Treasury Auctions · Inflation-Protected

10-Year TIPS Auctions

Every 10-year TIPS auction since January 2000: the real yield Treasury paid, how many bids came in, and who ended up holding the debt.

Latest 10-year TIPS Auction

Thursday, Sep 17, 2026

10-Year TIPSreopening

Averagedemand vs previous six 10-year TIPS auctions

2.653%

real yield · +21.5 bp vs prior auction · highest since October 2008

Size

$19B

9-Year 10-Month

Bid-to-cover

2.24×

−0.14 vs avg 2.38×

Indirect bidders

59.1%

−4.2 pts vs avg

Dealers took

12.2%

±0.0 pts vs avg

The Sep 17, 2026 10-year TIPS auction (a reopening) sold $19B at a real yield of 2.653%, the highest since October 2008. Bidders put in 2.24× the amount on offer, and primary dealers were left with 12.2% of the competitive award. Measured against the previous six 10-year TIPS auctions, demand grades average.

Source: Treasury's official results announcement (PDF)

Highest on Record

4.338%

Jan 12, 2000

Lowest on Record

-1.145%

Nov 18, 2021

Last 12 Months

7 auctions

0 above their recent run, 1 below

Auctions Tracked

134

104 graded since 2009

Real yield at every auction

2Y10YAll

Bid-to-cover, last 24 auctions

Each dot is one auction, colored by its demand grade. The white tick is the average of the previous six auctions; the stem shows how far above or below it the auction landed.

Demand vs the series' previous six auctions:StrongSolidAverageSoftWeak

Who bought it

Share of each competitive award. When the blue band at the top grows, the dealers were left holding debt the rest of the market passed on.

■ indirect (incl. foreign central banks) · ■ direct · ■ primary dealers

Every 10-year TIPS auction

The 24 most recent 10-Year TIPS auctions
Date	Size	Yield	Chg	Cover	Indirect	Direct	Dealers	Demand	Official results
Sep 17, 2026	$19B r	2.653%	+21.5 bp	2.24×−0.14	59.1%−4.2 pts	28.7%	12.2%±0.0 pts	Average	PDF
Jul 23, 2026	$21B	2.438%	+26.9 bp	2.30×−0.10	65.2%+2.2 pts	25.0%	9.9%−1.6 pts	Average	PDF
May 21, 2026	$19B r	2.169%	+27.3 bp	2.52×+0.15	61.4%−3.2 pts	27.5%	11.1%−0.5 pts	Average	PDF
Mar 19, 2026	$19B r	1.896%	−4.4 bp	2.47×+0.12	68.5%+4.1 pts	24.0%	7.5%−4.4 pts	Average	PDF
Jan 22, 2026	$21B	1.940%	+9.7 bp	2.38×+0.01	67.4%+3.2 pts	20.4%	12.2%+0.6 pts	Average	PDF
Nov 20, 2025	$19B r	1.843%	+10.9 bp	2.41×+0.05	61.5%−4.1 pts	23.7%	14.8%+3.3 pts	Average	PDF
Sep 18, 2025	$19B r	1.734%	−25.1 bp	2.20×−0.20	56.1%−12.1 pts	26.1%	17.8%+8.2 pts	Weak	PDF
Jul 24, 2025	$21B	1.985%	−23.5 bp	2.41×+0.02	62.7%−6.5 pts	32.0%	5.4%−4.7 pts	Soft	PDF
May 22, 2025	$18B r	2.220%	+28.5 bp	2.36×−0.03	71.4%+2.5 pts	16.7%	11.9%+1.5 pts	Average	PDF
Mar 20, 2025	$18B r	1.935%	−30.8 bp	2.35×−0.04	67.4%−2.3 pts	23.2%	9.4%−1.4 pts	Average	PDF
Jan 23, 2025	$20B	2.243%	+17.2 bp	2.48×+0.07	66.5%−5.3 pts	23.3%	10.2%+0.5 pts	Average	PDF
Nov 21, 2024	$17B r	2.071%	+47.9 bp	2.35×−0.06	69.2%−2.7 pts	16.7%	14.1%+4.6 pts	Average	PDF
Sep 19, 2024	$17B r	1.592%	−29.1 bp	2.44×+0.03	71.9%+0.1 pts	21.5%	6.6%−3.0 pts	Average	PDF
Jul 18, 2024	$19B	1.883%	−30.1 bp	2.38×−0.05	68.7%−6.1 pts	23.4%	7.9%−0.6 pts	Soft	PDF
May 23, 2024	$16B r	2.184%	+25.2 bp	2.33×−0.09	69.8%−6.0 pts	16.1%	14.0%+6.6 pts	Weak	PDF
Mar 21, 2024	$16B r	1.932%	+12.2 bp	2.35×−0.06	72.0%−4.0 pts	16.0%	12.0%+4.7 pts	Average	PDF
Jan 18, 2024	$18B	1.810%	−37 bp	2.62×+0.18	79.3%+3.3 pts	17.5%	3.2%−4.8 pts	Solid	PDF
Nov 21, 2023	$15B r	2.180%	+8.6 bp	2.32×−0.11	70.2%−6.6 pts	16.2%	13.6%+6.3 pts	Weak	PDF
Sep 21, 2023	$15B r	2.094%	+59.9 bp	2.44×−0.01	71.3%−5.3 pts	21.9%	6.8%−0.7 pts	Average	PDF
Jul 20, 2023	$17B	1.495%	+10 bp	2.51×+0.12	85.8%+12.3 pts	12.7%	1.5%−8.4 pts	Strong	PDF
May 18, 2023	$15B r	1.395%	+21.3 bp	2.31×−0.07	76.4%+3.9 pts	15.9%	7.7%−3.9 pts	Average	PDF
Mar 23, 2023	$15B r	1.182%	−3.8 bp	2.28×−0.13	73.1%+1.4 pts	16.0%	10.9%−0.6 pts	Average	PDF
Jan 19, 2023	$17B	1.220%	−26.5 bp	2.79×+0.47	79.3%+9.2 pts	13.1%	7.6%−5.2 pts	Strong	PDF
Nov 17, 2022	$15B r	1.485%	+23.7 bp	2.25×−0.10	74.4%+4.0 pts	16.1%	9.5%−3.4 pts	Average	PDF

