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How did the latest 30-year TIPS auction go?

The last 30-year TIPS auction, on , sold at a high real yield of 2.973% with a bid-to-cover of 2.82.

This page also lists the occasional 30-year 6-month TIPS auctions, the nearest regular term to them.

Real yield

2.973%

20 August 2026 · Auction results

Bid-to-cover

2.82

20 August 2026 · Auction results

Sold

$9.03 billion

$8 billion offered

Indirect bidders

84.4%

Of competitive bids accepted

Bid-to-cover, last 36 auctions

Bid-to-cover of the last 36 30-year TIPS auctions; the latest was 2.82

Bid-to-cover ratio. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.

Bid-to-cover of the last 36 30-year TIPS auctions; the latest was 2.822.02.22.42.62.83.0Latest 2.8220122026Bid-to-cover of the last 36 30-year TIPS auctions; the latest was 2.822.02.22.42.62.83.02.8220162026

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.

The numbers behind this chart
These auctions as a table
Bid-to-cover of the last 36 30-year TIPS auctions
AuctionBid-to-cover
2.82
2.75
2.78
2.48
2.61
2.43
2.42
2.38
2.69
2.17
2.34
2.31
2.25
2.40
2.70
2.46
2.32
2.62
2.31
2.64
2.83
2.25
2.28
2.69
2.11
2.62
2.45
2.43
2.29
2.76
2.34
2.76
2.48
2.47
2.82
2.64

Real yield of the last 36 30-year TIPS auctions; the latest was 2.973%

Real yield, %. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.

Real yield of the last 36 30-year TIPS auctions; the latest was 2.973%-1.000.001.002.003.00Latest 2.973%20122026Real yield of the last 36 30-year TIPS auctions; the latest was 2.973%-1.000.001.002.003.002.97320162026
The numbers behind this chart
These auctions as a table
Real yield of the last 36 30-year TIPS auctions, %
AuctionReal yield, %
2.973
2.473
2.650
2.403
2.055
2.200
1.970
1.550
0.920
0.195
-0.292
-0.040
-0.272
0.261
0.501
1.093
1.235
0.934
1.003
0.908
0.880
0.923
0.666
0.905
1.120
1.200
1.142
0.842
0.985
1.116
1.495
1.330
1.420
0.639
0.479
0.520

The latest auction against its own history

  • Bid-to-cover ratio: Highest for a 30-year TIPS since 22 June 2017 (19 auctions in between).
  • High real yield: Highest for a 30-year TIPS since 10 October 2001 (41 auctions in between).
  • Indirect bidders' share: Highest of all 41 earlier 30-year TIPS auctions we hold.
  • Primary dealers' share: Lowest of all 41 earlier 30-year TIPS auctions we hold.
Each measure against earlier 30-year TIPS auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.82Last 12 auctions0 of 1212 of 122.42
Bid-to-cover ratio2.82Last 24 auctions1 of 2423 of 242.42
Bid-to-cover ratio2.82Since 22 February 20103 of 4137 of 412.47
Bid-to-cover ratio2.82All 43 since 11 October 20003 of 4339 of 432.46
High real yield2.973Last 12 auctions0 of 1212 of 121.760
High real yield2.973Last 24 auctions0 of 2424 of 240.928
High real yield2.973Since 22 February 20100 of 4141 of 411.003
High real yield2.973All 47 since 8 April 19986 of 4741 of 471.120
Indirect bidders' share84.4Last 12 auctions0 of 1212 of 1275.4
Indirect bidders' share84.4Last 24 auctions0 of 2424 of 2475.9
Indirect bidders' share84.4All 41 since 22 February 20100 of 4141 of 4170.3
Direct bidders' share13.4Last 12 auctions8 of 124 of 1215.0
Direct bidders' share13.4Last 24 auctions8 of 2416 of 249.5
Direct bidders' share13.4All 41 since 22 February 201015 of 4126 of 419.1
Primary dealers' share2.1Last 12 auctions12 of 120 of 129.4
Primary dealers' share2.1Last 24 auctions24 of 240 of 2414.9
Primary dealers' share2.1All 41 since 22 February 201041 of 410 of 4123.0
High minus median, basis points4.8Last 12 auctions11 of 121 of 128.5
High minus median, basis points4.8Last 24 auctions20 of 244 of 246.8
High minus median, basis points4.8Since 22 February 201036 of 415 of 416.6
High minus median, basis points4.8All 47 since 8 April 199839 of 478 of 476.5

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 30-year TIPS auction

Auctions with results since 8 April 1998: 48.

