TIPS auction results

By Graham Ellery · Published 2026-09-11 · Updated 2026-10-08 · Data updated 2026-10-23

This page records every TIPS auction since January 1, 2026. An announced auction is listed with its terms until Treasury posts the result. The 6 most recent results have full detail below the summary table. The full auction history CSV goes back to 1997.

Results

Earlier results appear only in this table. Their full figures are in the auction history CSV and the Treasury result PDFs.

Recent results in detail

5-Year TIPS auction, October 22, 2026: 2.367% real yield

On October 22, 2026, the Treasury sold not reported of the 5-Year TIPS maturing October 15, 2031 at a high real yield of 2.367%. This was a new issue with a 2.250% coupon. The bid-to-cover ratio was 2.41.

The 2.367% high yield is the highest at a 5-year TIPS auction since October 19, 2023, when the auction cleared at 2.440%. The previous 5-year TIPS auction, on June 18, 2026, cleared at 1.955%.

What changed from the previous auction

The previous 5-year sale was June 18, 2026, for CUSIP 91282CQP9 maturing April 15, 2031. This compares auctions of the same original term, not the same security.

Planning scenario at a flat 2.367% real yield: $40,000 a year of inflation-adjusted spending from 2027 through 2031 would cost about $186,547 in the site's annual par model, for $200,000 of total real income across 5 years. This auction supplies only the 2031 maturity.

10-Year TIPS reopening, September 17, 2026: 2.653% real yield

On September 17, 2026, the Treasury sold not reported of the 10-Year TIPS maturing July 15, 2036 at a high real yield of 2.653%. This was a reopening, so the 2.375% coupon was already fixed and the auction set only the price. The bid-to-cover ratio was 2.24.

The 2.653% high yield is the highest at a 10-year TIPS auction since October 8, 2008, when the auction cleared at 2.850%. The previous 10-year TIPS auction, on July 23, 2026, cleared at 2.438%.

The same security at two auctions

CUSIP 91282CRE3 was previously sold on July 23, 2026. Both sales have the same 2.375% coupon and July 15, 2036 maturity.

Planning scenario at a flat 2.653% real yield: $40,000 a year of inflation-adjusted spending from 2027 through 2036 would cost about $347,331 in the site's annual par model, for $400,000 of total real income across 10 years. This auction supplies only the 2036 maturity.

30-Year TIPS reopening, August 20, 2026: 2.973% real yield

On August 20, 2026, the Treasury sold not reported of the 30-Year TIPS maturing February 15, 2056 at a high real yield of 2.973%. This was a reopening, so the 2.375% coupon was already fixed and the auction set only the price. The bid-to-cover ratio was 2.82.

The 2.973% high yield is the highest at a 30-year TIPS auction since October 10, 2001, when the auction cleared at 3.465%. The previous 30-year TIPS auction, on February 19, 2026, cleared at 2.473%.

The same security at two auctions

CUSIP 912810US5 was previously sold on February 19, 2026. Both sales have the same 2.375% coupon and February 15, 2056 maturity.

Planning scenario at a flat 2.973% real yield: $40,000 a year of inflation-adjusted spending from 2027 through 2056 would cost about $786,761 in the site's annual par model, for $1,200,000 of total real income across 30 years. This auction supplies only the 2056 maturity.

10-Year TIPS auction, July 23, 2026: 2.438% real yield

On July 23, 2026, the Treasury sold not reported of the 10-Year TIPS maturing July 15, 2036 at a high real yield of 2.438%. This was a new issue with a 2.375% coupon. The bid-to-cover ratio was 2.30.

The 2.438% high yield is the highest at a 10-year TIPS auction since October 8, 2008, when the auction cleared at 2.850%. The previous 10-year TIPS auction, on May 21, 2026, cleared at 2.169%.

What changed from the previous auction

The previous 10-year sale was May 21, 2026, for CUSIP 91282CPU9 maturing January 15, 2036. This compares auctions of the same original term, not the same security.

Planning scenario at a flat 2.438% real yield: $40,000 a year of inflation-adjusted spending from 2027 through 2036 would cost about $351,207 in the site's annual par model, for $400,000 of total real income across 10 years. This auction supplies only the 2036 maturity.

