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Methodology
TIPS Public

U.S. Treasury 2.38% TIPS due Feb 15, 2056

CUSIP 912810US5 · 29-Year 6-Month · coupon paid semiannually

AAA·Govt
Real yield to maturity i
3.19%
real yield, off the Treasury real-yield curve
Current yield i
2.81%
Coupon i
2.38%
Modified duration i
20.1 yr
Convexity i
515.58
Indicative REAL price i
84.529
real model per 100 real par, not a tradable quote
real auctioned at 91.015 · 2.97% high yield (Aug 20, 2026) · 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 15, 2026
priced to this date (T+1 basis)
Real price i
84.923
real dirty price per 100 real par. The $ invoice = real price × CPI index ratio (not applied)
Next coupon i
Feb 15, 2027
1.188 per 100 (real coupon; actual $ scales with the CPI index ratio)

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Aug 2026par 100 · Feb 205659 coupons remaining + principal

Terms fetched

Type TIPS Treasury Inflation-Protected Securities: the principal tracks the CPI.
Term i29-Year 6-Month
Coupon i2.38% (semiannual)
Maturity iFeb 15, 2056
Issue dateAug 31, 2026
Par value i100.00
CallableNo
Amount outstanding i$9.0B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price (real) i
84.529
Dirty price (real) i
84.923
Accrued interest i
0.394
per 100 par
Yield to maturity (real) i
3.19%
Yield to worst (real) i
3.19%
Current yield i
2.81%
Modified duration i
20.1 yr
Macaulay duration i
20.4 yr
Convexity i
515.58
DV01 i
0.1703
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

59 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Feb 15, 20271.188 0.985601.170
Aug 15, 20271.188 0.964051.145
Feb 15, 20281.188 0.941161.118
Aug 15, 20281.188 0.917751.090
Feb 15, 20291.188 0.894841.063
Aug 15, 20291.188 0.873031.037
Feb 15, 20301.188 0.851551.011
Aug 15, 20301.188 0.831010.987
Feb 15, 20311.188 0.810500.962
Aug 15, 20311.188 0.790700.939
Feb 15, 20321.188 0.770700.915
Aug 15, 20321.188 0.751120.892
Feb 15, 20331.188 0.731650.869
Aug 15, 20331.188 0.712790.846
Feb 15, 20341.188 0.694180.824
Aug 15, 20341.188 0.676310.803
Feb 15, 20351.188 0.658480.782
Aug 15, 20351.188 0.641270.762
Feb 15, 20361.188 0.624100.741
Aug 15, 20361.188 0.607440.721
Feb 15, 20371.188 0.590790.702
Aug 15, 20371.188 0.574660.682
Feb 15, 20381.188 0.558570.663
Aug 15, 20381.188 0.543030.645
Feb 15, 20391.188 0.527540.626
Aug 15, 20391.188 0.512580.609
Feb 15, 20401.188 0.497670.591
Aug 15, 20401.188 0.483210.574
Feb 15, 20411.188 0.468880.557
Aug 15, 20411.188 0.455060.540
Feb 15, 20421.188 0.441280.524
Aug 15, 20421.188 0.428000.508
Feb 15, 20431.188 0.414770.493
Aug 15, 20431.188 0.402020.477
Feb 15, 20441.188 0.389330.462
Aug 15, 20441.188 0.377030.448
Feb 15, 20451.188 0.364850.433
Aug 15, 20451.188 0.353130.419
Feb 15, 20461.188 0.341450.405
Aug 15, 20461.188 0.330220.392
Feb 15, 20471.188 0.320870.381
Aug 15, 20471.188 0.312680.371
Feb 15, 20481.188 0.304590.362
Aug 15, 20481.188 0.296820.352
Feb 15, 20491.188 0.289170.343
Aug 15, 20491.188 0.281850.335
Feb 15, 20501.188 0.274620.326
Aug 15, 20501.188 0.267700.318
Feb 15, 20511.188 0.260860.310
Aug 15, 20511.188 0.254320.302
Feb 15, 20521.188 0.247850.294
Aug 15, 20521.188 0.241620.287
Feb 15, 20531.188 0.235500.280
Aug 15, 20531.188 0.229650.273
Feb 15, 20541.188 0.223860.266
Aug 15, 20541.188 0.218330.259
Feb 15, 20551.188 0.212850.253
Aug 15, 20551.188 0.207620.247
Feb 15, 2056101.188 0.2024420.484
Sum of present values 84.923

Present values sum to the dirty price; subtract 0.394 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +50.41% 127.142
-100 bp (-1.0%) +22.63% 103.657
+100 bp (+1.0%) -17.47% 69.760
+200 bp (+2.0%) -29.79% 59.349

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (20.1 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.