Noncompetitive bids close at noon for CUSIP 912828H45, a 9-year, 8-month Treasury Inflation-Protected Security with a coupon rate of 0.210%. Competitive bids close at 1 p.m. when the auction ends. Here’s what we can say at 10:06 a.m.:

• Bloomberg’s Current Yields page shows this TIPS trading this morning with a real yield (after inflation) of 0.34% and a price of about $99.15 per $100 of value. This TIPS will go at a discount because its yield is higher than the coupon rate.
• The Wall Street Journal’s Closing Prices page shows this TIPS – which matures in January 2025 – closed Wednesday with a yield of 0.336% and a price right around $99.19.
• The US Treasury’s Real Yields Curve page estimates that a full-term 10-year TIPS closed Wednesday with a yield of 0.38%
• Finally, the TIP ETF is trading this morning at $112.69, up about 0.3%, which indicates that yields are declining slightly.

All of this information seems to point to an auction yield today of about 0.33%, well below the 0.497% that a similar auction drew six months ago.

I’ll return after the auction closes at 1 p.m. to post the results and then later to add some reaction.