 2026Real yield1.878%Mar 18, 2026Real yield1.847%Mar 24, 2026Real yield2.059%Mar 30, 2026Real yield2.027%Apr 3, 2026Real yield1.974%Apr 9, 2026Real yield1.938%Apr 15, 2026Real yield1.882%Apr 21, 2026Real yield1.907%Apr 27, 2026Real yield1.893%May 1, 2026Real yield1.886%May 7, 2026Real yield1.939%May 13, 2026Real yield1.968%May 19, 2026Real yield2.163%May 26, 2026Real yield2.083%Jun 1, 2026Real yield2.055%Jun 5, 2026Real yield2.172%Jun 11, 2026Real yield2.143%Jun 17, 2026Real yield2.221%Jun 24, 2026Real yield2.214%Jun 30, 2026Real yield2.189%Jul 7, 2026Real yield2.282%Jul 13, 2026Real yield2.340%Jul 17, 2026Real yield2.295%Jul 23, 2026Real yield2.428%Jul 29, 2026Real yield2.406%Aug 4, 2026Real yield2.403%Aug 10, 2026Real yield2.431%Aug 14, 2026Real yield2.397%Aug 20, 2026Real yield2.340%Aug 26, 2026Real yield2.326%Sep 1, 2026Real yield2.438%Sep 8, 2026Real yield2.423%Sep 10, 2026Real yield2.544%

Price history

155 trading days to Sep 10, 2026

949698100102Jan 30, 2026Sep 10, 2026Jan 30, 2026Close99.781Feb 5, 2026Close99.906Feb 11, 2026Close100.219Feb 18, 2026Close100.750Feb 24, 2026Close100.906Mar 2, 2026Close101.094Mar 6, 2026Close100.750Mar 12, 2026Close99.969Mar 18, 2026Close100.250Mar 24, 2026Close98.375Mar 30, 2026Close98.656Apr 3, 2026Close99.125Apr 9, 2026Close99.438Apr 15, 2026Close99.938Apr 21, 2026Close99.719Apr 27, 2026Close99.844May 1, 2026Close99.906May 7, 2026Close99.438May 13, 2026Close99.188May 19, 2026Close97.500May 26, 2026Close98.188Jun 1, 2026Close98.438Jun 5, 2026Close97.438Jun 11, 2026Close97.688Jun 17, 2026Close97.031Jun 24, 2026Close97.094Jun 30, 2026Close97.313Jul 7, 2026Close96.531Jul 13, 2026Close96.063Jul 17, 2026Close96.438Jul 23, 2026Close95.344Jul 29, 2026Close95.531Aug 4, 2026Close95.563Aug 10, 2026Close95.344Aug 14, 2026Close95.625Aug 20, 2026Close96.094Aug 26, 2026Close96.219Sep 1, 2026Close95.313Sep 8, 2026Close95.438Sep 10, 2026Close94.469
The most recent 20 trading days of prices for 91282CPU9.
DateBidOfferClose
Sep 10, 202694.75094.71994.469
Sep 9, 202695.14195.09495.219
Sep 8, 202695.45395.43895.438
Sep 4, 202695.42295.40695.438
Sep 3, 202695.75095.71995.500
Sep 2, 202695.28195.25095.250
Sep 1, 202695.37595.34495.313
Aug 31, 202695.35995.34495.406
Aug 28, 202695.84495.81395.531
Aug 27, 202696.25096.21996.156
Aug 26, 202696.23496.21996.219
Aug 25, 202696.28196.25096.313
Aug 24, 202696.01696.00095.844
Aug 21, 202695.81395.78195.688
Aug 20, 202695.95395.93896.094
Aug 19, 202696.14196.12596.125
Aug 18, 202695.54795.53195.594
Aug 17, 202695.54795.53195.375
Aug 14, 202695.56395.53195.625
Aug 13, 202695.82895.81395.750

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 91282CPU9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 22, 2026Jan 30, 2026New issue$21.0bn$21.0bn2.38x1.940%
Mar 19, 2026Mar 31, 2026Reopening$19.0bn$21.0bn2.47x1.896%
May 21, 2026May 29, 2026Reopening$19.0bn$19.0bn2.52x2.169%

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.