Inflation-linked (TIPS)

91282CQP9 · 1.25% due April 15, 2031

Original term
5-Year
Maturity
Apr 15, 2031
Coupon
1.250%
Pays
Semi-Annual
Dated
Apr 15, 2026
First coupon
Oct 15, 2026
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$58.26bn
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
2.273%
Index ratio
1.0245
Real duration
4.401 yr
DV01
0.0423
Convexity
21.969
Real clean price
95.563
Accrued (real)
0.509
Real dirty price
96.071
Indexed principal
102.446
Money clean price
97.900

The index ratio is a multiplier, not a percentage: 1.0245 means the principal is worth that many times its original face today. So the real clean price of 95.563 is not what a buyer pays , multiply by the ratio to get 97.900 per 100 of original face.

Against the fitted real curve

Priced 6.8 bp cheap to the real curve on that day, 28.94 cents per 100 of face.

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

Real yield, 92 observations

1.2%1.4%1.6%1.8%2.0%2.2%2.4%Apr 30, 2026Sep 10, 2026Apr 30, 2026Real yield1.348%May 5, 2026Real yield1.401%May 8, 2026Real yield1.395%May 13, 2026Real yield1.415%May 18, 2026Real yield1.575%May 21, 2026Real yield1.670%May 27, 2026Real yield1.631%Jun 1, 2026Real yield1.625%Jun 4, 2026Real yield1.687%Jun 9, 2026Real yield1.804%Jun 12, 2026Real yield1.806%Jun 17, 2026Real yield1.952%Jun 23, 2026Real yield2.024%Jun 26, 2026Real yield1.908%Jul 1, 2026Real yield1.972%Jul 7, 2026Real yield1.981%Jul 10, 2026Real yield2.004%Jul 15, 2026Real yield1.991%Jul 20, 2026Real yield2.036%Jul 23, 2026Real yield2.158%Jul 28, 2026Real yield2.183%Jul 31, 2026Real yield2.178%Aug 5, 2026Real yield2.136%Aug 10, 2026Real yield2.139%Aug 13, 2026Real yield2.090%Aug 18, 2026Real yield2.078%Aug 21, 2026Real yield2.073%Aug 26, 2026Real yield2.038%Aug 31, 2026Real yield2.157%Sep 3, 2026Real yield2.129%Sep 9, 2026Real yield2.176%Sep 10, 2026Real yield2.273%

Price history

92 trading days to Sep 10, 2026

9596979899100Apr 30, 2026Sep 10, 2026Apr 30, 2026Close99.531May 5, 2026Close99.281May 8, 2026Close99.313May 13, 2026Close99.219May 18, 2026Close98.469May 21, 2026Close98.031May 27, 2026Close98.219Jun 1, 2026Close98.250Jun 4, 2026Close97.969Jun 9, 2026Close97.438Jun 12, 2026Close97.438Jun 17, 2026Close96.781Jun 23, 2026Close96.469Jun 26, 2026Close97.000Jul 1, 2026Close96.719Jul 7, 2026Close96.688Jul 10, 2026Close96.594Jul 15, 2026Close96.656Jul 20, 2026Close96.469Jul 23, 2026Close95.938Jul 28, 2026Close95.844Jul 31, 2026Close95.875Aug 5, 2026Close96.063Aug 10, 2026Close96.063Aug 13, 2026Close96.281Aug 18, 2026Close96.344Aug 21, 2026Close96.375Aug 26, 2026Close96.531Aug 31, 2026Close96.031Sep 3, 2026Close96.156Sep 9, 2026Close95.969Sep 10, 2026Close95.563
The most recent 20 trading days of prices for 91282CQP9.
DateBidOfferClose
Sep 10, 202695.71995.68895.563
Sep 9, 202695.96995.93895.969
Sep 8, 202696.10996.09496.094
Sep 4, 202696.07896.06396.063
Sep 3, 202696.29796.28196.156
Sep 2, 202696.01696.00095.969
Sep 1, 202696.01696.00096.000
Aug 31, 202696.03196.00096.031
Aug 28, 202696.18896.15696.000
Aug 27, 202696.56396.53196.500
Aug 26, 202696.54796.53196.531
Aug 25, 202696.64196.62596.625
Aug 24, 202696.48496.46996.406
Aug 21, 202696.42296.40696.375
Aug 20, 202696.50096.46996.563
Aug 19, 202696.50096.46996.469
Aug 18, 202696.34496.31396.344
Aug 17, 202696.28196.25096.219
Aug 14, 202696.28196.25096.250
Aug 13, 202696.35996.34496.281

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.

2 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 91282CQP9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 23, 2026Apr 30, 2026New issue$26.0bn$29.3bn2.57x1.367%
Jun 18, 2026Jun 30, 2026Reopening$24.0bn$27.6bn2.61x1.955%

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.