diff --git a/Include/internal/pycore_frame.h b/Include/internal/pycore_frame.h
index bd448272e05..ec9703036c8 100644
--- a/Include/internal/pycore_frame.h
+++ b/Include/internal/pycore_frame.h
@@ -58,26 +58,16 @@ typedef struct _PyInterpreterFrame {
     PyObject *f_builtins; /* Borrowed reference. Only valid if not on C stack */
     PyObject *f_locals; /* Strong reference, may be NULL. Only valid if not on C stack */
     PyFrameObject *frame_obj; /* Strong reference, may be NULL. Only valid if not on C stack */
-    // NOTE: This is not necessarily the last instruction started in the given
-    // frame. Rather, it is the code unit *prior to* the *next* instruction. For
-    // example, it may be an inline CACHE entry, an instruction we just jumped
-    // over, or (in the case of a newly-created frame) a totally invalid value:
-    _Py_CODEUNIT *prev_instr;
+    _Py_CODEUNIT *instr_ptr; /* Instruction currently executing (or about to begin) */
     int stacktop;  /* Offset of TOS from localsplus  */
-    /* The return_offset determines where a `RETURN` should go in the caller,
-     * relative to `prev_instr`.
-     * It is only meaningful to the callee,
-     * so it needs to be set in any CALL (to a Python function)
-     * or SEND (to a coroutine or generator).
-     * If there is no callee, then it is meaningless. */
-    uint16_t return_offset;
+    uint16_t return_offset;  /* Only relevant during a function call */
     char owner;
     /* Locals and stack */
     PyObject *localsplus[1];
 } _PyInterpreterFrame;
 
 #define _PyInterpreterFrame_LASTI(IF) \
-    ((int)((IF)->prev_instr - _PyCode_CODE(_PyFrame_GetCode(IF))))
+    ((int)((IF)->instr_ptr - _PyCode_CODE(_PyFrame_GetCode(IF))))
 
 static inline PyCodeObject *_PyFrame_GetCode(_PyInterpreterFrame *f) {
     assert(PyCode_Check(f->f_executable));
@@ -134,7 +124,7 @@ _PyFrame_Initialize(
     frame->f_locals = locals;
     frame->stacktop = code->co_nlocalsplus;
     frame->frame_obj = NULL;
-    frame->prev_instr = _PyCode_CODE(code) - 1;
+    frame->instr_ptr = _PyCode_CODE(code);
     frame->return_offset = 0;
     frame->owner = FRAME_OWNED_BY_THREAD;
 
@@ -185,7 +175,7 @@ _PyFrame_IsIncomplete(_PyInterpreterFrame *frame)
         return true;
     }
     return frame->owner != FRAME_OWNED_BY_GENERATOR &&
-    frame->prev_instr < _PyCode_CODE(_PyFrame_GetCode(frame)) + _PyFrame_GetCode(frame)->_co_firsttraceable;
+        frame->instr_ptr < _PyCode_CODE(_PyFrame_GetCode(frame)) + _PyFrame_GetCode(frame)->_co_firsttraceable;
 }
 
 static inline _PyInterpreterFrame *
@@ -297,7 +287,7 @@ _PyFrame_PushTrampolineUnchecked(PyThreadState *tstate, PyCodeObject *code, int
     frame->f_locals = NULL;
     frame->stacktop = code->co_nlocalsplus + stackdepth;
     frame->frame_obj = NULL;
-    frame->prev_instr = _PyCode_CODE(code);
+    frame->instr_ptr = _PyCode_CODE(code);
     frame->owner = FRAME_OWNED_BY_THREAD;
     frame->return_offset = 0;
     return frame;
diff --git a/Include/internal/pycore_opcode_metadata.h b/Include/internal/pycore_opcode_metadata.h
index 938597dadb2..e2ed9bad783 100644
--- a/Include/internal/pycore_opcode_metadata.h
+++ b/Include/internal/pycore_opcode_metadata.h
@@ -87,7 +87,7 @@
 #define _POP_JUMP_IF_FALSE 359
 #define _POP_JUMP_IF_TRUE 360
 #define _JUMP_TO_TOP 361
-#define _SAVE_CURRENT_IP 362
+#define _SAVE_RETURN_OFFSET 362
 #define _INSERT 363
 
 extern int _PyOpcode_num_popped(int opcode, int oparg, bool jump);
@@ -654,7 +654,7 @@ int _PyOpcode_num_popped(int opcode, int oparg, bool jump)  {
             return 0;
         case _SET_IP:
             return 0;
-        case _SAVE_CURRENT_IP:
+        case _SAVE_RETURN_OFFSET:
             return 0;
         case _EXIT_TRACE:
             return 0;
@@ -1230,7 +1230,7 @@ int _PyOpcode_num_pushed(int opcode, int oparg, bool jump)  {
             return 0;
         case _SET_IP:
             return 0;
-        case _SAVE_CURRENT_IP:
+        case _SAVE_RETURN_OFFSET:
             return 0;
         case _EXIT_TRACE:
             return 0;
@@ -1296,7 +1296,7 @@ struct opcode_macro_expansion {
 #define OPARG_CACHE_4 4
 #define OPARG_TOP 5
 #define OPARG_BOTTOM 6
-#define OPARG_SET_IP 7
+#define OPARG_SAVE_RETURN_OFFSET 7
 
