Inflation-linked (TIPS)

91282CRE3 · 2.375% due July 15, 2036

Original term
10-Year
Maturity
Jul 15, 2036
Coupon
2.375%
Pays
Semi-Annual
Dated
Jul 15, 2026
First coupon
Jan 15, 2027
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$23.32bn
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
2.548%
Index ratio
0.9999
Real duration
8.682 yr
DV01
0.0858
Convexity
85.371
Real clean price
98.500
Accrued (real)
0.374
Real dirty price
98.874
Indexed principal
99.991
Money clean price
98.491

The index ratio is a multiplier, not a percentage: 0.9999 means the principal is worth that many times its original face today. So the real clean price of 98.500 is not what a buyer pays , multiply by the ratio to get 98.491 per 100 of original face. A ratio below one means consumer prices have fallen since this security was dated. The inflation floor applies to the final redemption, where it pays the greater of par and its indexed principal, not to the ratio along the way.

Against the fitted real curve

Priced 1.8 bp rich to the real curve on that day, 15.44 cents per 100 of face.

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

Real yield, 29 observations

2.30%2.35%2.40%2.45%2.50%2.55%Jul 31, 2026Sep 10, 2026Jul 31, 2026Real yield2.468%Aug 3, 2026Real yield2.432%Aug 4, 2026Real yield2.400%Aug 5, 2026Real yield2.407%Aug 6, 2026Real yield2.428%Aug 7, 2026Real yield2.393%Aug 10, 2026Real yield2.432%Aug 11, 2026Real yield2.432%Aug 12, 2026Real yield2.418%Aug 13, 2026Real yield2.386%Aug 14, 2026Real yield2.407%Aug 17, 2026Real yield2.439%Aug 18, 2026Real yield2.411%Aug 19, 2026Real yield2.343%Aug 20, 2026Real yield2.346%Aug 21, 2026Real yield2.396%Aug 24, 2026Real yield2.375%Aug 25, 2026Real yield2.318%Aug 26, 2026Real yield2.336%Aug 27, 2026Real yield2.339%Aug 28, 2026Real yield2.414%Aug 31, 2026Real yield2.432%Sep 1, 2026Real yield2.439%Sep 2, 2026Real yield2.447%Sep 3, 2026Real yield2.418%Sep 4, 2026Real yield2.425%Sep 8, 2026Real yield2.425%Sep 9, 2026Real yield2.454%Sep 10, 2026Real yield2.548%

Price history

29 trading days to Sep 10, 2026

98.5099.0099.50100.00100.50Jul 31, 2026Sep 10, 2026Jul 31, 2026Close99.188Aug 3, 2026Close99.500Aug 4, 2026Close99.781Aug 5, 2026Close99.719Aug 6, 2026Close99.531Aug 7, 2026Close99.844Aug 10, 2026Close99.500Aug 11, 2026Close99.500Aug 12, 2026Close99.625Aug 13, 2026Close99.906Aug 14, 2026Close99.719Aug 17, 2026Close99.438Aug 18, 2026Close99.688Aug 19, 2026Close100.281Aug 20, 2026Close100.250Aug 21, 2026Close99.813Aug 24, 2026Close100.000Aug 25, 2026Close100.500Aug 26, 2026Close100.344Aug 27, 2026Close100.313Aug 28, 2026Close99.656Aug 31, 2026Close99.500Sep 1, 2026Close99.438Sep 2, 2026Close99.375Sep 3, 2026Close99.625Sep 4, 2026Close99.563Sep 8, 2026Close99.563Sep 9, 2026Close99.313Sep 10, 2026Close98.500
The most recent 20 trading days of prices for 91282CRE3.
DateBidOfferClose
Sep 10, 202698.82898.81398.500
Sep 9, 202699.25099.21999.313
Sep 8, 202699.57899.56399.563
Sep 4, 202699.53199.50099.563
Sep 3, 202699.89199.87599.625
Sep 2, 202699.39199.37599.375
Sep 1, 202699.46999.43899.438
Aug 31, 202699.45399.43899.500
Aug 28, 202699.96999.93899.656
Aug 27, 2026100.391100.375100.313
Aug 26, 2026100.391100.375100.344
Aug 25, 2026100.438100.406100.500
Aug 24, 2026100.156100.125100.000
Aug 21, 202699.93899.90699.813
Aug 20, 2026100.078100.063100.250
Aug 19, 2026100.297100.281100.281
Aug 18, 202699.62599.59499.688
Aug 17, 202699.64199.62599.438
Aug 14, 202699.70399.68899.719
Aug 13, 2026100.00099.96999.906

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 91282CRE3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 23, 2026Jul 31, 2026New issue$21.0bn$23.3bn2.30x2.438%

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.