10-Year TIPS Reopening, May 21, 2026: 2.169% Real Yield
On May 21, 2026, the Treasury sold $19 billion of the 10-Year TIPS maturing January 15, 2036 at a high real yield of 2.169%. This was a reopening, so the 1.875% coupon was already fixed and the auction set only the price. The bid-to-cover ratio was 2.52.
The 2.169% high yield is the highest at a 10-year TIPS auction since May 22, 2025, when the auction cleared at 2.220%. The previous 10-year TIPS auction, on March 19, 2026, cleared at 1.896%.
Auction result
| Measure | Value |
|---|---|
| High yield (real) | 2.169% |
| Median yield | 2.100% |
| Low yield | 2.040% |
| Bid-to-cover ratio | 2.52 |
| Offering amount | $19 billion |
| Total accepted | $19 billion |
| Competitive accepted | $18.94 billion |
| Noncompetitive accepted | $64 million |
| Indirect bidders | 61.4% of competitive |
| Direct bidders | 27.5% of competitive |
| Primary dealers | 11.1% of competitive |
| Federal Reserve (SOMA) add-on | $0 million |
| Price per $100 of adjusted principal | 98.938521 |
| Index ratio on issue date | 1.015220 |
| Reference CPI on issue date | 329.88126 |
Security details
| Item | Detail |
|---|---|
| CUSIP | 91282CPU9 |
| Security | 10-Year TIPS of January 2036 |
| Original term | 10-Year |
| Auction type | reopening |
| Announcement | May 14, 2026 |
| Auction date | May 21, 2026 |
| Issue and settlement | May 29, 2026 |
| Maturity | January 15, 2036 |
| Coupon | 1.875% |
| Offering amount | $19 billion |
| Noncompetitive cutoff | 12:00 PM Eastern |
Recent 10-year TIPS auctions
| Auction | Type | High yield | Bid-to-cover | Total accepted |
|---|---|---|---|---|
| May 21, 2026 | Reopening | 2.169% | 2.52 | $19 billion |
| March 19, 2026 | Reopening | 1.896% | 2.47 | $20.96 billion |
| January 22, 2026 | New issue | 1.940% | 2.38 | $21 billion |
| November 20, 2025 | Reopening | 1.843% | 2.41 | $19 billion |
| September 18, 2025 | Reopening | 1.734% | 2.20 | $20.05 billion |
| July 24, 2025 | New issue | 1.985% | 2.41 | $22.43 billion |
| May 22, 2025 | Reopening | 2.220% | 2.36 | $18 billion |
| March 20, 2025 | Reopening | 1.935% | 2.35 | $18.53 billion |
What the yield means for a ladder
A real yield of 2.169% means the security pays about 2.17 percentage points above inflation each year if held to maturity. Priced at that flat real yield, the site's annual par model estimates that $40,000 a year of inflation-adjusted spending from 2027 through 2036 would cost about $356,147 today, for $400,000 of total real income across 10 maturities. Enter your own figures in the ladder calculator. The methodology page lists what the model leaves out.
How to read the auction numbers
The high yield is the real yield at which the auction cleared. Every accepted bid, competitive or noncompetitive, receives that yield, so it is the number a noncompetitive bidder locks in. It is a yield above inflation as measured by the CPI-U, not a nominal yield.
The bid-to-cover ratio divides the dollar value of all bids by the amount Treasury accepted. A higher ratio means more demand for each dollar sold. Compare it with earlier auctions of the same term. One ratio on its own says little.
Indirect bidders place bids through a primary dealer and include foreign and international accounts. Direct bidders submit their own competitive bids. Primary dealers take whatever the other bidders leave, so a high dealer share usually means weaker outside demand.
The price per $100 applies to inflation-adjusted principal. A buyer pays that price multiplied by the index ratio on the issue date, plus accrued interest for a reopening. See how a TIPS price becomes a settlement amount.
Sources: Treasury auction results (PDF) · Treasury offering announcement (PDF) · TreasuryDirect announcements, data and results. Figures are from TreasuryDirect's securities data as saved on September 11, 2026. Percent shares are of competitive accepted bids. This page describes a completed or announced Treasury sale. It is not a recommendation to buy the security.