 #define OPCODE_METADATA_FMT(OP) (_PyOpcode_opcode_metadata[(OP)].instr_format)
 #define SAME_OPCODE_METADATA(OP1, OP2) \
@@ -1589,7 +1589,7 @@ const struct opcode_metadata _PyOpcode_opcode_metadata[OPCODE_METADATA_SIZE] = {
     [_POP_JUMP_IF_TRUE] = { true, INSTR_FMT_IB, HAS_ARG_FLAG },
     [_JUMP_TO_TOP] = { true, INSTR_FMT_IX, HAS_EVAL_BREAK_FLAG },
     [_SET_IP] = { true, INSTR_FMT_IB, HAS_ARG_FLAG },
-    [_SAVE_CURRENT_IP] = { true, INSTR_FMT_IX, 0 },
+    [_SAVE_RETURN_OFFSET] = { true, INSTR_FMT_IB, HAS_ARG_FLAG },
     [_EXIT_TRACE] = { true, INSTR_FMT_IX, 0 },
     [_INSERT] = { true, INSTR_FMT_IB, HAS_ARG_FLAG },
 };
@@ -1719,8 +1719,8 @@ const struct opcode_macro_expansion _PyOpcode_macro_expansion[OPCODE_MACRO_EXPAN
     [LOAD_ATTR_NONDESCRIPTOR_WITH_VALUES] = { .nuops = 4, .uops = { { _GUARD_TYPE_VERSION, 2, 1 }, { _GUARD_DORV_VALUES_INST_ATTR_FROM_DICT, 0, 0 }, { _GUARD_KEYS_VERSION, 2, 3 }, { _LOAD_ATTR_NONDESCRIPTOR_WITH_VALUES, 4, 5 } } },
     [LOAD_ATTR_NONDESCRIPTOR_NO_DICT] = { .nuops = 2, .uops = { { _GUARD_TYPE_VERSION, 2, 1 }, { _LOAD_ATTR_NONDESCRIPTOR_NO_DICT, 4, 5 } } },
     [LOAD_ATTR_METHOD_LAZY_DICT] = { .nuops = 3, .uops = { { _GUARD_TYPE_VERSION, 2, 1 }, { _CHECK_ATTR_METHOD_LAZY_DICT, 0, 0 }, { _LOAD_ATTR_METHOD_LAZY_DICT, 4, 5 } } },
-    [CALL_BOUND_METHOD_EXACT_ARGS] = { .nuops = 8, .uops = { { _CHECK_PEP_523, 0, 0 }, { _CHECK_CALL_BOUND_METHOD_EXACT_ARGS, 0, 0 }, { _INIT_CALL_BOUND_METHOD_EXACT_ARGS, 0, 0 }, { _CHECK_FUNCTION_EXACT_ARGS, 2, 1 }, { _CHECK_STACK_SPACE, 0, 0 }, { _INIT_CALL_PY_EXACT_ARGS, 0, 0 }, { _SAVE_CURRENT_IP, 7, 2 }, { _PUSH_FRAME, 0, 0 } } },
-    [CALL_PY_EXACT_ARGS] = { .nuops = 6, .uops = { { _CHECK_PEP_523, 0, 0 }, { _CHECK_FUNCTION_EXACT_ARGS, 2, 1 }, { _CHECK_STACK_SPACE, 0, 0 }, { _INIT_CALL_PY_EXACT_ARGS, 0, 0 }, { _SAVE_CURRENT_IP, 7, 2 }, { _PUSH_FRAME, 0, 0 } } },
+    [CALL_BOUND_METHOD_EXACT_ARGS] = { .nuops = 8, .uops = { { _CHECK_PEP_523, 0, 0 }, { _CHECK_CALL_BOUND_METHOD_EXACT_ARGS, 0, 0 }, { _INIT_CALL_BOUND_METHOD_EXACT_ARGS, 0, 0 }, { _CHECK_FUNCTION_EXACT_ARGS, 2, 1 }, { _CHECK_STACK_SPACE, 0, 0 }, { _INIT_CALL_PY_EXACT_ARGS, 0, 0 }, { _SAVE_RETURN_OFFSET, 7, 3 }, { _PUSH_FRAME, 0, 0 } } },
+    [CALL_PY_EXACT_ARGS] = { .nuops = 6, .uops = { { _CHECK_PEP_523, 0, 0 }, { _CHECK_FUNCTION_EXACT_ARGS, 2, 1 }, { _CHECK_STACK_SPACE, 0, 0 }, { _INIT_CALL_PY_EXACT_ARGS, 0, 0 }, { _SAVE_RETURN_OFFSET, 7, 3 }, { _PUSH_FRAME, 0, 0 } } },
     [CALL_TYPE_1] = { .nuops = 1, .uops = { { CALL_TYPE_1, 0, 0 } } },
     [CALL_STR_1] = { .nuops = 1, .uops = { { CALL_STR_1, 0, 0 } } },
     [CALL_TUPLE_1] = { .nuops = 1, .uops = { { CALL_TUPLE_1, 0, 0 } } },
@@ -1812,7 +1812,7 @@ const char * const _PyOpcode_uop_name[OPCODE_UOP_NAME_SIZE] = {
     [_POP_JUMP_IF_FALSE] = "_POP_JUMP_IF_FALSE",
     [_POP_JUMP_IF_TRUE] = "_POP_JUMP_IF_TRUE",
     [_JUMP_TO_TOP] = "_JUMP_TO_TOP",
-    [_SAVE_CURRENT_IP] = "_SAVE_CURRENT_IP",
+    [_SAVE_RETURN_OFFSET] = "_SAVE_RETURN_OFFSET",
     [_INSERT] = "_INSERT",
 };
 #endif // NEED_OPCODE_METADATA
diff --git a/Include/internal/pycore_runtime.h b/Include/internal/pycore_runtime.h
index f2383b43fab..ec026d42f6d 100644
--- a/Include/internal/pycore_runtime.h
+++ b/Include/internal/pycore_runtime.h
@@ -87,7 +87,7 @@ typedef struct _Py_DebugOffsets {
     struct _interpreter_frame {
         off_t previous;
         off_t executable;
-        off_t prev_instr;
+        off_t instr_ptr;
         off_t localsplus;
         off_t owner;
     } interpreter_frame;
diff --git a/Include/internal/pycore_runtime_init.h b/Include/internal/pycore_runtime_init.h
index 4a48907d9ee..73fa5f553cb 100644
--- a/Include/internal/pycore_runtime_init.h
+++ b/Include/internal/pycore_runtime_init.h
@@ -58,7 +58,7 @@ extern PyTypeObject _PyExc_MemoryError;
             .interpreter_frame = { \
                 .previous = offsetof(_PyInterpreterFrame, previous), \
                 .executable = offsetof(_PyInterpreterFrame, f_executable), \
-                .prev_instr = offsetof(_PyInterpreterFrame, prev_instr), \
+                .instr_ptr = offsetof(_PyInterpreterFrame, instr_ptr), \
                 .localsplus = offsetof(_PyInterpreterFrame, localsplus), \
                 .owner = offsetof(_PyInterpreterFrame, owner), \
             }, \
diff --git a/Misc/NEWS.d/next/Core and Builtins/2023-10-13-16-55-55.gh-issue-109094.ziL4cJ.rst b/Misc/NEWS.d/next/Core and Builtins/2023-10-13-16-55-55.gh-issue-109094.ziL4cJ.rst
new file mode 100644
index 00000000000..332afb61e34
--- /dev/null
+++ b/Misc/NEWS.d/next/Core and Builtins/2023-10-13-16-55-55.gh-issue-109094.ziL4cJ.rst	
@@ -0,0 +1,3 @@
+Replace ``prev_instr`` on the interpreter frame by ``instr_ptr`` which
+points to the beginning of the instruction that is currently executing (or
+will execute once the frame resumes).
diff --git a/Objects/frame_layout.md b/Objects/frame_layout.md
index 2f95214db56..b348e85689f 100644
--- a/Objects/frame_layout.md
+++ b/Objects/frame_layout.md
@@ -130,3 +130,28 @@ ### Shim frames
 `RETURN_GENERATOR` do not need to check whether the current frame is the entry frame.
 The shim frame points to a special code object containing the `INTERPRETER_EXIT`
 instruction which cleans up the shim frame and returns.
+
+
+### The Instruction Pointer
+
+`_PyInterpreterFrame` has two fields which are used to maintain the instruction
+pointer: `instr_ptr` and `return_offset`.
+
+When a frame is executing, `instr_ptr` points to the instruction currently being
+executed. In a suspended frame, it points to the instruction that would execute
+if the frame were to resume. After `frame.f_lineno` is set, `instr_ptr` points to
+the next instruction to be executed. During a call to a python function,
+`instr_ptr` points to the call instruction, because this is what we would expect
+to see in an exception traceback.
+
+The `return_offset` field determines where a `RETURN` should go in the caller,
+relative to `instr_ptr`.  It is only meaningful to the callee, so it needs to
+be set in any instruction that implements a call (to a Python function),
+including CALL, SEND and BINARY_SUBSCR_GETITEM, among others. If there is no
+callee, then return_offset is meaningless.  It is necessary to have a separate
+field for the return offset because (1) if we apply this offset to `instr_ptr`
+while executing the `RETURN`, this is too early and would lose us information
+about the previous instruction which we could need for introspecting and
+debugging. (2) `SEND` needs to pass two offsets to the generator: one for
+`RETURN` and one for `YIELD`. It uses the `oparg` for one, and the
+`return_offset` for the other.
diff --git a/Objects/frameobject.c b/Objects/frameobject.c
index 12faef031b6..698e8848356 100644
--- a/Objects/frameobject.c
+++ b/Objects/frameobject.c
@@ -821,7 +821,7 @@ frame_setlineno(PyFrameObject *f, PyObject* p_new_lineno, void *Py_UNUSED(ignore
     }
     /* Finally set the new lasti and return OK. */
     f->f_lineno = 0;
-    f->f_frame->prev_instr = _PyCode_CODE(code) + best_addr;
+    f->f_frame->instr_ptr = _PyCode_CODE(code) + best_addr;
     return 0;
 }
 
