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
2.653%
17 September 2026 · Auction results
Bid-to-cover
2.24
17 September 2026 · Auction results
Sold
$21.86 billion
$19 billion offered
Indirect bidders
59.1%
Of competitive bids accepted
When is the next 10-year TIPS auction?
Tentative 10-year TIPS auction dates
Auction
Issue
Announcement
Settles
Reopening
New issue
Tentative: Treasury plans these dates in its quarterly refunding and may change them; amounts come with each announcement. Treasury's file: tentative auction schedule (XML).
Bid-to-cover, last 36 auctions
Bid-to-cover of the last 36 10-year TIPS auctions; the latest was 2.24
Bid-to-cover ratio. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.
Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.
The numbers behind this chartThese auctions as a table
Bid-to-cover of the last 36 10-year TIPS auctions
Auction
Bid-to-cover
2.24
2.30
2.52
2.47
2.38
2.41
2.20
2.41
2.36
2.35
2.48
2.35
2.44
2.38
2.33
2.35
2.62
2.32
2.44
2.51
2.31
2.28
2.79
2.25
2.54
2.18
2.24
2.43
2.30
2.43
2.55
2.50
2.50
2.42
2.68
2.71
Real yield of the last 36 10-year TIPS auctions; the latest was 2.653%
Real yield, %. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.
The numbers behind this chartThese auctions as a table
Real yield of the last 36 10-year TIPS auctions, %
Auction
Real yield, %
2.653
2.438
2.169
1.896
1.940
1.843
1.734
1.985
2.220
1.935
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
1.248
0.630
0.232
-0.589
-0.540
-1.145
-0.939
-1.016
-0.805
-0.580
-0.987
-0.867
The latest auction against its own history
High real yield: Highest for a 10-year TIPS since 8 October 2008 (103 auctions in between).
Each measure against earlier 10-year TIPS auctions: how many were higher and lower, and their median
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 this number cannot tell you
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.
Every 10-year TIPS auction
Auctions with results since 29 January 1997: 140.
10-year TIPS auctions, newest first; dated links open an auction's own page
Auction
Offered as
Real yield, %
Bid-to-cover
Offered, $ billion
Sold, $ billion
Indirect, %
Direct, %
Dealers, %
High − median, bp
9-Year 10-Month, reopening
2.653
2.24
19.000
21.860
59.1
28.7
12.2
7.6
10-Year
2.438
2.30
21.000
23.322
65.2
25.0
9.9
6.8
9-Year 8-Month, reopening
2.169
2.52
19.000
19.000
61.4
27.5
11.1
6.9
9-Year 10-Month, reopening
1.896
2.47
19.000
20.963
68.5
24.0
7.5
7.1
10-Year
1.940
2.38
21.000
21.000
67.4
20.4
12.2
6.0
9-Year 8-Month, reopening
1.843
2.41
19.000
19.000
61.5
23.7
14.8
7.8
9-Year 10-Month, reopening
1.734
2.20
19.000
20.049
56.1
26.1
17.8
8.6
10-Year
1.985
2.41
21.000
22.430
62.7
32.0
5.4
5.3
9-Year 8-Month, reopening
2.220
2.36
18.000
18.000
71.4
16.7
11.9
8.5