5-Year TIPS reopening, June 18, 2026: 1.955% real yield

On June 18, 2026, the Treasury sold not reported of the 5-Year TIPS maturing April 15, 2031 at a high real yield of 1.955%. This was a reopening, so the 1.250% coupon was already fixed and the auction set only the price. The bid-to-cover ratio was 2.61.

The 1.955% high yield is the highest at a 5-year TIPS auction since December 19, 2024, when the auction cleared at 2.121%. The previous 5-year TIPS auction, on April 23, 2026, cleared at 1.367%.

The same security at two auctions

CUSIP 91282CQP9 was previously sold on April 23, 2026. Both sales have the same 1.250% coupon and April 15, 2031 maturity.

Planning scenario at a flat 1.955% real yield: $40,000 a year of inflation-adjusted spending from 2027 through 2031 would cost about $188,785 in the site's annual par model, for $200,000 of total real income across 5 years. This auction supplies only the 2031 maturity.

10-Year TIPS reopening, May 21, 2026: 2.169% real yield

On May 21, 2026, the Treasury sold not reported 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%.

The same security at two auctions

CUSIP 91282CPU9 was previously sold on March 19, 2026. Both sales have the same 1.875% coupon and January 15, 2036 maturity.

Planning scenario at a flat 2.169% real yield: $40,000 a year of inflation-adjusted spending from 2027 through 2036 would cost about $356,147 in the site's annual par model, for $400,000 of total real income across 10 years. This auction supplies only the 2036 maturity.

The issuance pattern

Treasury sells new 5-year TIPS in April and October and reopens them in June and December. New 10-year TIPS come in January and July, with reopenings in March, May, September and November. The 30-year is new in February and reopened in August. The auction calendar shows the dates and cutoffs Treasury has announced.

How to read the auction numbers

The high yield is the auction's real yield to maturity. Accepted competitive and noncompetitive bids receive the same auction price. Real yield is a valuation rate for the inflation-adjusted cash flows. It is distinct from the fixed coupon rate. A realized compounded return also depends on coupon reinvestment, costs and taxes.

The bid-to-cover ratio compares bids tendered with bids accepted under Treasury's auction reporting convention. Compare the reported ratio across auctions of the same term. The total-accepted amounts shown here also include Federal Reserve add-ons and should not be used to reconstruct the ratio.

Direct bidders, indirect bidders and primary dealers are Treasury's bidder classifications. Shares on this page use competitive accepted bids as their denominator. A change in an allocation share describes who received the securities. These figures alone do not explain investor motives or predict future yields.

Each comparison table sets an auction beside the previous sale of the same original term. When the same CUSIP was sold before, that earlier sale is used, so the coupon and maturity match. A clean-cost comparison between two sales of one CUSIP includes each settlement date's index ratio but excludes accrued interest and intervening coupons, so it is not a holding-period return.

Clean cost of a $10,000 purchase

The adjusted price per $100 is Treasury's real price times the settlement index ratio, quoted per $100 of original face amount. Multiply it by original face amount divided by 100 to find the inflation-adjusted clean cost. The index ratio is already in that price, so do not apply it a second time. Each result above shows that calculation for $10,000 of original face amount. This is the clean component, not the full cash needed. The saved Treasury data does not contain the accrued-interest amount. Add the inflation-adjusted accrued interest from the official result or order confirmation, plus any fees. Do not multiply an already-adjusted interest amount by the index ratio again. Accrued interest can apply to new issues as well as reopenings. See the settlement walkthrough and Treasury's reopening explanation.

Using an auction yield as a planning scenario

An auction's real yield to maturity reflects the price of that security's inflation-adjusted cash flows. Its coupon determines interest payments on adjusted principal. The yield is not an annual cash-payout rate or a guaranteed compounded return after reinvestment, costs and taxes.

Each planning scenario above prices every year of a hypothetical $40,000 a year ladder at that one flat real yield. A single auction supplies only one maturity, not all of those rungs. The scenario assumes a flat curve and includes hypothetical rungs where actual maturities are missing. Enter your own figures in the ladder calculator and compare the available maturities. The methodology explains the approximation.

Source: TreasuryDirect announcements, data and results. Yields are the auction high yield, a real yield above CPI-U inflation. Amounts are total accepted, including noncompetitive and Federal Reserve add-ons. This page describes completed and announced Treasury sales. It is not a recommendation to buy any security.