@@ -1079,7 +1079,7 @@ PyFrame_New(PyThreadState *tstate, PyCodeObject *code,
     f->f_frame = (_PyInterpreterFrame *)f->_f_frame_data;
     f->f_frame->owner = FRAME_OWNED_BY_FRAME_OBJECT;
     // This frame needs to be "complete", so pretend that the first RESUME ran:
-    f->f_frame->prev_instr = _PyCode_CODE(code) + code->_co_firsttraceable;
+    f->f_frame->instr_ptr = _PyCode_CODE(code) + code->_co_firsttraceable + 1;
     assert(!_PyFrame_IsIncomplete(f->f_frame));
     Py_DECREF(func);
     _PyObject_GC_TRACK(f);
@@ -1093,7 +1093,7 @@ _PyFrame_OpAlreadyRan(_PyInterpreterFrame *frame, int opcode, int oparg)
     assert(_PyOpcode_Deopt[opcode] == opcode);
     int check_oparg = 0;
     for (_Py_CODEUNIT *instruction = _PyCode_CODE(_PyFrame_GetCode(frame));
-         instruction < frame->prev_instr; instruction++)
+         instruction < frame->instr_ptr; instruction++)
     {
         int check_opcode = _PyOpcode_Deopt[instruction->op.code];
         check_oparg |= instruction->op.arg;
@@ -1135,7 +1135,7 @@ frame_init_get_vars(_PyInterpreterFrame *frame)
         frame->localsplus[offset + i] = Py_NewRef(o);
     }
     // COPY_FREE_VARS doesn't have inline CACHEs, either:
-    frame->prev_instr = _PyCode_CODE(_PyFrame_GetCode(frame));
+    frame->instr_ptr = _PyCode_CODE(_PyFrame_GetCode(frame));
 }
 
 
diff --git a/Objects/genobject.c b/Objects/genobject.c
index 6794cc69397..092fd5f19b1 100644
--- a/Objects/genobject.c
+++ b/Objects/genobject.c
@@ -9,6 +9,7 @@
 #include "pycore_genobject.h"     // struct _Py_async_gen_state
 #include "pycore_modsupport.h"    // _PyArg_CheckPositional()
 #include "pycore_object.h"        // _PyObject_GC_UNTRACK()
+#include "pycore_opcode_metadata.h" // _PyOpcode_Caches
 #include "pycore_pyerrors.h"      // _PyErr_ClearExcState()
 #include "pycore_pystate.h"       // _PyThreadState_GET()
 
@@ -362,8 +363,7 @@ _PyGen_yf(PyGenObject *gen)
             assert(_PyCode_CODE(_PyGen_GetCode(gen))[0].op.code != SEND);
             return NULL;
         }
-        _Py_CODEUNIT next = frame->prev_instr[1];
-        if (!is_resume(&next) || next.op.arg < 2)
+        if (!is_resume(frame->instr_ptr) || frame->instr_ptr->op.arg < 2)
         {
             /* Not in a yield from */
             return NULL;
@@ -398,9 +398,12 @@ gen_close(PyGenObject *gen, PyObject *args)
     _PyInterpreterFrame *frame = (_PyInterpreterFrame *)gen->gi_iframe;
     /* It is possible for the previous instruction to not be a
      * YIELD_VALUE if the debugger has changed the lineno. */
-    if (err == 0 && is_yield(frame->prev_instr)) {
-        assert(is_resume(frame->prev_instr + 1));
-        int exception_handler_depth = frame->prev_instr[0].op.arg;
+    assert(_PyOpcode_Caches[YIELD_VALUE] == 0);
+    assert(_PyOpcode_Caches[INSTRUMENTED_YIELD_VALUE] == 0);
+    if (err == 0 && is_yield(frame->instr_ptr - 1)) {
+        _Py_CODEUNIT *yield_instr = frame->instr_ptr - 1;
+        assert(is_resume(frame->instr_ptr));
+        int exception_handler_depth = yield_instr->op.arg;
         assert(exception_handler_depth > 0);
         /* We can safely ignore the outermost try block
          * as it automatically generated to handle
diff --git a/Python/abstract_interp_cases.c.h b/Python/abstract_interp_cases.c.h
index 44115da8629..232c569a3dd 100644
--- a/Python/abstract_interp_cases.c.h
+++ b/Python/abstract_interp_cases.c.h
@@ -920,6 +920,10 @@
             break;
         }
 
