Inflation-linked (TIPS)

91282CRR4 · 2.25% due October 15, 2031

Original term
5-Year
Maturity
Oct 15, 2031
Coupon
2.250%
Pays
Semi-Annual
Dated
Oct 15, 2026
First coupon
–
Priced through
Nov 9, 2026
Analyzed through
not analyzed

Statement of October 31, 2026

Amount outstanding
$26.04bn
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, November 9, 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
2.419%
Index ratio
1.0035
Real duration
4.628 yr
DV01
0.0460
Convexity
0.244
Real clean price
99.219
Accrued (real)
0.161
Real dirty price
99.379
Indexed principal
100.350
Money clean price
99.566

The index ratio is a multiplier, not a percentage: 1.0035 means the principal is worth that many times its original face today. So the real clean price of 99.219 is not what a buyer pays , multiply by the ratio to get 99.566 per 100 of original face.

Against the fitted real curve

Priced 4.2 bp rich to the real curve on that day, 19.10 cents per 100 of face.

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

Real yield, 7 observations

2.20%2.25%2.30%2.35%2.40%2.45%Oct 30, 2026Nov 9, 2026Oct 30, 2026Real yield2.250%Nov 2, 2026Real yield2.304%Nov 3, 2026Real yield2.344%Nov 4, 2026Real yield2.385%Nov 5, 2026Real yield2.331%Nov 6, 2026Real yield2.351%Nov 9, 2026Real yield2.419%

Price history

7 trading days to Nov 9, 2026

99.299.499.699.8100.0Oct 30, 2026Nov 9, 2026Oct 30, 2026Close100.000Nov 2, 2026Close99.750Nov 3, 2026Close99.563Nov 4, 2026Close99.375Nov 5, 2026Close99.625Nov 6, 2026Close99.531Nov 9, 2026Close99.219
The most recent 7 trading days of prices for 91282CRR4.
DateBidOfferClose
Nov 9, 202699.25099.26699.219
Nov 6, 202699.50099.53199.531
Nov 5, 202699.46999.50099.625
Nov 4, 202699.37599.40699.375
Nov 3, 202699.59499.62599.563
Nov 2, 202699.87599.89199.750
Oct 30, 202699.93899.953100.000

Prices are per 100 of face, from Treasury's own end-of-day file. A dash means that side was not quoted that day, which is almost always the offer and almost always near maturity: a holder of a bill days from paying par has little reason to sell it.

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 91282CRR4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 22, 2026Oct 30, 2026New issue$26.0bn$26.0bn2.41x2.367%

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.