9-Year 10-Month, reopening
1.935
2.35
18.000
18.532
67.4
23.2
9.4
7.2
10-Year
2.243
2.48
20.000
21.111
66.5
23.3
10.2
7.3
9-Year 8-Month, reopening
2.071
2.35
17.000
17.000
69.2
16.7
14.1
7.3
Show 128 more rows
10-year TIPS auctions, newest first; dated links open an auction's own page (continued)
Auction
Offered as
Real yield, %
Bid-to-cover
Offered, $ billion
Sold, $ billion
Indirect, %
Direct, %
Dealers, %
High − median, bp
9-Year 10-Month, reopening
1.592
2.44
17.000
17.351
71.9
21.5
6.6
6.2
10-Year
1.883
2.38
19.000
20.048
68.7
23.4
7.9
9.0
9-Year 8-Month, reopening
2.184
2.33
16.000
16.950
69.8
16.1
14.0
8.7
9-Year 10-Month, reopening
1.932
2.35
16.000
16.000
72.0
16.0
12.0
9.0
10-Year
1.810
2.62
18.000
18.000
79.3
17.5
3.2
8.0
9-Year 8-Month, reopening
2.180
2.32
15.000
15.173
70.2
16.2
13.6
10.2
9-Year 10-Month, reopening
2.094
2.44
15.000
15.000
71.3
21.9
6.8
7.6
10-Year
1.495
2.51
17.000
17.000
85.8
12.7
1.5
5.5
9-Year 8-Month, reopening
1.395
2.31
15.000
17.817
76.4
15.9
7.7
6.0
9-Year 10-Month, reopening
1.182
2.28
15.000
15.000
73.1
16.0
10.9
10.2
10-Year
1.220
2.79
17.000
17.000
79.3
13.1
7.6
5.0
9-Year 8-Month, reopening
1.485
2.25
15.000
16.631
74.4
16.1
9.5
9.5
9-Year 10-Month, reopening
1.248
2.54
15.000
15.000
70.8
21.3
7.9
6.8
10-Year
0.630
2.18
17.000
17.000
67.1
17.1
15.8
13.0
9-Year 8-Month, reopening
0.232
2.24
14.000
16.105
70.7
11.4
17.9
15.2
9-Year 10-Month, reopening
-0.589
2.43
14.000
16.606
67.9
21.5
10.6
11.1
10-Year
-0.540
2.30
16.000
18.391
69.3
15.7
15.0
9.1
9-Year 8-Month, reopening
-1.145
2.43
14.000
15.154
76.8
13.0
10.2
9.0
9-Year 10-Month, reopening
-0.939
2.55
14.000
15.686
71.5
15.8
12.7
6.1
10-Year
-1.016
2.50
16.000
16.000
70.1
15.5
14.3
6.1
9-Year 8-Month, reopening
-0.805
2.50
13.000
13.000
68.6
15.9
15.5
9.3
9-Year 10-Month, reopening
-0.580
2.42
13.000
15.334
74.0
15.2
10.8
5.0
10-Year
-0.987
2.68
15.000
15.000
62.8
19.5
17.7
4.3
9-Year 8-Month, reopening
-0.867
2.71
12.000
13.665
69.3
16.5
14.1
4.8
9-Year 10-Month, reopening
-0.966
2.65
12.000
13.643
68.7
15.0
16.3
5.4
10-Year
-0.930
2.24
14.000
15.591
72.3
9.9
17.8
6.5
9-Year 8-Month, reopening
-0.470
2.39
12.000
12.000
62.1
7.8
30.1
8.7
9-Year 10-Month, reopening
0.680
2.32
12.000
13.613
63.3
17.0
19.7
18.1
10-Year
0.036
2.33
14.000
15.446
73.2
11.4
15.4
5.6
9-Year 8-Month, reopening
0.149
2.40
12.000
12.000
58.8
25.8
15.4
4.9
9-Year 10-Month, reopening
0.174
2.41
12.000
13.247
66.4
16.3
17.3
4.6
10-Year
0.282
2.28
14.000
14.556
64.3
18.6
17.1
6.4
9-Year 8-Month, reopening
0.567
3.07
11.000
12.156
57.0
29.1
13.9
4.5
9-Year 10-Month, reopening
0.578
2.43
11.000
11.000
77.0
5.6
17.4
6.0
10-Year
0.919
2.42
13.000
13.000
69.1
14.3
16.6
4.9
9-Year 8-Month, reopening
1.109
2.59
11.000
11.966
68.1
12.1
19.8
3.9
9-Year 10-Month, reopening
0.910
2.57
11.000
