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10-year TIPS auction of 24 July 2025 (new issue)

The 10-year TIPS sold $22.43 billion at a high real yield of 1.985% on , with a bid-to-cover ratio of 2.41.

Coupon
1.875%
Announced
Issued
Matures

Real yield

1.985%

Median real yield 1.932%

Bid-to-cover

2.41

▲ +0.05 since 22 May

Sold

$22.43 billion

$21 billion offered

Indirect bidders

62.7%

Of competitive bids accepted

Real yield at the last 36 10-year TIPS auctions

Real yield at each 10-year TIPS auction, %

Real yield at the last 36 10-year TIPS auctions36 auctions from 19 September 2019 to 24 July 2025; the latest at 1.985%.-2.0%-1.0%0.0%1.0%2.0%3.0%202020212022202320242025This auction, 1.985%Real yield at the last 36 10-year TIPS auctions36 auctions from 19 September 2019 to 24 July 2025; the latest at 1.985%.-2.0%-1.0%0.0%1.0%2.0%3.0%20222023202420251.985%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
Real yield and bid-to-cover of the last 36 10-year TIPS auctions, newest first
AuctionReal yield, %Bid-to-cover
1.9852.41
2.2202.36
1.9352.35
2.2432.48
2.0712.35
1.5922.44
1.8832.38
2.1842.33
1.9322.35
1.8102.62
2.1802.32
2.0942.44
1.4952.51
1.3952.31
1.1822.28
1.2202.79
1.4852.25
1.2482.54
0.6302.18
0.2322.24
-0.5892.43
-0.5402.30
-1.1452.43
-0.9392.55
-1.0162.50
-0.8052.50
-0.5802.42
-0.9872.68
-0.8672.71
-0.9662.65
-0.9302.24
-0.4702.39
0.6802.32
0.0362.33
0.1492.40
0.1742.41

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.412.375 of 127 of 12
High real yield1.9852.0036 of 126 of 12
Indirect bidders' share62.770.812 of 120 of 12
Direct bidders' share32.017.10 of 1212 of 12
Primary dealers' share5.49.810 of 122 of 12
High minus median, basis points5.37.812 of 120 of 12

The table scrolls sideways; the first column stays in place.

  • Indirect bidders' share: Lowest for a 10-year TIPS since 21 May 2020 (30 auctions in between).
  • Direct bidders' share: Highest for a 10-year TIPS since 22 September 2011 (82 auctions in between).
  • High minus median, basis points: Lowest for a 10-year TIPS since 19 January 2023 (14 auctions in between).

Who bought the 10-year TIPS?

Indirect bidders took 62.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 22 May 2025

Indirect bidders took 62.7% of the competitive bids acceptedIndirect bidders 62.7%, Direct bidders 32.0%, Primary dealers 5.4%Indirect bidders62.7%71.4%Direct bidders32.0%16.7%Primary dealers5.4%11.9%Indirect bidders took 62.7% of the competitive bids acceptedIndirect bidders 62.7%, Direct bidders 32.0%, Primary dealers 5.4%Indirect bidders62.7%71.4%Direct bidders32.0%16.7%Primary dealers5.4%11.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.771.4
Direct bidders32.016.7
Primary dealers5.411.9

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as10-Year, new issue
Offering amount$21,000,000,000
Bids received$52,135,717,500
Sold$22,430,027,400
Competitive bids accepted$20,913,221,900
Non-competitive bids accepted$86,789,900
Federal Reserve (SOMA) add-on$1,430,015,600
Foreign and international (FIMA) non-competitive$0
Real yield, %1.985
Median rate, %1.932
Low rate, %1.899
Interest rate (coupon), %1.875
Bids at the high rate filled, %75.33
Bid-to-cover ratio2.41
Indirect bidders accepted$13,110,655,900
Direct bidders accepted$6,682,500,000
Primary dealers accepted$1,120,066,000
Indirect bidders' share, % (ours)62.7
Direct bidders' share, % (ours)32.0
Primary dealers' share, % (ours)5.4
High minus median, basis points (ours)5.3
Treasury real par yield curve, 10-year point, same day, %1.98
High yield minus that point, basis points (ours)0.5

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

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.

The real par yield curve comparison sets the high yield against Treasury's own real par yield curve on the auction day, at the point nearest this security's maturity (10-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

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.

The longer windows

Each measure against earlier 10-year TIPS auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.41Last 24 auctions11 of 2413 of 242.37
Bid-to-cover ratio2.41Since 10 April 200856 of 9942 of 992.43
Bid-to-cover ratio2.41All 127 since 29 January 199760 of 12766 of 1272.39
High real yield1.985Last 24 auctions6 of 2418 of 241.490
High real yield1.985Since 10 April 20088 of 9991 of 990.548
High real yield1.985All 132 since 29 January 199734 of 13298 of 1320.914
Indirect bidders' share62.7Last 24 auctions24 of 240 of 2471.1
Indirect bidders' share62.7All 99 since 10 April 200857 of 9942 of 9964.8
Direct bidders' share32.0Last 24 auctions0 of 2424 of 2416.2
Direct bidders' share32.0All 99 since 10 April 20081 of 9998 of 9911.4
Primary dealers' share5.4Last 24 auctions22 of 242 of 2410.4
Primary dealers' share5.4All 99 since 10 April 200897 of 992 of 9925.3
High minus median, basis points5.3Last 24 auctions23 of 241 of 248.2
High minus median, basis points5.3Since 10 April 200871 of 9927 of 996.5
High minus median, basis points5.3All 132 since 29 January 199781 of 13250 of 1326.0

The table scrolls sideways; the first column stays in place.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 24 July 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250724_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 24 July 2025 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2025-07-24.

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, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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