+        case _SAVE_RETURN_OFFSET: {
+            break;
+        }
+
         case _EXIT_TRACE: {
             break;
         }
diff --git a/Python/bytecodes.c b/Python/bytecodes.c
index 2ff3805c563..e101efaae4c 100644
--- a/Python/bytecodes.c
+++ b/Python/bytecodes.c
@@ -183,9 +183,9 @@ dummy_func(
                         tstate, oparg > 0, frame, next_instr-1);
                 stack_pointer = _PyFrame_GetStackPointer(frame);
                 ERROR_IF(err, error);
-                if (frame->prev_instr != next_instr-1) {
+                if (frame->instr_ptr != next_instr-1) {
                     /* Instrumentation has jumped */
-                    next_instr = frame->prev_instr;
+                    next_instr = frame->instr_ptr;
                     DISPATCH();
                 }
             }
@@ -657,7 +657,8 @@ dummy_func(
             new_frame->localsplus[0] = container;
             new_frame->localsplus[1] = sub;
             SKIP_OVER(INLINE_CACHE_ENTRIES_BINARY_SUBSCR);
-            frame->return_offset = 0;
+            assert(1 + INLINE_CACHE_ENTRIES_BINARY_SUBSCR == next_instr - frame->instr_ptr);
+            frame->return_offset = 1 + INLINE_CACHE_ENTRIES_BINARY_SUBSCR;
             DISPATCH_INLINED(new_frame);
         }
 
@@ -790,10 +791,9 @@ dummy_func(
             _PyInterpreterFrame *dying = frame;
             frame = tstate->current_frame = dying->previous;
             _PyEval_FrameClearAndPop(tstate, dying);
-            frame->prev_instr += frame->return_offset;
             _PyFrame_StackPush(frame, retval);
             LOAD_SP();
-            LOAD_IP();
+            LOAD_IP(frame->return_offset);
 #if LLTRACE && TIER_ONE
             lltrace = maybe_lltrace_resume_frame(frame, &entry_frame, GLOBALS());
             if (lltrace < 0) {
@@ -819,8 +819,8 @@ dummy_func(
             _PyInterpreterFrame *dying = frame;
             frame = tstate->current_frame = dying->previous;
             _PyEval_FrameClearAndPop(tstate, dying);
-            frame->prev_instr += frame->return_offset;
             _PyFrame_StackPush(frame, retval);
+            LOAD_IP(frame->return_offset);
             goto resume_frame;
         }
 
@@ -843,8 +843,8 @@ dummy_func(
             _PyInterpreterFrame *dying = frame;
             frame = tstate->current_frame = dying->previous;
             _PyEval_FrameClearAndPop(tstate, dying);
-            frame->prev_instr += frame->return_offset;
             _PyFrame_StackPush(frame, retval);
+            LOAD_IP(frame->return_offset);
             goto resume_frame;
         }
 
@@ -980,7 +980,8 @@ dummy_func(
                 gen->gi_exc_state.previous_item = tstate->exc_info;
                 tstate->exc_info = &gen->gi_exc_state;
                 SKIP_OVER(INLINE_CACHE_ENTRIES_SEND);
-                frame->return_offset = oparg;
+                assert(1 + INLINE_CACHE_ENTRIES_SEND == next_instr - frame->instr_ptr);
+                frame->return_offset = (uint16_t)(1 + INLINE_CACHE_ENTRIES_SEND + oparg);
                 DISPATCH_INLINED(gen_frame);
             }
             if (Py_IsNone(v) && PyIter_Check(receiver)) {
@@ -1018,13 +1019,15 @@ dummy_func(
             gen->gi_exc_state.previous_item = tstate->exc_info;
             tstate->exc_info = &gen->gi_exc_state;
             SKIP_OVER(INLINE_CACHE_ENTRIES_SEND);
-            frame->return_offset = oparg;
+            assert(1 + INLINE_CACHE_ENTRIES_SEND == next_instr - frame->instr_ptr);
+            frame->return_offset = (uint16_t)(1 + INLINE_CACHE_ENTRIES_SEND + oparg);
             DISPATCH_INLINED(gen_frame);
         }
 
         inst(INSTRUMENTED_YIELD_VALUE, (retval -- unused)) {
             assert(frame != &entry_frame);
             assert(oparg >= 0); /* make the generator identify this as HAS_ARG */
+            frame->instr_ptr = next_instr;
             PyGenObject *gen = _PyFrame_GetGenerator(frame);
             gen->gi_frame_state = FRAME_SUSPENDED;
             _PyFrame_SetStackPointer(frame, stack_pointer - 1);
@@ -1039,6 +1042,9 @@ dummy_func(
             frame = tstate->current_frame = frame->previous;
             gen_frame->previous = NULL;
             _PyFrame_StackPush(frame, retval);
+            /* We don't know which of these is relevant here, so keep them equal */
+            assert(INLINE_CACHE_ENTRIES_SEND == INLINE_CACHE_ENTRIES_FOR_ITER);
+            LOAD_IP(1 + INLINE_CACHE_ENTRIES_SEND);
             goto resume_frame;
         }
 
@@ -1048,6 +1054,7 @@ dummy_func(
             // or throw() call.
             assert(oparg >= 0); /* make the generator identify this as HAS_ARG */
             assert(frame != &entry_frame);
+            frame->instr_ptr = next_instr;
             PyGenObject *gen = _PyFrame_GetGenerator(frame);
             gen->gi_frame_state = FRAME_SUSPENDED;
             _PyFrame_SetStackPointer(frame, stack_pointer - 1);
@@ -1058,6 +1065,9 @@ dummy_func(
             frame = tstate->current_frame = frame->previous;
             gen_frame->previous = NULL;
             _PyFrame_StackPush(frame, retval);
+            /* We don't know which of these is relevant here, so keep them equal */
+            assert(INLINE_CACHE_ENTRIES_SEND == INLINE_CACHE_ENTRIES_FOR_ITER);
+            LOAD_IP(1 + INLINE_CACHE_ENTRIES_SEND);
             goto resume_frame;
         }
 
