10-Year TIPS Auction: Results, Schedule & History
Ask Helious about the 10-Year TIPS auction
{
"tenor": "10-year-tips",
"date": "2026-09-17",
"offering_usd": 19000000000,
"high_yield": 2.653,
"tail_bps": 1.9,
"bid_to_cover": 2.24,
"indirect_pct": 59.1,
"verdict": "WEAK"
}The 10-Year TIPS auction on Sep 17, 2026 put $19B on offer and stopped at a high yield of 2.653%, tailing 1.9bp against the when-issued yield. The bid-to-cover was 2.24, against a twelve-month average of 2.42. Indirects took 59.1%, directs 28.7% and primary dealers 12.2%. Helious captured the result live as it crossed and graded it WEAK.
Take the real yield on the 10-year TIPS and you have the economy's cost of capital in real terms. Gold discounts off it. So do growth-stock valuations and the dollar. The auction sets the benchmark 10-year breakeven, so the result shifts long-run inflation expectations and reprices anything that trades off real rates.
Recent auction results
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 91282CRE3 | Reopen | $19B | 2.653% | +1.9bp | 2.24 | 59.1% | 28.7% | 12.2% | WEAK → | |
| 91282CRE3 | New | $21B | 2.438% | — | 2.30 | 65.2% | 25.0% | 9.9% | IN LINE → | |
| 91282CPU9 | Reopen | $19B | 2.169% | — | 2.52 | 61.4% | 27.5% | 11.1% | — | |
| 91282CPU9 | Reopen | $19B | 1.896% | — | 2.47 | 68.5% | 24.0% | 7.5% | — | |
| 91282CPU9 | New | $21B | 1.940% | — | 2.38 | 67.4% | 20.4% | 12.2% | — | |
| 91282CNS6 | Reopen | $19B | 1.843% | — | 2.41 | 61.5% | 23.7% | 14.8% | — | |
| 91282CNS6 | Reopen | $19B | 1.734% | — | 2.20 | 56.1% | 26.1% | 17.8% | — | |
| 91282CNS6 | New | $21B | 1.985% | — | 2.41 | 62.7% | 32.0% | 5.4% | — | |
| 91282CML2 | Reopen | $18B | 2.220% | — | 2.36 | 71.4% | 16.7% | 11.9% | — | |
| 91282CML2 | Reopen | $18B | 1.935% | — | 2.35 | 67.4% | 23.2% | 9.4% | — | |
| 91282CML2 | New | $20B | 2.243% | — | 2.48 | 66.5% | 23.3% | 10.2% | — | |
| 91282CLE9 | Reopen | $17B | 2.071% | — | 2.35 | 69.2% | 16.7% | 14.1% | — |
The issue column says which kind of auction it was. A reopening re-auctions a security that already exists, under the same CUSIP, and that is the norm for coupons outside refunding months. "New" sets a fresh coupon. Offered is the amount the Treasury announced for sale at that auction. The tail is the high yield minus the when-issued yield at the bid deadline, in basis points. A positive number means the auction had to concede yield to clear, and a negative one means it stopped through. A dash in that column means no tail exists, or none was captured. Bills never have one, because they price off a discount rate and have no when-issued market. Rows before desk coverage began in July 2026 predate tail capture, and the official records publish no when-issued yield at all. The last column, the desk recap, is the desk's live verdict, posted the moment results cross.
The desk captures each result and backfills the rest from the full auction record · download a sample (CSV, recent auctions). The full history comes through the Helious API and MCP at api.helious.io/mcp, with depth set by plan. Read what a tail means · bid-to-cover explained · who indirect bidders are · who direct bidders are.