10-Year TIPS Auction: Results, Schedule & History
{
"tenor": "10-year-tips",
"date": "2026-07-23",
"offering_usd": 21000000000,
"high_yield": 2.438,
"bid_to_cover": 2.3,
"indirect_pct": 65.2,
"verdict": null
}The 10-Year TIPS auction on Jul 23, 2026 put $21B on offer and stopped at a high yield of 2.438%, with a bid-to-cover of 2.3 against a 2.4 twelve-month average. Indirects took 65.2%, directs 25% and primary dealers 9.9%. Captured live by Helious as the results crossed.
The 10-year TIPS real yield is the economy's true cost of capital: the discount rate that drives gold, growth-stock valuations, and the dollar. Its auction sets the benchmark 10-year breakeven, so results here recalibrate long-run inflation expectations and every real-rate-sensitive asset at once.
Results history · recent auctions
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 91282CRE3 | New | $21B | 2.438% | — | 2.30 | 65.2% | 25.0% | 9.9% | — | |
| 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% | — | |
| 91282CLE9 | Reopen | $17B | 1.592% | — | 2.44 | 71.9% | 21.5% | 6.6% | — |
Issue: a reopening re-auctions an existing security (same CUSIP), the norm for coupons outside refunding months; "New" sets a fresh coupon. Offered: the announced offering amount, what the Treasury put up for sale at that auction. Tail: the high yield minus the when-issued yield at the bid deadline, in basis points. Positive means the auction had to concede yield to clear, negative means it stopped through. A dash means no tail exists or none was captured: bills never have one (they price off a discount rate, with no when-issued market), and rows before desk coverage began in July 2026 predate tail capture — the official records publish no when-issued yield at all. Desk recap: the desk's live verdict, posted the moment results cross.
Desk-captured results with full auction-record backfill · 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.