The 5-Year TIPS Auction represents the sale of interest-bearing US government debt securities whose principal is adjusted for inflation based on the Consumer Price Index. These auctions are critical for determining the real yield required by investors to protect their purchasing power over a medium-term horizon. The results, including the high yield and bid-to-cover ratio, provide insights into market expectations for future inflation and the overall demand for safe-haven assets. It is a key event for fixed-income traders and macro analysts monitoring the Treasury market.
The auction uses a single-price (Dutch) auction format where all successful bidders receive the same yield, which is the highest yield accepted. The principal of the security increases with inflation and decreases with deflation, as measured by the CPI-U.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Jun 18, 2026 | 1.96 | — | — |
| Apr 23, 2026 | 1.37 | — | — |
| Dec 18, 2025 | 1.43 | — | — |
| Oct 23, 2025 | 1.18 | — | — |
| Jun 17, 2025 | 1.65 | — | — |
| Apr 17, 2025 | 1.70 | — | — |
| Dec 19, 2024 | 2.12 | — | — |
| Oct 24, 2024 | 1.67 | — | — |
| Jun 20, 2024 | 2.05 | — | — |
| Apr 18, 2024 | 2.24 | — | — |
| Dec 21, 2023 | 1.71 | — | — |
| Oct 19, 2023 | 2.44 | — | — |
| Jun 22, 2023 | 1.83 | — | — |
| Apr 20, 2023 | 1.32 | — | — |
| Dec 22, 2022 | 1.50 | — | — |
| Oct 20, 2022 | 1.73 | — | — |
| Jun 23, 2022 | 0.36 | — | — |
| Apr 21, 2022 | -0.34 | — | — |
| Dec 22, 2021 | -1.51 | — | — |
| Oct 21, 2021 | -1.69 | — | — |
The latest reading is 1.0 standard deviations above the mean.