Show 110 earlier auctions, back to January 2000+

Earlier 10-Year TIPS auctions
Date	Size	Yield	Cover	Indirect	Dealers	Demand
Sep 22, 2022 r	$15B	1.248%	2.54×	70.8%	7.9%	Strong
Jul 21, 2022	$17B	0.630%	2.18×	67.1%	15.8%	Soft
May 19, 2022 r	$14B	0.232%	2.24×	70.7%	17.9%	Soft
Mar 24, 2022 r	$14B	-0.589%	2.43×	67.9%	10.6%	Average
Jan 20, 2022	$16B	-0.540%	2.30×	69.3%	15.0%	Soft
Nov 18, 2021 r	$14B	-1.145%	2.43×	76.8%	10.2%	Solid
Sep 23, 2021 r	$14B	-0.939%	2.55×	71.5%	12.7%	Average
Jul 22, 2021	$16B	-1.016%	2.50×	70.1%	14.3%	Average
May 20, 2021 r	$13B	-0.805%	2.50×	68.6%	15.5%	Average
Mar 18, 2021 r	$13B	-0.580%	2.42×	74.0%	10.8%	Strong
Jan 21, 2021	$15B	-0.987%	2.68×	62.8%	17.7%	Solid
Nov 19, 2020 r	$12B	-0.867%	2.71×	69.3%	14.1%	Solid
Sep 17, 2020 r	$12B	-0.966%	2.65×	68.7%	16.3%	Solid
Jul 23, 2020	$14B	-0.930%	2.24×	72.3%	17.8%	Solid
May 21, 2020 r	$12B	-0.470%	2.39×	62.1%	30.1%	Soft
Mar 19, 2020 r	$12B	0.680%	2.32×	63.3%	19.7%	Soft
Jan 23, 2020	$14B	0.036%	2.33×	73.2%	15.4%	Average
Nov 21, 2019 r	$12B	0.149%	2.40×	58.8%	15.4%	Soft
Sep 19, 2019 r	$12B	0.174%	2.41×	66.4%	17.3%	Soft
Jul 18, 2019	$14B	0.282%	2.28×	64.3%	17.1%	Soft
May 23, 2019 r	$11B	0.567%	3.07×	57.0%	13.9%	Solid
Mar 21, 2019 r	$11B	0.578%	2.43×	77.0%	17.4%	Solid
Jan 17, 2019	$13B	0.919%	2.42×	69.1%	16.6%	Average
Nov 21, 2018 r	$11B	1.109%	2.59×	68.1%	19.8%	Average
Sep 20, 2018 r	$11B	0.910%	2.57×	69.5%	21.7%	Average
Jul 19, 2018	$13B	0.762%	2.22×	62.1%	22.6%	Soft
May 17, 2018 r	$11B	0.934%	2.42×	64.3%	29.0%	Soft
Mar 22, 2018 r	$11B	0.764%	2.56×	61.4%	21.9%	Average
Jan 18, 2018	$13B	0.548%	2.69×	78.9%	11.0%	Strong
Nov 16, 2017 r	$11B	0.512%	2.43×	69.0%	26.2%	Average
Sep 21, 2017 r	$11B	0.450%	2.32×	70.4%	27.3%	Average
Jul 20, 2017	$13B	0.489%	1.98×	52.5%	39.5%	Weak
May 18, 2017 r	$11B	0.420%	2.56×	80.3%	11.3%	Strong
Mar 23, 2017 r	$11B	0.466%	2.23×	64.1%	20.4%	Average
Jan 19, 2017	$13B	0.436%	2.45×	77.1%	15.9%	Strong
Nov 17, 2016 r	$11B	0.369%	2.39×	72.5%	18.2%	Strong
Sep 22, 2016 r	$11B	0.052%	2.59×	69.7%	29.9%	Solid
Jul 21, 2016	$13B	0.045%	2.39×	68.4%	23.9%	Solid
May 19, 2016 r	$11B	0.275%	2.27×	63.4%	32.5%	Average
Mar 17, 2016 r	$11B	0.315%	2.25×	65.5%	32.4%	Soft
Jan 21, 2016	$15B	0.725%	2.19×	56.6%	33.5%	Weak
Nov 19, 2015 r	$13B	0.664%	2.38×	67.2%	25.3%	Average
Sep 18, 2015 r	$13B	0.600%	2.36×	73.3%	26.0%	Solid
Jul 23, 2015	$15B	0.491%	2.31×	64.8%	27.0%	Average
May 21, 2015 r	$13B	0.358%	2.33×	67.1%	28.4%	Soft
Mar 19, 2015 r	$13B	0.200%	2.43×	75.7%	23.2%	Strong
Jan 22, 2015	$15B	0.315%	2.39×	64.0%	25.9%	Strong
Nov 20, 2014 r	$13B	0.497%	2.57×	62.4%	29.5%	Strong
Sep 18, 2014 r	$13B	0.610%	2.20×	52.7%	41.7%	Soft
Jul 24, 2014	$15B	0.249%	2.49×	53.1%	36.6%	Average
