--- title: "10-Year TIPS Auction Results: Sep 17, 2026" description: "10-Year TIPS, Sep 17, 2026: 2.653% high yield, 1.9bp tail, 2.24x cover, indirects 59.1%. Full bidder split, tails and 12-month averages." source: Helious canonical: "https://helious.io/auctions/10-year-tips" --- # 10-Year TIPS Auction: Results, Schedule & History High yield 2.653% Sep 17, 2026 Tail +1.9bp conceded yield Bid to cover 2.24 12m avg 2.42 Indirects 59.1% 12m avg 64.8% [Ask Helious about the 10-Year TIPS auction](https://helious.io/?ask=How%20did%20the%20last%2010-Year%20TIPS%20auction%20go%20and%20what%20does%20the%20tail%20say%3F&from=/auctions/10-year-tips) High yield, last 12 auctions 2.653%2.194%1.734% 2024-11-212026-09-17 Human Agent Last result · Sep 17, 2026 2.653% tail +1.9bp · b/c 2.24 · indirects 59.1% WEAK { "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. NEXT AUCTION Auctioned every other month: new issues january and july, reopenings march/may/september/november (typically thursday); results cross ~13:00 ET. LATEST RESULT: SEP 17, 2026 2.653%high yield $19Bon offer 2.24bid-to-cover-0.18 vs avg 59.1%indirects-5.70 vs avg 28.7%directs+4.58 vs avg 12.2%dealer take+1.10 vs avg WEAKdesk verdict [Full desk recap →](https://helious.io/news/auc-91282CRE3-2026-09-17/10-year-tips-auction-weak) 12-MONTH AVERAGES · 5 AUCTIONS 2.42bid-to-cover 64.8%indirects 24.12%directs 11.1%dealer take Read a new result against these numbers. When cover, indirects and directs come in above the average, that is solid investor demand. An above-average [dealer take](https://helious.io/learn/primary-dealers) means the street absorbed the balance. The shares are percentages of *competitive* accepted, so indirects, directs and dealers add up to 100. ## Recent auction results DATECUSIPISSUEOFFEREDHIGH YIELDTAILB/CINDIRECTSDIRECTSDEALERSDESK RECAP Sep 17, 2026Sep 17 ’26 91282CRE3 Reopen $19B 2.653% +1.9bp 2.24 59.1% 28.7% 12.2% [WEAK →](https://helious.io/news/auc-91282CRE3-2026-09-17/10-year-tips-auction-weak) Jul 23, 2026Jul 23 ’26 91282CRE3 New $21B 2.438% — 2.30 65.2% 25.0% 9.9% [IN LINE →](https://helious.io/news/auc-91282CRE3-2026-07-23/10-year-tips-auction-in-line) May 21, 2026May 21 ’26 91282CPU9 Reopen $19B 2.169% — 2.52 61.4% 27.5% 11.1% — Mar 19, 2026Mar 19 ’26 91282CPU9 Reopen $19B 1.896% — 2.47 68.5% 24.0% 7.5% — Jan 22, 2026Jan 22 ’26 91282CPU9 New $21B 1.940% — 2.38 67.4% 20.4% 12.2% — Nov 20, 2025Nov 20 ’25 91282CNS6 Reopen $19B 1.843% — 2.41 61.5% 23.7% 14.8% — Sep 18, 2025Sep 18 ’25 91282CNS6 Reopen $19B 1.734% — 2.20 56.1% 26.1% 17.8% — Jul 24, 2025Jul 24 ’25 91282CNS6 New $21B 1.985% — 2.41 62.7% 32.0% 5.4% — May 22, 2025May 22 ’25 91282CML2 Reopen $18B 2.220% — 2.36 71.4% 16.7% 11.9% — Mar 20, 2025Mar 20 ’25 91282CML2 Reopen $18B 1.935% — 2.35 67.4% 23.2% 9.4% — Jan 23, 2025Jan 23 ’25 91282CML2 New $20B 2.243% — 2.48 66.5% 23.3% 10.2% — Nov 21, 2024Nov 21 ’24 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](https://helious.io/learn/when-issued-yield) 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](https://helious.io/learn/when-issued-yield) 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)](https://helious.io/auctions/10-year-tips.csv). The full history comes through the [Helious API](https://helious.io/developers/) and MCP at [api.helious.io/mcp](https://api.helious.io/mcp), with depth set by plan. Read [what a tail means](https://helious.io/learn/auction-tail) · [bid-to-cover explained](https://helious.io/learn/bid-to-cover-ratio) · [who indirect bidders are](https://helious.io/learn/indirect-bidders) · [who direct bidders are](https://helious.io/learn/direct-bidders). [Watch the next auction live →](https://helious.io/)