@@ -1071,7 +1081,7 @@ dummy_func(
             if (oparg) {
                 PyObject *lasti = values[0];
                 if (PyLong_Check(lasti)) {
-                    frame->prev_instr = _PyCode_CODE(_PyFrame_GetCode(frame)) + PyLong_AsLong(lasti);
+                    frame->instr_ptr = _PyCode_CODE(_PyFrame_GetCode(frame)) + PyLong_AsLong(lasti);
                     assert(!_PyErr_Occurred(tstate));
                 }
                 else {
@@ -2009,7 +2019,8 @@ dummy_func(
             STACK_SHRINK(1);
             new_frame->localsplus[0] = owner;
             SKIP_OVER(INLINE_CACHE_ENTRIES_LOAD_ATTR);
-            frame->return_offset = 0;
+            assert(1 + INLINE_CACHE_ENTRIES_LOAD_ATTR == next_instr - frame->instr_ptr);
+            frame->return_offset = 1 + INLINE_CACHE_ENTRIES_LOAD_ATTR;
             DISPATCH_INLINED(new_frame);
         }
 
@@ -2036,7 +2047,8 @@ dummy_func(
             new_frame->localsplus[0] = owner;
             new_frame->localsplus[1] = Py_NewRef(name);
             SKIP_OVER(INLINE_CACHE_ENTRIES_LOAD_ATTR);
-            frame->return_offset = 0;
+            assert(1 + INLINE_CACHE_ENTRIES_LOAD_ATTR == next_instr - frame->instr_ptr);
+            frame->return_offset = 1 + INLINE_CACHE_ENTRIES_LOAD_ATTR;
             DISPATCH_INLINED(new_frame);
         }
 
@@ -2304,13 +2316,14 @@ dummy_func(
             _PyExecutorObject *executor = (_PyExecutorObject *)code->co_executors->executors[oparg&255];
             int original_oparg = executor->vm_data.oparg | (oparg & 0xfffff00);
             JUMPBY(1-original_oparg);
-            frame->prev_instr = next_instr - 1;
+            frame->instr_ptr = next_instr;
             Py_INCREF(executor);
             frame = executor->execute(executor, frame, stack_pointer);
             if (frame == NULL) {
                 frame = tstate->current_frame;
                 goto resume_with_error;
             }
+            next_instr = frame->instr_ptr;
             goto resume_frame;
         }
 
@@ -2476,7 +2489,7 @@ dummy_func(
         }
 
         inst(INSTRUMENTED_FOR_ITER, ( -- )) {
-            _Py_CODEUNIT *here = next_instr-1;
+            _Py_CODEUNIT *here = frame->instr_ptr;
             _Py_CODEUNIT *target;
             PyObject *iter = TOP();
             PyObject *next = (*Py_TYPE(iter)->tp_iternext)(iter);
@@ -2672,7 +2685,8 @@ dummy_func(
             SKIP_OVER(INLINE_CACHE_ENTRIES_FOR_ITER);
             assert(next_instr[oparg].op.code == END_FOR ||
                    next_instr[oparg].op.code == INSTRUMENTED_END_FOR);
-            frame->return_offset = oparg;
+            assert(1 + INLINE_CACHE_ENTRIES_FOR_ITER == next_instr - frame->instr_ptr);
+            frame->return_offset = 1 + INLINE_CACHE_ENTRIES_FOR_ITER + oparg;
             DISPATCH_INLINED(gen_frame);
         }
 
@@ -2983,7 +2997,8 @@ dummy_func(
                     goto error;
                 }
                 SKIP_OVER(INLINE_CACHE_ENTRIES_CALL);
-                frame->return_offset = 0;
+                assert(1 + INLINE_CACHE_ENTRIES_CALL == next_instr - frame->instr_ptr);
+                frame->return_offset = 1 + INLINE_CACHE_ENTRIES_CALL;
                 DISPATCH_INLINED(new_frame);
             }
             /* Callable is not a normal Python function */
@@ -3070,7 +3085,6 @@ dummy_func(
         op(_PUSH_FRAME, (new_frame: _PyInterpreterFrame* -- unused)) {
             // Write it out explicitly because it's subtly different.
             // Eventually this should be the only occurrence of this code.
-            frame->return_offset = 0;
             assert(tstate->interp->eval_frame == NULL);
             STORE_SP();
             new_frame->previous = frame;
@@ -3078,7 +3092,7 @@ dummy_func(
             frame = tstate->current_frame = new_frame;
             tstate->py_recursion_remaining--;
             LOAD_SP();
-            LOAD_IP();
+            LOAD_IP(0);
 #if LLTRACE && TIER_ONE
             lltrace = maybe_lltrace_resume_frame(frame, &entry_frame, GLOBALS());
             if (lltrace < 0) {
@@ -3095,7 +3109,7 @@ dummy_func(
             _CHECK_FUNCTION_EXACT_ARGS +
             _CHECK_STACK_SPACE +
             _INIT_CALL_PY_EXACT_ARGS +
-            _SAVE_CURRENT_IP +  // Sets frame->prev_instr
+            _SAVE_RETURN_OFFSET +
             _PUSH_FRAME;
 
         macro(CALL_PY_EXACT_ARGS) =
@@ -3104,7 +3118,7 @@ dummy_func(
             _CHECK_FUNCTION_EXACT_ARGS +
             _CHECK_STACK_SPACE +
             _INIT_CALL_PY_EXACT_ARGS +
-            _SAVE_CURRENT_IP +  // Sets frame->prev_instr
+            _SAVE_RETURN_OFFSET +
             _PUSH_FRAME;
 
         inst(CALL_PY_WITH_DEFAULTS, (unused/1, func_version/2, callable, self_or_null, args[oparg] -- unused)) {
@@ -3138,7 +3152,8 @@ dummy_func(
             // Manipulate stack and cache directly since we leave using DISPATCH_INLINED().
             STACK_SHRINK(oparg + 2);
             SKIP_OVER(INLINE_CACHE_ENTRIES_CALL);
-            frame->return_offset = 0;
+            assert(1 + INLINE_CACHE_ENTRIES_CALL == next_instr - frame->instr_ptr);
+            frame->return_offset = 1 + INLINE_CACHE_ENTRIES_CALL;
             DISPATCH_INLINED(new_frame);
         }
 
