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Methodology
TIPS Public

U.S. Treasury 2.12% TIPS due Feb 15, 2054

CUSIP 912810TY4 · 29-Year 6-Month · coupon paid semiannually

AAA·Govt
Real yield to maturity i
3.15%
real yield, off the Treasury real-yield curve
Current yield i
2.61%
Coupon i
2.12%
Modified duration i
19.6 yr
Convexity i
480.91
Indicative REAL price i
81.383
real model per 100 real par, not a tradable quote
real auctioned at 103.944 · 2.06% high yield (Aug 22, 2024) · reopening · at issuance, not a current price
These are real (inflation-adjusted) figures off the Treasury real-yield curve. The actual dollar invoice = the real price × this TIPS's CPI index ratio, which is not applied here.
Settles i
Oct 16, 2026
priced to this date (T+1 basis)
Real price i
81.741
real dirty price per 100 real par. The $ invoice = real price × CPI index ratio (not applied)
Next coupon i
Feb 15, 2027
1.062 per 100 (real coupon; actual $ scales with the CPI index ratio)

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Aug 2024par 100 · Feb 205455 coupons remaining + principal

Terms fetched

Type TIPS Treasury Inflation-Protected Securities: the principal tracks the CPI.
Term i29-Year 6-Month
Coupon i2.12% (semiannual)
Maturity iFeb 15, 2054
Issue dateAug 30, 2024
Par value i100.00
CallableNo
Amount outstanding i$9.4B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price (real) i
81.383
Dirty price (real) i
81.741
Accrued interest i
0.358
per 100 par
Yield to maturity (real) i
3.15%
Yield to worst (real) i
3.15%
Current yield i
2.61%
Modified duration i
19.6 yr
Macaulay duration i
19.9 yr
Convexity i
480.91
DV01 i
0.1605
per 100 par

indicative REAL price/yield, discounted off the Treasury real-yield curve; CPI inflation accrual (index ratio) is not applied.

Remaining cash flows

55 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Feb 15, 20271.062 0.985821.047
Aug 15, 20271.062 0.964361.025
Feb 15, 20281.062 0.941651.001
Aug 15, 20281.062 0.918370.976
Feb 15, 20291.062 0.895570.952
Aug 15, 20291.062 0.873880.928
Feb 15, 20301.062 0.852450.906
Aug 15, 20301.062 0.831920.884
Feb 15, 20311.062 0.811400.862
Aug 15, 20311.062 0.791560.841
Feb 15, 20321.062 0.771580.820
Aug 15, 20321.062 0.752060.799
Feb 15, 20331.062 0.732630.778
Aug 15, 20331.062 0.713820.758
Feb 15, 20341.062 0.695180.739
Aug 15, 20341.062 0.677250.720
Feb 15, 20351.062 0.659340.701
Aug 15, 20351.062 0.642040.682
Feb 15, 20361.062 0.624770.664
Aug 15, 20361.062 0.608010.646
Feb 15, 20371.062 0.591330.628
Aug 15, 20371.062 0.575210.611
Feb 15, 20381.062 0.559130.594
Aug 15, 20381.062 0.543610.578
Feb 15, 20391.062 0.528120.561
Aug 15, 20391.062 0.513180.545
Feb 15, 20401.062 0.498280.529
Aug 15, 20401.062 0.483830.514
Feb 15, 20411.062 0.469500.499
Aug 15, 20411.062 0.455680.484
Feb 15, 20421.062 0.441910.470
Aug 15, 20421.062 0.428630.455
Feb 15, 20431.062 0.415410.441
Aug 15, 20431.062 0.402660.428
Feb 15, 20441.062 0.389970.414
Aug 15, 20441.062 0.377670.401
Feb 15, 20451.062 0.365490.388
Aug 15, 20451.062 0.353760.376
Feb 15, 20461.062 0.342090.363
Aug 15, 20461.062 0.330850.352
Feb 15, 20471.062 0.321440.342
Aug 15, 20471.062 0.313200.333
Feb 15, 20481.062 0.305040.324
Aug 15, 20481.062 0.297200.316
Feb 15, 20491.062 0.289490.308
Aug 15, 20491.062 0.282120.300
Feb 15, 20501.062 0.274820.292
Aug 15, 20501.062 0.267840.285
Feb 15, 20511.062 0.260940.277
Aug 15, 20511.062 0.254330.270
Feb 15, 20521.062 0.247800.263
Aug 15, 20521.062 0.241520.257
Feb 15, 20531.062 0.235340.250
Aug 15, 20531.062 0.229430.244
Feb 15, 2054101.062 0.2235822.595
Sum of present values 81.741

Present values sum to the dirty price; subtract 0.358 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +48.88% 121.163
-100 bp (-1.0%) +22.04% 99.316
+100 bp (+1.0%) -17.23% 67.364
+200 bp (+2.0%) -29.64% 57.258

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (19.6 yr) and convexity. Real moves are rarely parallel; this is not a forecast.

What to know

Key risks

  • Interest-rate risk. If market yields rise, the price falls, and more so the longer the maturity. See the rate-sensitivity table above.
  • Inflation risk. Fixed coupons lose purchasing power if inflation rises. TIPS are designed to offset this; nominal bills, notes and bonds are not.
  • Reinvestment risk. Coupons, and principal at maturity, may have to be reinvested later at lower rates than today's.
  • Liquidity / price risk. Selling before maturity means taking the market price at that time, which can be above or below the indicative value shown here.

Tax

Interest on U.S. Treasuries is subject to federal income tax but is generally exempt from state and local income tax.

How Treasuries are bought

New issues are sold at auction (including directly via TreasuryDirect.gov); outstanding securities trade on the secondary market through a broker. This site is for research only and does not sell or recommend securities.

General information only, not tax, legal or investment advice.

Benchmark yield, past year

All tenors →
4.435.155.88Jan 2026Oct 2026

Par yield of the nearest benchmark tenor, the main input to this bond's price.