The 10-Year TIPS Auction represents the sale of Treasury Inflation-Protected Securities with a ten-year maturity. These bonds are designed to protect investors from inflation, as their principal increases with inflation and decreases with deflation, as measured by the CPI. The auction's high yield and bid-to-cover ratio are closely watched to gauge market sentiment on long-term inflation expectations.
The Treasury uses a Dutch auction system where all successful bidders receive the same yield, which is the highest yield accepted. The auction results include the high yield, the bid-to-cover ratio (total bids vs. amount sold), and the percentage of indirect bidders.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Jul 23, 2026 | 2.44 | — | — |
| May 21, 2026 | 2.17 | — | — |
| Mar 19, 2026 | 1.90 | — | — |
| Jan 22, 2026 | 1.94 | — | — |
| Nov 20, 2025 | 1.84 | — | — |
| Sep 18, 2025 | 1.73 | — | — |
| Jul 24, 2025 | 1.99 | — | — |
| May 22, 2025 | 2.22 | — | — |
| Mar 20, 2025 | 1.94 | — | — |
| Jan 23, 2025 | 2.24 | — | — |
| Nov 21, 2024 | 2.07 | — | — |
| Sep 19, 2024 | 1.59 | — | — |
| Jul 18, 2024 | 1.88 | — | — |
| May 23, 2024 | 2.18 | — | — |
| Mar 21, 2024 | 1.93 | — | — |
| Jan 18, 2024 | 1.81 | — | — |
| Nov 21, 2023 | 2.18 | — | — |
| Sep 21, 2023 | 2.09 | — | — |
| Jul 20, 2023 | 1.50 | — | — |
| May 18, 2023 | 1.40 | — | — |
| Mar 23, 2023 | 1.18 | — | — |
| Jan 19, 2023 | 1.22 | — | — |
| Nov 17, 2022 | 1.49 | — | — |
| Sep 22, 2022 | 1.25 | — | — |
| Jul 21, 2022 | 0.63 | — | — |
| Mar 24, 2022 | -0.59 | — | — |
| Jan 20, 2022 | -0.54 | — | — |
| Nov 18, 2021 | -1.15 | — | — |
| Sep 23, 2021 | -0.94 | — | — |