@@ -3203,7 +3218,7 @@ dummy_func(
             Py_DECREF(tp);
             _PyInterpreterFrame *shim = _PyFrame_PushTrampolineUnchecked(
                 tstate, (PyCodeObject *)&_Py_InitCleanup, 1);
-            assert(_PyCode_CODE((PyCodeObject *)shim->f_executable)[1].op.code == EXIT_INIT_CHECK);
+            assert(_PyCode_CODE((PyCodeObject *)shim->f_executable)[0].op.code == EXIT_INIT_CHECK);
             /* Push self onto stack of shim */
             Py_INCREF(self);
             shim->localsplus[0] = self;
@@ -3215,8 +3230,8 @@ dummy_func(
                 init_frame->localsplus[i+1] = args[i];
             }
             SKIP_OVER(INLINE_CACHE_ENTRIES_CALL);
-            frame->prev_instr = next_instr - 1;
-            frame->return_offset = 0;
+            assert(1 + INLINE_CACHE_ENTRIES_CALL == next_instr - frame->instr_ptr);
+            frame->return_offset = 1 + INLINE_CACHE_ENTRIES_CALL;
             STACK_SHRINK(oparg+2);
             _PyFrame_SetStackPointer(frame, stack_pointer);
             /* Link frames */
@@ -3585,7 +3600,8 @@ dummy_func(
                 if (new_frame == NULL) {
                     goto error;
                 }
-                frame->return_offset = 0;
+                assert(next_instr - frame->instr_ptr == 1);
+                frame->return_offset = 1;
                 DISPATCH_INLINED(new_frame);
             }
             /* Callable is not a normal Python function */
@@ -3681,7 +3697,8 @@ dummy_func(
                     if (new_frame == NULL) {
                         goto error;
                     }
-                    frame->return_offset = 0;
+                    assert(next_instr - frame->instr_ptr == 1);
+                    frame->return_offset = 1;
                     DISPATCH_INLINED(new_frame);
                 }
                 result = PyObject_Call(func, callargs, kwargs);
@@ -3744,6 +3761,7 @@ dummy_func(
             assert(EMPTY());
             _PyFrame_SetStackPointer(frame, stack_pointer);
             _PyInterpreterFrame *gen_frame = (_PyInterpreterFrame *)gen->gi_iframe;
+            frame->instr_ptr = next_instr;
             _PyFrame_Copy(frame, gen_frame);
             assert(frame->frame_obj == NULL);
             gen->gi_frame_state = FRAME_CREATED;
@@ -3754,6 +3772,7 @@ dummy_func(
             _PyThreadState_PopFrame(tstate, frame);
             frame = tstate->current_frame = prev;
             _PyFrame_StackPush(frame, (PyObject *)gen);
+            LOAD_IP(frame->return_offset);
             goto resume_frame;
         }
 
@@ -3836,18 +3855,20 @@ dummy_func(
         }
 
         inst(INSTRUMENTED_JUMP_FORWARD, ( -- )) {
-            INSTRUMENTED_JUMP(next_instr-1, next_instr+oparg, PY_MONITORING_EVENT_JUMP);
+            _Py_CODEUNIT *here = frame->instr_ptr;
+            INSTRUMENTED_JUMP(here, next_instr + oparg, PY_MONITORING_EVENT_JUMP);
         }
 
         inst(INSTRUMENTED_JUMP_BACKWARD, ( -- )) {
+            _Py_CODEUNIT *here = frame->instr_ptr;
             CHECK_EVAL_BREAKER();
-            INSTRUMENTED_JUMP(next_instr-1, next_instr+1-oparg, PY_MONITORING_EVENT_JUMP);
+            INSTRUMENTED_JUMP(here, next_instr + 1 - oparg, PY_MONITORING_EVENT_JUMP);
         }
 
         inst(INSTRUMENTED_POP_JUMP_IF_TRUE, (unused/1 -- )) {
             PyObject *cond = POP();
             assert(PyBool_Check(cond));
-            _Py_CODEUNIT *here = next_instr - 1;
+            _Py_CODEUNIT *here = frame->instr_ptr;
             int flag = Py_IsTrue(cond);
             int offset = flag * oparg;
             #if ENABLE_SPECIALIZATION
@@ -3859,7 +3880,7 @@ dummy_func(
         inst(INSTRUMENTED_POP_JUMP_IF_FALSE, (unused/1 -- )) {
             PyObject *cond = POP();
             assert(PyBool_Check(cond));
-            _Py_CODEUNIT *here = next_instr - 1;
+            _Py_CODEUNIT *here = frame->instr_ptr;
             int flag = Py_IsFalse(cond);
             int offset = flag * oparg;
             #if ENABLE_SPECIALIZATION
@@ -3870,7 +3891,7 @@ dummy_func(
 
         inst(INSTRUMENTED_POP_JUMP_IF_NONE, (unused/1 -- )) {
             PyObject *value = POP();
-            _Py_CODEUNIT *here = next_instr - 1;
+            _Py_CODEUNIT *here = frame->instr_ptr;
             int flag = Py_IsNone(value);
             int offset;
             if (flag) {
@@ -3888,7 +3909,7 @@ dummy_func(
 
         inst(INSTRUMENTED_POP_JUMP_IF_NOT_NONE, (unused/1 -- )) {
             PyObject *value = POP();
-            _Py_CODEUNIT *here = next_instr-1;
+            _Py_CODEUNIT *here = frame->instr_ptr;
             int offset;
             int nflag = Py_IsNone(value);
             if (nflag) {
@@ -3943,16 +3964,20 @@ dummy_func(
 
         op(_SET_IP, (--)) {
             TIER_TWO_ONLY
-            frame->prev_instr = ip_offset + oparg;
+            frame->instr_ptr = ip_offset + oparg;
         }
 
