Treasury auctions · 10-year TIPS
How did the latest 10-year TIPS auction go?
The last 10-year TIPS auction, on , sold at a high real yield of 2.653% with a bid-to-cover of 2.24.
Real yield at each 10-year TIPS auction
Bid-to-cover ratio at each 10-year TIPS auction
Who bought each 10-year TIPS auction: shares of the competitive bids accepted
The linesLatest:
- Indirect bidders59.1%
- Direct bidders28.7%
- Primary dealers12.2%
Each point is one auction; pointing at the chart shows its date and figures. The full results are under "The numbers behind the chart".
Select a line to followLatest:
Inspect and compare dates
The latest 10-year TIPS auction beside the one before it and the nearest ones a year, five and ten years earlier.
The table scrolls sideways; the first column stays in place.
Observed .
Right now
The high real yield of 2.653% on 17 September 2026 was the highest for a 10-year TIPS since 8 October 2008.
Its own history
Against the previous 24 10-year TIPS auctions, the real yield was higher than all 24.
The direct bidders' share was higher than 23 of them.
Who bought
Indirect bidders took the largest share of the competitive bids accepted at the 17 Sep 2026 auction.
- Indirect bidders 59.1%
- Direct bidders 28.7%
- Primary dealers 12.2%
Size
Treasury offered $19 billion and sold $21.86 billion on 17 Sep 2026.
Next
Treasury has announced no 10-year TIPS auction yet; its tentative schedule names these dates.
- Tentative
- Tentative
Understanding the 10-year TIPS auction
Where it stands today
The high real yield was 2.653% at the 10-year TIPS auction of , with a bid-to-cover ratio of 2.24.
What do these figures measure?
The high real yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.
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What these figures cannot tell
- Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
- The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
- Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
- Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.
The numbers behind the chart
How does the latest auction compare with earlier ones?Every measure, window by window
- High real yield: Highest for a 10-year TIPS since 8 October 2008 (103 auctions in between).
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.24 | Last 12 auctions | 11 of 12 | 1 of 12 | 2.40 |
| Bid-to-cover ratio | 2.24 | Last 24 auctions | 23 of 24 | 1 of 24 | 2.38 |
| Bid-to-cover ratio | 2.24 | Since 10 April 2008 | 94 of 106 | 10 of 106 | 2.43 |
| Bid-to-cover ratio | 2.24 | All 134 since 29 January 1997 | 101 of 134 | 31 of 134 | 2.39 |
| High real yield | 2.653 | Last 12 auctions | 0 of 12 | 12 of 12 | 1.962 |
| High real yield | 2.653 | Last 24 auctions | 0 of 24 | 24 of 24 | 1.914 |
| High real yield | 2.653 | Since 10 April 2008 | 1 of 106 | 105 of 106 | 0.589 |
| High real yield | 2.653 | All 139 since 29 January 1997 | 14 of 139 | 125 of 139 | 1.019 |
| Indirect bidders' share | 59.1 | Last 12 auctions | 11 of 12 | 1 of 12 | 66.9 |
| Indirect bidders' share | 59.1 | Last 24 auctions | 23 of 24 | 1 of 24 | 70.0 |
| Indirect bidders' share | 59.1 | All 106 since 10 April 2008 | 67 of 106 | 39 of 106 | 64.6 |
| Direct bidders' share | 28.7 | Last 12 auctions | 1 of 12 | 11 of 12 | 23.5 |
| Direct bidders' share | 28.7 | Last 24 auctions | 1 of 24 | 23 of 24 | 20.8 |
| Direct bidders' share | 28.7 | All 106 since 10 April 2008 | 3 of 106 | 103 of 106 | 12.2 |
| Primary dealers' share | 12.2 | Last 12 auctions | 4 of 12 | 8 of 12 | 10.6 |
| Primary dealers' share | 12.2 | Last 24 auctions | 6 of 24 | 18 of 24 | 9.7 |
| Primary dealers' share | 12.2 | All 106 since 10 April 2008 | 83 of 106 | 23 of 106 | 22.3 |
| High minus median, basis points | 7.6 | Last 12 auctions | 3 of 12 | 9 of 12 | 7.2 |
| High minus median, basis points | 7.6 | Last 24 auctions | 10 of 24 | 13 of 24 | 7.3 |
| High minus median, basis points | 7.6 | Since 10 April 2008 | 35 of 106 | 69 of 106 | 6.7 |
| High minus median, basis points | 7.6 | All 139 since 29 January 1997 | 40 of 139 | 97 of 139 | 6.0 |
The table scrolls sideways; the first column stays in place.
What were the results of every 10-year TIPS auction?140 auctions, newest first
140 10-year TIPS auctions with results since 29 January 1997.
Show 128 more rows
The table scrolls sideways; the first column stays in place.
When are the next 10-year TIPS auctions?Treasury's tentative schedule, from its quarterly refunding
| Auction | Issue | Announcement | Settles |
|---|---|---|---|
| Reopening | |||
| New issue |
What do the figures leave out, and how are they cited?Limits, dates and how to cite
Observed .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 17 September 2026. Compiled by 500metrics, "How did the latest 10-year TIPS auction go?", https://500metrics.com/treasury/auctions/10-year-tips.
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