May 22, 2014 r	$13B	0.339%	2.91×	66.3%	27.5%	Strong
Mar 20, 2014 r	$13B	0.659%	2.48×	46.6%	45.4%	Weak
Jan 23, 2014	$15B	0.661%	2.31×	51.8%	39.9%	Soft
Nov 21, 2013 r	$13B	0.560%	2.59×	46.7%	31.8%	Average
Sep 19, 2013 r	$13B	0.500%	2.38×	53.8%	44.6%	Weak
Jul 18, 2013	$15B	0.384%	2.44×	57.7%	35.4%	Solid
May 23, 2013 r	$13B	-0.225%	2.52×	56.8%	30.9%	Strong
Mar 21, 2013 r	$13B	-0.602%	2.74×	51.3%	43.0%	Average
Jan 24, 2013	$15B	-0.630%	2.71×	53.3%	35.4%	Strong
Nov 21, 2012 r	$13B	-0.720%	2.52×	48.3%	41.3%	Soft
Sep 20, 2012 r	$13B	-0.750%	2.36×	43.8%	48.5%	Weak
Jul 19, 2012	$15B	-0.637%	2.62×	44.2%	39.7%	Average
May 17, 2012 r	$13B	-0.391%	3.01×	50.7%	34.5%	Strong
Mar 22, 2012 r	$13B	-0.089%	2.81×	40.4%	38.5%	Solid
Jan 19, 2012	$15B	-0.046%	2.91×	36.3%	50.3%	Solid
Nov 17, 2011 r	$11B	0.099%	2.64×	46.3%	42.1%	Strong
Sep 22, 2011 r	$11B	0.078%	2.61×	30.4%	33.9%	Average
Jul 21, 2011	$13B	0.639%	2.62×	41.6%	44.6%	Solid
May 19, 2011 r	$11B	0.887%	2.66×	40.7%	56.3%	Soft
Mar 24, 2011 r	$11B	0.920%	2.97×	25.2%	67.7%	Weak
Jan 20, 2011	$13B	1.170%	2.37×	37.9%	58.8%	Weak
Nov 4, 2010 r	$10B	0.409%	2.91×	57.7%	40.0%	Strong
Sep 2, 2010 r	$10B	1.019%	2.80×	46.6%	50.9%	Average
Jul 8, 2010	$12B	1.295%	2.88×	51.9%	43.9%	Strong
Apr 5, 2010 r	$8B	1.709%	3.43×	37.5%	55.0%	Solid
Jan 11, 2010	$10B	1.430%	2.65×	40.7%	56.2%	Solid
Oct 5, 2009 r	$7B	1.510%	3.12×	44.0%	55.6%	Solid
Jul 6, 2009	$8B	1.920%	2.51×	49.7%	45.6%	Strong
Apr 7, 2009 r	$6B	1.589%	2.25×	26.2%	71.9%	Weak
Jan 6, 2009	$8B	2.245%	2.48×	47.3%	39.8%	Strong
Oct 8, 2008 r	$6B	2.850%	2.22×	47.5%	52.3%	—
Jul 10, 2008	$8B	1.485%	1.83×	36.9%	62.6%	—
Apr 10, 2008 r	$6B	1.250%	2.11×	29.5%	66.6%	—
Jan 10, 2008	$8B	1.655%	1.90×	—	—	—
Oct 11, 2007 r	$6B	2.360%	2.05×	—	—	—
Jul 12, 2007	$8B	2.749%	1.97×	—	—	—
Apr 12, 2007 r	$6B	2.284%	1.88×	—	—	—
Jan 11, 2007	$9B	2.449%	1.67×	—	—	—
Oct 12, 2006 r	$8B	2.426%	2.09×	—	—	—
Jul 13, 2006	$9B	2.550%	1.76×	—	—	—
Apr 12, 2006 r	$8B	2.409%	1.95×	—	—	—
Jan 12, 2006	$9B	2.025%	1.85×	—	—	—
Oct 13, 2005 r	$8B	1.979%	2.11×	—	—	—
Jul 14, 2005	$9B	1.939%	1.68×	—	—	—
Apr 14, 2005 r	$9B	1.750%	1.97×	—	—	—
Jan 13, 2005	$10B	1.725%	1.88×	—	—	—
Oct 7, 2004 r	$9B	1.885%	2.44×	—	—	—
Jul 8, 2004	$10B	2.020%	1.89×	—	—	—
Apr 7, 2004 r	$9B	1.809%	1.78×	—	—	—
Jan 8, 2004	$12B	2.019%	1.95×	—	—	—
Oct 9, 2003 r	$9B	2.229%	2.25×	—	—	—
Jul 9, 2003	$11B	1.999%	2.18×	—	—	—
Jan 8, 2003 r	$6B	2.340%	2.22×	—	—	—
Oct 9, 2002 r	$7B	2.260%	1.36×	—	—	—
Jul 10, 2002	$9B	3.099%	2.43×	—	—	—
Jan 9, 2002	$6B	3.480%	2.39×	—	—	—
Jul 11, 2001 r	$5B	3.500%	1.90×	—	—	—
Jan 10, 2001	$6B	3.522%	1.68×	—	—	—
Jul 12, 2000 r	$5B	4.030%	2.35×	—	—	—
Jan 12, 2000	$6B	4.338%	3.07×	—	—	—