-        op(_SAVE_CURRENT_IP, (--)) {
-            TIER_ONE_ONLY
-            frame->prev_instr = next_instr - 1;
+        op(_SAVE_RETURN_OFFSET, (--)) {
+            #if TIER_ONE
+            frame->return_offset = (uint16_t)(next_instr - frame->instr_ptr);
+            #endif
+            #if TIER_TWO
+            frame->return_offset = oparg;
+            #endif
         }
 
         op(_EXIT_TRACE, (--)) {
-            frame->prev_instr--;  // Back up to just before destination
+            TIER_TWO_ONLY
             _PyFrame_SetStackPointer(frame, stack_pointer);
             Py_DECREF(self);
             OPT_HIST(trace_uop_execution_counter, trace_run_length_hist);
diff --git a/Python/ceval.c b/Python/ceval.c
index ac404252639..61f83871016 100644
--- a/Python/ceval.c
+++ b/Python/ceval.c
@@ -640,7 +640,9 @@ static const _Py_CODEUNIT _Py_INTERPRETER_TRAMPOLINE_INSTRUCTIONS[] = {
     /* Put a NOP at the start, so that the IP points into
     * the code, rather than before it */
     { .op.code = NOP, .op.arg = 0 },
-    { .op.code = INTERPRETER_EXIT, .op.arg = 0 },
+    { .op.code = INTERPRETER_EXIT, .op.arg = 0 },  /* reached on return */
+    { .op.code = NOP, .op.arg = 0 },
+    { .op.code = INTERPRETER_EXIT, .op.arg = 0 },  /* reached on yield */
     { .op.code = RESUME, .op.arg = 0 }
 };
 
@@ -698,7 +700,7 @@ _PyEval_EvalFrameDefault(PyThreadState *tstate, _PyInterpreterFrame *frame, int
     entry_frame.f_builtins = (PyObject*)0xaaa4;
 #endif
     entry_frame.f_executable = Py_None;
-    entry_frame.prev_instr = (_Py_CODEUNIT *)_Py_INTERPRETER_TRAMPOLINE_INSTRUCTIONS;
+    entry_frame.instr_ptr = (_Py_CODEUNIT *)_Py_INTERPRETER_TRAMPOLINE_INSTRUCTIONS + 1;
     entry_frame.stacktop = 0;
     entry_frame.owner = FRAME_OWNED_BY_CSTACK;
     entry_frame.return_offset = 0;
@@ -722,7 +724,7 @@ _PyEval_EvalFrameDefault(PyThreadState *tstate, _PyInterpreterFrame *frame, int
         /* Because this avoids the RESUME,
          * we need to update instrumentation */
         _Py_Instrument(_PyFrame_GetCode(frame), tstate->interp);
-        monitor_throw(tstate, frame, frame->prev_instr);
+        monitor_throw(tstate, frame, frame->instr_ptr);
         /* TO DO -- Monitor throw entry. */
         goto resume_with_error;
     }
@@ -733,19 +735,15 @@ _PyEval_EvalFrameDefault(PyThreadState *tstate, _PyInterpreterFrame *frame, int
     _Py_CODEUNIT *next_instr;
     PyObject **stack_pointer;
 
-/* Sets the above local variables from the frame */
-#define SET_LOCALS_FROM_FRAME() \
-    /* Jump back to the last instruction executed... */ \
-    next_instr = frame->prev_instr + 1; \
-    stack_pointer = _PyFrame_GetStackPointer(frame);
 
 start_frame:
     if (_Py_EnterRecursivePy(tstate)) {
         goto exit_unwind;
     }
 
+    next_instr = frame->instr_ptr;
 resume_frame:
-    SET_LOCALS_FROM_FRAME();
+    stack_pointer = _PyFrame_GetStackPointer(frame);
 
 #ifdef LLTRACE
     lltrace = maybe_lltrace_resume_frame(frame, &entry_frame, GLOBALS());
@@ -774,7 +772,7 @@ _PyEval_EvalFrameDefault(PyThreadState *tstate, _PyInterpreterFrame *frame, int
 #include "generated_cases.c.h"
 
     /* INSTRUMENTED_LINE has to be here, rather than in bytecodes.c,
-     * because it needs to capture frame->prev_instr before it is updated,
+     * because it needs to capture frame->instr_ptr before it is updated,
      * as happens in the standard instruction prologue.
      */
 #if USE_COMPUTED_GOTOS
@@ -783,8 +781,8 @@ _PyEval_EvalFrameDefault(PyThreadState *tstate, _PyInterpreterFrame *frame, int
         case INSTRUMENTED_LINE:
 #endif
     {
-        _Py_CODEUNIT *prev = frame->prev_instr;
-        _Py_CODEUNIT *here = frame->prev_instr = next_instr;
+        _Py_CODEUNIT *prev = frame->instr_ptr;
+        _Py_CODEUNIT *here = frame->instr_ptr = next_instr;
         _PyFrame_SetStackPointer(frame, stack_pointer);
         int original_opcode = _Py_call_instrumentation_line(
                 tstate, frame, here, prev);
@@ -793,7 +791,7 @@ _PyEval_EvalFrameDefault(PyThreadState *tstate, _PyInterpreterFrame *frame, int
             next_instr = here+1;
             goto error;
         }
-        next_instr = frame->prev_instr;
+        next_instr = frame->instr_ptr;
         if (next_instr != here) {
             DISPATCH();
         }
@@ -908,7 +906,8 @@ _PyEval_EvalFrameDefault(PyThreadState *tstate, _PyInterpreterFrame *frame, int
                 Python main loop. */
             PyObject *exc = _PyErr_GetRaisedException(tstate);
             PUSH(exc);
-            JUMPTO(handler);
+            next_instr = _PyCode_CODE(_PyFrame_GetCode(frame)) + handler;
+
             if (monitor_handled(tstate, frame, next_instr, exc) < 0) {
                 goto exception_unwind;
             }
@@ -939,7 +938,8 @@ _PyEval_EvalFrameDefault(PyThreadState *tstate, _PyInterpreterFrame *frame, int
     }
 
 resume_with_error:
-    SET_LOCALS_FROM_FRAME();
+    next_instr = frame->instr_ptr;
+    stack_pointer = _PyFrame_GetStackPointer(frame);
     goto error;
 
 }
diff --git a/Python/ceval_macros.h b/Python/ceval_macros.h
index bd28126b0b7..544e8ef8fa8 100644
--- a/Python/ceval_macros.h
+++ b/Python/ceval_macros.h
@@ -62,13 +62,16 @@
 #ifdef Py_STATS
 #define INSTRUCTION_START(op) \
     do { \
-        frame->prev_instr = next_instr++; \
+        frame->instr_ptr = next_instr++; \
         OPCODE_EXE_INC(op); \
         if (_Py_stats) _Py_stats->opcode_stats[lastopcode].pair_count[op]++; \
         lastopcode = op; \
     } while (0)
 #else
-#define INSTRUCTION_START(op) (frame->prev_instr = next_instr++)
+#define INSTRUCTION_START(op) \
+    do { \
+        frame->instr_ptr = next_instr++; \
+    } while(0)
 #endif
 
