Daily real yield curve
TIPS real yields today — Sep 21, 2026
The 10-year TIPS real yield is 2.62% as of Sep 21, 2026 — that is the return above inflation, before tax. With the nominal 10-year at 4.96%, the market's implied breakeven inflation rate over the next decade is 2.34%.
Real yields and breakeven inflation, Sep 21, 2026
Breakeven inflation is the nominal par yield minus the real yield at the same maturity — the average inflation rate at which holding TIPS and holding a nominal Treasury would come out the same.
| Maturity | Real yield | One week ago | One month ago | One year ago | Nominal yield | Breakeven |
|---|---|---|---|---|---|---|
| 5-year TIPS | 2.50% | 2.40% | 2.09% | 1.25% | 4.83% | 2.33% |
| 7-year TIPS | 2.55% | 2.49% | 2.23% | 1.49% | 4.89% | 2.34% |
| 10-year TIPS | 2.62% | 2.60% | 2.40% | 1.75% | 4.96% | 2.34% |
| 20-year TIPS | 2.86% | 2.89% | 2.78% | 2.22% | 5.33% | 2.47% |
| 30-year TIPS | 3.02% | 3.05% | 3.00% | 2.47% | 5.29% | 2.27% |
10-year real yield, Jan 2, 2019 – Sep 21, 2026
1931 business days. A negative reading means investors accepted a return below inflation to hold the security.
Download: daily-real-yields.csv · CSV · public domain
What a real yield is
Treasury Inflation-Protected Securities pay a fixed coupon on a principal amount that is adjusted with the Consumer Price Index. Because the inflation compensation arrives through the principal rather than the coupon, the yield quoted on TIPS is a real yield: what the holder earns on top of whatever inflation turns out to be.
That is why these numbers sit far below nominal Treasury yields, and why they can go negative — as they did through much of 2020 and 2021, when investors were willing to lock in a small loss against inflation for the safety of the security.
Breakeven inflation, and what it does not tell you
Subtracting the real yield from the nominal yield at the same maturity gives the breakeven inflation rate: the average annual inflation over that horizon that would make the two investments break even. Above it, TIPS win; below it, the nominal bond does.
It is widely read as the market's inflation expectation, but it is not purely that. It also carries an inflation risk premium and a liquidity premium — TIPS trade less actively than nominal Treasuries — so it usually sits a little away from what forecasters actually expect. Treat it as a market price, not a forecast.
How this differs from the average TIPS rate
This page shows today's yields on TIPS in the market. The average interest rate on TIPS elsewhere on this site is the weighted-average real coupon across every TIPS still outstanding — a figure that reflects the terms securities were issued on, going back years, and moves far more slowly.