11.000
69.5
8.9
21.7
5.5
10-Year
0.762
2.22
13.000
13.706
62.1
15.3
22.6
6.7
9-Year 8-Month, reopening
0.934
2.42
11.000
12.911
64.3
6.7
29.0
6.4
9-Year 10-Month, reopening
0.764
2.56
11.000
11.000
61.4
16.7
21.9
5.4
10-Year
0.548
2.69
13.000
14.911
78.9
10.0
11.0
4.0
9-Year 8-Month, reopening
0.512
2.43
11.000
11.597
69.0
4.8
26.2
5.5
9-Year 10-Month, reopening
0.450
2.32
11.000
11.000
70.4
2.3
27.3
7.0
10-Year
0.489
1.98
13.000
14.322
52.5
8.0
39.5
8.9
9-Year 8-Month, reopening
0.420
2.56
11.000
12.323
80.3
8.4
11.3
3.1
9-Year 10-Month, reopening
0.466
2.23
11.000
12.332
64.1
15.6
20.4
5.8
10-Year
0.436
2.45
13.000
13.824
77.1
7.0
15.9
3.6
9-Year 8-Month, reopening
0.369
2.39
11.000
12.171
72.5
9.3
18.2
7.5
9-Year 10-Month, reopening
0.052
2.59
11.000
11.671
69.7
0.4
29.9
4.2
10-Year
0.045
2.39
13.000
13.000
68.4
7.7
23.9
5.7
9-Year 8-Month, reopening
0.275
2.27
11.000
13.805
63.4
4.1
32.5
6.5
9-Year 10-Month, reopening
0.315
2.25
11.000
13.621
65.5
2.0
32.4
10.5
10-Year
0.725
2.19
15.000
15.000
56.6
9.9
33.5
10.2
9-Year 8-Month, reopening
0.664
2.38
13.000
13.000
67.2
7.5
25.3
7.9
9-Year 10-Month, reopening
0.600
2.36
13.000
13.000
73.3
0.8
26.0
7.0
10-Year
0.491
2.31
15.000
15.000
64.8
8.1
27.0
7.8
9-Year 8-Month, reopening
0.358
2.33
13.000
13.000
67.1
4.5
28.4
9.1
9-Year 10-Month, reopening
0.200
2.43
13.000
13.000
75.7
1.1
23.2
4.0
10-Year
0.315
2.39
15.000
15.000
64.0
10.2
25.9
2.9
9-Year 8-Month, reopening
0.497
2.57
13.000
13.000
62.4
8.1
29.5
4.8
9-Year 10-Month, reopening
0.610
2.20
13.000
13.000
52.7
5.7
41.7
7.0
10-Year
0.249
2.49
15.000
15.005
53.1
10.3
36.6
3.9
9-Year 8-Month, reopening
0.339
2.91
13.000
13.000
66.3
6.3
27.5
5.1
9-Year 10-Month, reopening
0.659
2.48
13.000
13.000
46.6
7.9
45.4
5.9
10-Year
0.661
2.31
15.000
15.000
51.8
8.3
39.9
5.2
9-Year 8-Month, reopening
0.560
2.59
13.000
13.000
46.7
21.5
31.8
2.0
9-Year 10-Month, reopening
0.500
2.38
13.000
13.000
53.8
1.6
44.6
9.6
10-Year
0.384
2.44
15.000
15.000
57.7
6.9
35.4
7.4
9-Year 8-Month, reopening
-0.225
2.52
13.000
13.000
56.8
12.4
30.9
7.6
9-Year 10-Month, reopening
-0.602
2.74
13.000
13.000
51.3
5.7
43.0
5.5
10-Year
-0.630
2.71
15.000
15.000
53.3
11.3
35.4
4.5
9-Year 8-Month, reopening
-0.720
2.52
13.000
13.000
48.3
10.4
41.3
6.7
9-Year 10-Month, reopening
-0.750
2.36
13.000
13.000
43.8
7.7
48.5
10.5
10-Year
-0.637
2.62
15.000
15.000
44.2
16.1
39.7
7.3
9-Year 8-Month, reopening
-0.391
3.01
13.000
13.000
50.7
14.8
34.5
2.9
9-Year 10-Month, reopening
-0.089
2.81
13.000
13.000
40.4
21.1
38.5
5.3
10-Year
-0.046
2.91
15.000
15.282
36.3
13.4
50.3
5.4
9-Year 8-Month, reopening
0.099
2.64
11.000
11.498
46.3
11.6
42.1
6.9
9-Year 10-Month, reopening
0.078
2.61
11.000
11.342
30.4
35.7
33.9
6.8
10-Year
0.639
2.62
13.000
13.000
41.6
13.7
44.6
4.4
9-Year 8-Month, reopening
