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10-year TIPS auction of 17 September 2026 (reopening)

The 10-year TIPS sold $21.86 billion at a high real yield of 2.653% on , with a bid-to-cover ratio of 2.24.

Coupon
2.375%
Announced
Issued
Matures

Real yield

2.653%

Median real yield 2.577%

Bid-to-cover

2.24

▼ −0.06 since 23 Jul

Sold

$21.86 billion

$19 billion offered

Indirect bidders

59.1%

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 19 November 2020 to 17 September 2026; the latest at 2.653%.-2.0%-1.0%0.0%1.0%2.0%3.0%202120222023202420252026This auction, 2.653%The high real yield was the highest for a 10-year TIPS since 8 October 200836 auctions from 19 November 2020 to 17 September 2026; the latest at 2.653%.1.0%1.5%2.0%2.5%3.0%20232024202520262.653%

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
2.6532.24
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.242.4011 of 121 of 12
High real yield2.6531.9620 of 1212 of 12
Indirect bidders' share59.166.911 of 121 of 12
Direct bidders' share28.723.51 of 1211 of 12
Primary dealers' share12.210.64 of 128 of 12
High minus median, basis points7.67.23 of 129 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 59.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 23 July 2026

Indirect bidders took 59.1% of the competitive bids acceptedIndirect bidders 59.1%, Direct bidders 28.7%, Primary dealers 12.2%Indirect bidders59.1%65.2%Direct bidders28.7%25.0%Primary dealers12.2%9.9%Indirect bidders took 59.1% of the competitive bids acceptedIndirect bidders 59.1%, Direct bidders 28.7%, Primary dealers 12.2%Indirect bidders59.1%65.2%Direct bidders28.7%25.0%Primary dealers12.2%9.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders59.165.2
Direct bidders28.725.0
Primary dealers12.29.9

About these figures

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

Treasury's published result

FieldValue
Offered as9-Year 10-Month, reopening
Offering amount$19,000,000,000
Bids received$45,346,430,000
Sold$21,860,454,000
Competitive bids accepted$18,883,984,000
Non-competitive bids accepted$116,022,000
Federal Reserve (SOMA) add-on$2,860,448,000
Foreign and international (FIMA) non-competitive$0
Real yield, %2.653
Median rate, %2.577
Low rate, %2.529
Interest rate (coupon), %2.375
Bids at the high rate filled, %93.14
Bid-to-cover ratio2.24
Indirect bidders accepted$11,164,960,000
Direct bidders accepted$5,419,000,000
Primary dealers accepted$2,300,024,000
Indirect bidders' share, % (ours)59.1
Direct bidders' share, % (ours)28.7
Primary dealers' share, % (ours)12.2
High minus median, basis points (ours)7.6
Treasury real par yield curve, 10-year point, same day, %2.61
High yield minus that point, basis points (ours)4.3

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 ratio2.24Last 24 auctions23 of 241 of 242.38
Bid-to-cover ratio2.24Since 10 April 200894 of 10610 of 1062.43
Bid-to-cover ratio2.24All 134 since 29 January 1997101 of 13431 of 1342.39
High real yield2.653Last 24 auctions0 of 2424 of 241.914
High real yield2.653Since 10 April 20081 of 106105 of 1060.589
High real yield2.653All 139 since 29 January 199714 of 139125 of 1391.019
Indirect bidders' share59.1Last 24 auctions23 of 241 of 2470.0
Indirect bidders' share59.1All 106 since 10 April 200867 of 10639 of 10664.6
Direct bidders' share28.7Last 24 auctions1 of 2423 of 2420.8
Direct bidders' share28.7All 106 since 10 April 20083 of 106103 of 10612.2
Primary dealers' share12.2Last 24 auctions6 of 2418 of 249.7
Primary dealers' share12.2All 106 since 10 April 200883 of 10623 of 10622.3
High minus median, basis points7.6Last 24 auctions10 of 2413 of 247.3
High minus median, basis points7.6Since 10 April 200835 of 10669 of 1066.7
High minus median, basis points7.6All 139 since 29 January 199740 of 13997 of 1396.0

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 17 September 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260917_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 17 September 2026 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2026-09-17.

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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