30-year TIPS auctions, newest first; dated links open an auction's own page
AuctionOffered asReal yield, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %High − median, bp
29-Year 6-Month, reopening2.9732.828.0009.02884.413.42.14.8
30-Year2.4732.759.0009.00078.319.22.54.3
29-Year 6-Month, reopening2.6502.788.0008.00070.425.14.55.0
30-Year2.4032.489.0009.90777.515.37.27.8
29-Year 6-Month, reopening2.0552.618.0008.00077.615.66.98.0
30-Year2.2002.439.0009.38973.417.69.09.3
29-Year 6-Month, reopening1.9702.428.0008.83176.219.64.39.5
30-Year1.5502.389.00011.04576.014.19.910.1
29-Year 6-Month, reopening0.9202.698.0009.04276.912.011.16.0
30-Year0.1952.179.00010.54269.99.920.314.6
29-Year 6-Month, reopening-0.2922.348.0009.00574.912.412.76.8
30-Year-0.0402.319.0009.00068.114.617.29.0
Show 36 more rows
AuctionOffered asReal yield, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %High − median, bp
29-Year 6-Month, reopening-0.2722.257.0007.60870.47.522.110.8
30-Year0.2612.408.0008.00073.711.514.86.1
29-Year 6-Month, reopening0.5012.707.0007.00081.67.710.64.1
30-Year1.0932.468.0008.38582.03.015.05.3
29-Year 4-Month, reopening1.2352.325.0005.00075.70.923.36.5
29-Year 8-Month, reopening0.9342.625.0005.00080.84.614.64.4
30-Year1.0032.317.0008.70773.63.822.57.0
29-Year 4-Month, reopening0.9082.645.0005.12576.40.523.16.4
29-Year 8-Month, reopening0.8802.835.0005.60876.18.415.53.0
30-Year0.9232.257.0007.97169.86.623.610.5
29-Year 4-Month, reopening0.6662.285.0005.30269.49.121.66.7
29-Year 8-Month, reopening0.9052.695.0005.72977.00.023.05.5
30-Year1.1202.117.0009.34670.32.826.911.0
29-Year 4-Month, reopening1.2002.627.0007.00069.88.521.77.5
29-Year 8-Month, reopening1.1422.457.0007.00070.84.324.96.7
30-Year0.8422.439.0009.00069.04.027.06.3
29-Year 4-Month, reopening0.9852.297.0007.00064.54.531.05.6
29-Year 8-Month, reopening1.1162.767.0007.00059.78.232.15.9
30-Year1.4952.349.0009.02556.54.938.56.6
29-Year 4-Month, reopening1.3302.767.0007.00045.019.135.95.2
29-Year 8-Month, reopening1.4202.487.0007.00060.80.438.912.0
30-Year0.6392.479.0009.00054.514.031.66.7
29-Year 4-Month, reopening0.4792.827.0007.00049.113.237.76.0
29-Year 8-Month, reopening0.5202.647.0007.00034.328.137.67.7
30-Year0.7702.469.0009.12840.613.645.811.6
29-Year 4-Month, reopening0.9993.067.0007.26643.226.730.23.9
29-Year 8-Month, reopening1.7443.027.0007.22523.326.150.55.4
30-Year2.1902.549.0009.49455.23.641.26.0
29-Year 6-Month, reopening1.7682.787.0007.17138.928.033.15.3
30-Year2.2292.458.0008.00042.46.451.28.4
30-Year 6-Month3.4652.235.0005.000–––4.5
28-Year 6-Month, reopening3.9531.985.0005.000–––3.5
29-Year 6-Month, reopening4.138–7.0007.368–––6.9
30-Year3.899–7.0007.350–––7.0
29-Year 9-Month, reopening3.680–8.0008.404–––5.0
30-Year3.740–8.0008.402–––4.0

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

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.