0.887
2.66
11.000
11.926
40.7
3.1
56.3
8.9
9-Year 10-Month, reopening
0.920
2.97
11.000
11.493
25.2
7.1
67.7
5.0
10-Year
1.170
2.37
13.000
13.259
37.9
3.2
58.8
13.0
9-Year 8-Month, reopening
0.409
2.91
10.000
10.268
57.7
2.2
40.0
9.1
9-Year 10-Month, reopening
1.019
2.80
10.000
10.108
46.6
2.5
50.9
7.9
10-Year
1.295
2.88
12.000
12.003
51.9
4.2
43.9
4.5
9-Year 9-Month, reopening
1.709
3.43
8.000
8.586
37.5
7.5
55.0
5.9
10-Year
1.430
2.65
10.000
10.388
40.7
3.2
56.2
13.0
9-Year 9-Month, reopening
1.510
3.12
7.000
7.055
44.0
0.4
55.6
8.0
10-Year
1.920
2.51
8.000
8.135
49.7
4.7
45.6
12.1
9-Year 9-Month, reopening
1.589
2.25
6.000
6.096
26.2
2.0
71.9
24.4
10-Year
2.245
2.48
8.000
8.662
47.3
12.9
39.8
4.6
9-Year 9-Month, reopening
2.850
2.22
6.000
6.974
47.5
0.2
52.3
20.0
10-Year
1.485
1.83
8.000
8.000
36.9
0.5
62.6
6.5
9-Year 9-Month, reopening
1.250
2.11
6.000
6.000
29.5
3.9
66.6
5.0
10-Year
1.655
1.90
8.000
10.412
–
–
–
5.6
9-Year 9-Month, reopening
2.360
2.05
6.000
6.000
–
–
–
3.9
10-Year
2.749
1.97
8.000
8.000
–
–
–
4.0
9-Year 9-Month, reopening
2.284
1.88
6.000
6.000
–
–
–
2.9
10-Year
2.449
1.67
9.000
11.250
–
–
–
4.9
9-Year 9-Month, reopening
2.426
2.09
8.000
9.412
–
–
–
3.6
10-Year
2.550
1.76
9.000
10.588
–
–
–
4.0
9-Year 9-Month, reopening
2.409
1.95
8.000
8.000
–
–
–
5.9
10-Year
2.025
1.85
9.000
9.000
–
–
–
2.5
9-Year 9-Month, reopening
1.979
2.11
8.000
8.000
–
–
–
3.9
10-Year
1.939
1.68
9.000
9.000
–
–
–
7.9
9-Year 9-Month, reopening
1.750
1.97
9.000
9.000
–
–
–
6.0
10-Year
1.725
1.88
10.000
10.000
–
–
–
4.3
9-Year 9-Month, reopening
1.885
2.44
9.000
9.000
–
–
–
2.5
10-Year
2.020
1.89
10.000
10.000
–
–
–
6.0
9-Year 9-Month, reopening
1.809
1.78
9.000
9.000
–
–
–
10.0
10-Year
2.019
1.95
12.000
12.000
–
–
–
9.0
9-Year 9-Month, reopening
2.229
2.25
9.000
9.000
–
–
–
4.9
10-Year
1.999
2.18
11.000
11.000
–
–
–
1.9
9-Year 6-Month, reopening
2.340
2.22
6.000
6.000
–
–
–
4.0
9-Year 9-Month, reopening
2.260
1.36
7.000
7.000
–
–
–
11.0
10-Year
3.099
2.43
9.000
10.010
–
–
–
5.0
10-Year
3.480
2.39
6.000
6.000
–
–
–
3.1
9-Year 6-Month, reopening
3.500
1.90
5.000
5.000
–
–
–
3.2
10-Year
3.522
1.68
6.000
6.000
–
–
–
5.2
9-Year 6-Month, reopening
4.030
2.35
5.000
5.002
–
–
–
3.3
10-Year
4.338
3.07
6.000
6.317
–
–
–
3.8
9-Year 6-Month, reopening
4.040
–
7.000
7.368
–
–
–
4.0
10-Year
3.898
–
8.000
8.531
–
–
–
1.3
9-Year 3-Month, reopening
3.650
–
8.000
8.401
–
–
–
9.1
10-Year
3.730
–
8.000
8.409
–
–
–
3.1
9-Year 9-Month, reopening
3.650
–
8.000
8.403
–
–
–
6.0
10-Year
3.449
5.31
7.000
7.353
–
–
–
4.9
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Sources and licence
Sources and licence
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
U.S. Treasury, quarterly refunding documents (source). Licence: Public domain, a work of the US federal government