Yield = stop-out (high) yield; a real yield for TIPS. Chg = versus the previous auction of the same security. Cover = bid-to-cover ratio. Indirect, direct and dealer shares are of the competitive award. Small figures under a measure compare it with the previous six auctions of the same security, colored when the move is big enough to count toward the grade: orange for stronger demand, bluefor weaker. r = reopening of an existing issue. PDF = Treasury's official results.

Frequently Asked Questions

What yield did the last 10-year TIPS auction clear at?

When is the next 10-year TIPS auction?

Treasury has not announced the next 10-year TIPS auction yet; it does so about a week ahead. Treasury held 7 of these auctions in the last twelve months: 2 new issues (January and July) and 5 reopenings of an existing one. This page lists it as soon as it is announced.

What is the highest yield at a 10-year TIPS auction since 2000?

4.338%, on Jan 12, 2000. The lowest was -1.145% on Nov 18, 2021. The record on this page starts with the January 2000 auction.

How often does Treasury auction the 10-year TIPS?

Treasury held 7 of these auctions in the last twelve months: 2 new issues (January and July) and 5 reopenings of an existing one. A reopening sells more of an existing security, with the same maturity date and coupon, instead of creating a new one.

Data: US Department of the Treasury (Fiscal Data and TreasuryDirect). Demand grades are TFTC's calculation; the method is on the Treasury auctions tracker. Full history as open JSON (CC BY 4.0). Not investment advice.