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TIPS Public

U.S. Treasury 1.88% TIPS due Jul 15, 2034

CUSIP 91282CLE9 · 9-Year 8-Month · coupon paid semiannually

AAA·Govt
Real yield to maturity i
2.12%
real yield — off the Treasury real-yield curve
Current yield i
1.91%
Coupon i
1.88%
Modified duration i
7.4 yr
Convexity i
61.17
Indicative REAL price i
98.170
real model per 100 real par — not a tradable quote
real auctioned at 98.760 · 2.07% high yield (Nov 21, 2024) · 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
Jun 18, 2026
priced to this date (T+1 basis)
Real price i
98.967
real dirty price per 100 real par. The $ invoice = real price × CPI index ratio (not applied)
Next coupon i
Jul 15, 2026
0.938 per 100 (real coupon; actual $ scales with the CPI index ratio)

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Nov 2024par 100 · Jul 203417 coupons remaining + principal

Terms fetched

Type TIPS Treasury Inflation-Protected Securities — principal tracks the CPI.
Term i9-Year 8-Month
Coupon i1.88% (semiannual)
Maturity iJul 15, 2034
Issue dateNov 29, 2024
Par value i100.00
CallableNo
Amount outstanding i$37.4B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price (real) i
98.170
Dirty price (real) i
98.967
Accrued interest i
0.798
per 100 par
Yield to maturity (real) i
2.12%
Yield to worst (real) i
2.12%
Current yield i
1.91%
Modified duration i
7.4 yr
Macaulay duration i
7.5 yr
Convexity i
61.17
DV01 i
0.0731
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

17 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Jul 15, 20260.938 0.997300.935
Jan 15, 20270.938 0.977740.917
Jul 15, 20270.938 0.958200.898
Jan 15, 20280.938 0.937780.879
Jul 15, 20280.938 0.917400.860
Jan 15, 20290.938 0.898420.842
Jul 15, 20290.938 0.880090.825
Jan 15, 20300.938 0.861550.808
Jul 15, 20300.938 0.843610.791
Jan 15, 20310.938 0.825660.774
Jul 15, 20310.938 0.808170.758
Jan 15, 20320.938 0.789940.741
Jul 15, 20320.938 0.772080.724
Jan 15, 20330.938 0.754190.707
Jul 15, 20330.938 0.736840.691
Jan 15, 20340.938 0.719780.675
Jul 15, 2034100.938 0.7032270.982
Sum of present values 98.967

Present values sum to the dirty price; subtract 0.798 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +15.99% 113.872
-100 bp (-1.0%) +7.69% 105.721
+100 bp (+1.0%) -7.08% 91.220
+200 bp (+2.0%) -13.55% 84.870

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (7.4 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 →
3.564.114.66Jan 2026Jun 2026

Par yield of the nearest benchmark tenor — the main input to this bond's price.