10-Year Real Yield Today: 2.93%
The 10-year real yield is the yield on a Treasury Inflation-Protected Security (TIPS): the return an investor earns after inflation is accounted for. It is currently 2.93% as of September 30, 2026, +0.02pp versus the previous session.
Nominal yields mix together two things — the real return and expected inflation. TIPS strip the inflation component out by adjusting the principal with the CPI, so their yield is a direct market read on the real cost of capital. It is arguably the most important rate in finance, because real rates, not nominal ones, set the true hurdle for every investment.
When real yields are deeply negative, cash and bonds are guaranteed to lose purchasing power, and capital is pushed into risk assets, gold and real estate. When real yields rise sharply, that subsidy disappears: equity valuations compress, gold loses its tailwind and speculative assets come under pressure. The 2022 repricing from deeply negative to positive real yields was the cleanest example in decades.
The difference between the nominal 10-year yield and the 10-year real yield is the market-implied breakeven inflation rate — what traders expect inflation to average over the decade. We chart real yields, the TIPS curve and breakevens on the RiskCurve dashboard.
It is 0.49pp higher than a month ago (Aug 31, 2026), and 1.13pp higher than a year ago (Sep 30, 2025).
It is above the 2.03% average of the period we track, which has run from 1.68% (Oct 22, 2025) to 2.93% (Sep 30, 2026) — the highest in that window (since Aug 28, 2025).
10-Year Real Yield (TIPS) — recent values
| Date | Value |
|---|---|
| Sep 30, 2026 | 2.93% |
| Sep 29, 2026 | 2.91% |
| Sep 28, 2026 | 2.90% |
| Sep 25, 2026 | 2.83% |
| Sep 24, 2026 | 2.85% |
| Sep 23, 2026 | 2.76% |
| Sep 22, 2026 | 2.63% |
| Sep 21, 2026 | 2.62% |
| Sep 18, 2026 | 2.68% |
| Sep 17, 2026 | 2.61% |
Values as published by the source. Macro series are revised after first release; this table shows the most recent vintage. Saved dataset: JSON.