Glossary term
What are TIPS?
On , at the auction of the 10-year TIPS (a reopening), the high yield, a real yield, was 2.653%.
High yield at the 10-year TIPS auction of 17 September 2026: 2.653%, above the median of the earlier auctions shown, 1.932%
Each point is one 10-year TIPS auction; pointing at the chart shows its date and figures.
The lineLatest:
- High yield2.653%
Inspect and compare dates
| Auction date | High yield |
|---|---|
| 2.653% | |
| 2.438% | |
| 2.169% | |
| 1.896% | |
| 1.940% | |
| 1.843% | |
| 1.734% | |
| 1.985% | |
| 2.220% | |
| 1.935% |
Show 14 more rows
| Auction date | High yield |
|---|---|
| 2.243% | |
| 2.071% | |
| 1.592% | |
| 1.883% | |
| 2.184% | |
| 1.932% | |
| 1.810% | |
| 2.180% | |
| 2.094% | |
| 1.495% | |
| 1.395% | |
| 1.182% | |
| 1.220% | |
| 1.485% |
Right now
High yield: 2.653% at the 10-year TIPS auction of , a reopening.
- Coupon 2.375%
- Bid-to-cover ratio 2.24
Across auctions
2.653% is above the median of the 23 earlier 10-year TIPS auctions shown, 1.932%.
Of the 24 auctions shown, the highest was 2.653% on , the lowest 1.182% on .
Understanding TIPS
Where it stands today
High yield: 2.653% at the 10-year TIPS auction of .
What does the term mean?
TIPS, Treasury Inflation-Protected Securities, are notes and bonds of 5, 10 and 30 years whose principal rises and falls with the consumer price index. They pay a fixed coupon, twice a year, on that adjusted principal.
Read more
What the auction sets
Bidders bid a real yield: what the security earns on top of inflation. As in any single-price auction, every winning bidder gets the high yield. At a new issue, the coupon is set from the high yield, rounded down to the nearest eighth of a percentage point. At a reopening the coupon stays, and the yield sets the price instead.
How the principal moves
Each day the principal is the original amount times the index ratio: the price index on that day divided by the index on the security's dated date. At maturity the holder gets the adjusted principal or the original amount, whichever is more. The guide to reading a TIPS auction result works through one result line by line.
What it does not tell you
- What a TIPS will pay in total. That depends on inflation until it matures, and 500metrics publishes no inflation forecast.
- How a TIPS yield compares with a nominal note's. A real yield leaves inflation out, so the two are different measures.
Drafted with AI assistance from official sources; checked against the sources listed below.
The numbers behind the chart
What were the figures at the latest auction?10-year TIPS (reopening), 17 September 2026
| Figure | Value |
|---|---|
| High yield | 2.653% |
| Coupon | 2.375% |
| Bid-to-cover ratio | 2.24 |
Which pages show these figures?
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