About the 10-year TIPS yield (real interest rate)
The 10-year TIPS yield is the interest rate on Treasury Inflation-Protected Securities, whose principal rises with CPI. Because inflation is paid on top, the yield is a market-based real interest rate: what investors earn after inflation.
Real rates matter for stock valuations, gold and the housing market. Negative real yields, as in 2011–2013 and 2020–2022, mean investors accept a loss after inflation to hold safe government debt. Data start in 2003.
Real Interest Rate (10-Year TIPS) by year
| Year | Average | High | Low | December / latest |
|---|---|---|---|---|
| 2026 (to Oct) | 2.20% | 2.79% | 1.82% | 2.79% |
| 2025 | 1.96% | 2.23% | 1.75% | 1.90% |
| 2024 | 1.94% | 2.15% | 1.62% | 2.09% |
| 2023 | 1.67% | 2.41% | 1.19% | 1.84% |
| 2022 | 0.43% | 1.59% | −0.72% | 1.36% |
| 2021 | −0.92% | −0.66% | −1.07% | −0.99% |
| 2020 | −0.60% | 0.04% | −1.01% | −0.98% |
| 2019 | 0.40% | 0.92% | 0.04% | 0.14% |
| 2018 | 0.84% | 1.11% | 0.54% | 1.02% |
| 2017 | 0.46% | 0.55% | 0.37% | 0.50% |
| 2016 | 0.27% | 0.67% | 0.04% | 0.56% |
| 2015 | 0.45% | 0.73% | 0.08% | 0.73% |
| 2014 | 0.44% | 0.63% | 0.22% | 0.51% |
| 2013 | 0.07% | 0.74% | −0.65% | 0.74% |
| 2012 | −0.48% | −0.11% | −0.77% | −0.76% |
| 2011 | 0.56% | 1.24% | −0.03% | −0.03% |
| 2010 | 1.15% | 1.51% | 0.53% | 1.04% |
| 2009 | 1.66% | 1.91% | 1.28% | 1.36% |
| 2008 | 1.78% | 2.89% | 1.09% | 2.17% |
| 2007 | 2.28% | 2.69% | 1.77% | 1.79% |
| 2006 | 2.31% | 2.53% | 2.01% | 2.25% |
| 2005 | 1.81% | 2.12% | 1.63% | 2.12% |
| 2004 | 1.83% | 2.15% | 1.47% | 1.67% |
| 2003 | 2.06% | 2.32% | 1.72% | 1.98% |
Monthly values. The last 24 years are shown; the chart above has the full history since January 2003.
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Frequently asked questions
What is the current 10-year TIPS yield (real interest rate)?
The 10-year TIPS yield (real interest rate) was 2.79% in October 2026, up 1.03 points from a year earlier, according to the Board of Governors of the Federal Reserve System.
What was the highest 10-year TIPS yield (real interest rate) on record?
Since January 2003, the highest reading was 2.89% in November 2008 and the lowest was −1.07% in August 2021.
Where does this data come from?
The numbers are published by the Board of Governors of the Federal Reserve System and distributed by the Federal Reserve Bank of St. Louis in FRED (series DFII10). They are US government statistics in the public domain. Quotelinks checks for new data every day.
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