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10-year TIPS auction of 23 July 2026 (new issue)

The 10-year TIPS sold $23.322 billion at a high real yield of 2.438% on , with a bid-to-cover ratio of 2.30.

Coupon
2.375%
Announced
Issued
Matures

Real yield

2.438%

Median real yield 2.370%

Bid-to-cover

2.30

▼ −0.22 since 21 May

Sold

$23.32 billion

$21 billion offered

Indirect bidders

65.2%

Of competitive bids accepted

The high real yield was the highest for a 10-year TIPS since 8 October 2008

Real yield at each 10-year TIPS auction, %

The high real yield was the highest for a 10-year TIPS since 8 October 200836 auctions from 17 September 2020 to 23 July 2026; the latest at 2.438%.-2.0%-1.0%0.0%1.0%2.0%3.0%202120222023202420252026This auction, 2.438%The high real yield was the highest for a 10-year TIPS since 8 October 200836 auctions from 17 September 2020 to 23 July 2026; the latest at 2.438%.1.0%1.5%2.0%2.5%20232024202520262.438%

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
2.4382.30
2.1692.52
1.8962.47
1.9402.38
1.8432.41
1.7342.20
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.302.4011 of 121 of 12
High real yield2.4381.9380 of 1212 of 12
Indirect bidders' share65.267.48 of 124 of 12
Direct bidders' share25.023.43 of 129 of 12
Primary dealers' share9.910.67 of 125 of 12
High minus median, basis points6.87.29 of 123 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 65.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 21 May 2026

Indirect bidders took 65.2% of the competitive bids acceptedIndirect bidders 65.2%, Direct bidders 25.0%, Primary dealers 9.9%Indirect bidders65.2%61.4%Direct bidders25.0%27.5%Primary dealers9.9%11.1%Indirect bidders took 65.2% of the competitive bids acceptedIndirect bidders 65.2%, Direct bidders 25.0%, Primary dealers 9.9%Indirect bidders65.2%61.4%Direct bidders25.0%27.5%Primary dealers9.9%11.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.261.4
Direct bidders25.027.5
Primary dealers9.911.1

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$50,653,344,700
Sold$23,321,784,700
Competitive bids accepted$20,863,290,000
Non-competitive bids accepted$136,711,000
Federal Reserve (SOMA) add-on$2,321,783,700
Foreign and international (FIMA) non-competitive$0
Real yield, %2.438
Median rate, %2.370
Low rate, %2.320
Interest rate (coupon), %2.375
Bids at the high rate filled, %61.88
Bid-to-cover ratio2.30
Indirect bidders accepted$13,593,850,000
Direct bidders accepted$5,212,500,000
Primary dealers accepted$2,056,940,000
Indirect bidders' share, % (ours)65.2
Direct bidders' share, % (ours)25.0
Primary dealers' share, % (ours)9.9
High minus median, basis points (ours)6.8
Treasury real par yield curve, 10-year point, same day, %2.43
High yield minus that point, basis points (ours)0.8

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 ratio2.30Last 24 auctions20 of 244 of 242.38
Bid-to-cover ratio2.30Since 10 April 200886 of 10518 of 1052.43
Bid-to-cover ratio2.30All 133 since 29 January 199792 of 13340 of 1332.39
High real yield2.438Last 24 auctions0 of 2424 of 241.890
High real yield2.438Since 10 April 20081 of 105104 of 1050.578
High real yield2.438All 138 since 29 January 199716 of 138122 of 1380.976
Indirect bidders' share65.2Last 24 auctions20 of 244 of 2470.0
Indirect bidders' share65.2All 105 since 10 April 200851 of 10554 of 10564.3
Direct bidders' share25.0Last 24 auctions3 of 2421 of 2418.9
Direct bidders' share25.0All 105 since 10 April 20086 of 10599 of 10512.1
Primary dealers' share9.9Last 24 auctions12 of 2412 of 249.8
Primary dealers' share9.9All 105 since 10 April 200893 of 10512 of 10522.6
High minus median, basis points6.8Last 24 auctions17 of 246 of 247.4
High minus median, basis points6.8Since 10 April 200849 of 10554 of 1056.7
High minus median, basis points6.8All 138 since 29 January 199754 of 13882 of 1386.0

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 23 July 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260723_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 23 July 2026 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2026-07-23.

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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