 #if USE_COMPUTED_GOTOS
@@ -107,7 +110,6 @@
     do {                                                \
         assert(tstate->interp->eval_frame == NULL);     \
         _PyFrame_SetStackPointer(frame, stack_pointer); \
-        frame->prev_instr = next_instr - 1;             \
         (NEW_FRAME)->previous = frame;                  \
         frame = tstate->current_frame = (NEW_FRAME);     \
         CALL_STAT_INC(inlined_py_calls);                \
@@ -146,7 +148,6 @@ GETITEM(PyObject *v, Py_ssize_t i) {
         opcode = word.op.code; \
         oparg = word.op.arg; \
     } while (0)
-#define JUMPTO(x)       (next_instr = _PyCode_CODE(_PyFrame_GetCode(frame)) + (x))
 
 /* JUMPBY makes the generator identify the instruction as a jump. SKIP_OVER is
  * for advancing to the next instruction, taking into account cache entries
@@ -381,8 +382,9 @@ static inline void _Py_LeaveRecursiveCallPy(PyThreadState *tstate)  {
 
 #if TIER_ONE
 
-#define LOAD_IP() \
-do { next_instr = frame->prev_instr+1; } while (0)
+#define LOAD_IP(OFFSET) do { \
+        next_instr = frame->instr_ptr + (OFFSET); \
+    } while (0)
 
 #define STORE_SP() \
 _PyFrame_SetStackPointer(frame, stack_pointer)
@@ -395,7 +397,7 @@ stack_pointer = _PyFrame_GetStackPointer(frame);
 
 #if TIER_TWO
 
-#define LOAD_IP() \
+#define LOAD_IP(UNUSED) \
 do { ip_offset = (_Py_CODEUNIT *)_PyFrame_GetCode(frame)->co_code_adaptive; } while (0)
 
 #define STORE_SP() \
diff --git a/Python/executor.c b/Python/executor.c
index 1630f018626..bfa7f7e1c3d 100644
--- a/Python/executor.c
+++ b/Python/executor.c
@@ -62,7 +62,7 @@ _PyUopExecute(_PyExecutorObject *executor, _PyInterpreterFrame *frame, PyObject
             PyUnicode_AsUTF8(_PyFrame_GetCode(frame)->co_qualname),
             PyUnicode_AsUTF8(_PyFrame_GetCode(frame)->co_filename),
             _PyFrame_GetCode(frame)->co_firstlineno,
-            2 * (long)(frame->prev_instr + 1 -
+            2 * (long)(frame->instr_ptr -
                    (_Py_CODEUNIT *)_PyFrame_GetCode(frame)->co_code_adaptive));
 
     PyThreadState *tstate = _PyThreadState_GET();
@@ -131,6 +131,7 @@ _PyUopExecute(_PyExecutorObject *executor, _PyInterpreterFrame *frame, PyObject
     // The caller recovers the frame from tstate->current_frame.
     DPRINTF(2, "Error: [Opcode %d, operand %" PRIu64 "]\n", opcode, operand);
     OPT_HIST(trace_uop_execution_counter, trace_run_length_hist);
+    frame->return_offset = 0;  // Don't leave this random
     _PyFrame_SetStackPointer(frame, stack_pointer);
     Py_DECREF(self);
     return NULL;
@@ -140,7 +141,7 @@ _PyUopExecute(_PyExecutorObject *executor, _PyInterpreterFrame *frame, PyObject
     // This presumes nothing was popped from the stack (nor pushed).
     DPRINTF(2, "DEOPT: [Opcode %d, operand %" PRIu64 "]\n", opcode, operand);
     OPT_HIST(trace_uop_execution_counter, trace_run_length_hist);
-    frame->prev_instr--;  // Back up to just before destination
+    frame->return_offset = 0;  // Dispatch to frame->instr_ptr
     _PyFrame_SetStackPointer(frame, stack_pointer);
     Py_DECREF(self);
     return frame;
diff --git a/Python/executor_cases.c.h b/Python/executor_cases.c.h
index 119e77b9369..9f37cd75b47 100644
--- a/Python/executor_cases.c.h
+++ b/Python/executor_cases.c.h
@@ -692,10 +692,9 @@
             _PyInterpreterFrame *dying = frame;
             frame = tstate->current_frame = dying->previous;
             _PyEval_FrameClearAndPop(tstate, dying);
-            frame->prev_instr += frame->return_offset;
             _PyFrame_StackPush(frame, retval);
             LOAD_SP();
-            LOAD_IP();
+            LOAD_IP(frame->return_offset);
 #if LLTRACE && TIER_ONE
             lltrace = maybe_lltrace_resume_frame(frame, &entry_frame, GLOBALS());
             if (lltrace < 0) {
@@ -2587,7 +2586,6 @@
             STACK_SHRINK(1);
             // Write it out explicitly because it's subtly different.
             // Eventually this should be the only occurrence of this code.
-            frame->return_offset = 0;
             assert(tstate->interp->eval_frame == NULL);
             STORE_SP();
             new_frame->previous = frame;
@@ -2595,7 +2593,7 @@
             frame = tstate->current_frame = new_frame;
             tstate->py_recursion_remaining--;
             LOAD_SP();
-            LOAD_IP();
+            LOAD_IP(0);
 #if LLTRACE && TIER_ONE
             lltrace = maybe_lltrace_resume_frame(frame, &entry_frame, GLOBALS());
             if (lltrace < 0) {
@@ -3271,12 +3269,22 @@
 
         case _SET_IP: {
             TIER_TWO_ONLY
-            frame->prev_instr = ip_offset + oparg;
+            frame->instr_ptr = ip_offset + oparg;
+            break;
+        }
+
+        case _SAVE_RETURN_OFFSET: {
+            #if TIER_ONE
+            frame->return_offset = (uint16_t)(next_instr - frame->instr_ptr);
+            #endif
+            #if TIER_TWO
+            frame->return_offset = oparg;
+            #endif
             break;
         }
 
         case _EXIT_TRACE: {
-            frame->prev_instr--;  // Back up to just before destination
+            TIER_TWO_ONLY
             _PyFrame_SetStackPointer(frame, stack_pointer);
             Py_DECREF(self);
             OPT_HIST(trace_uop_execution_counter, trace_run_length_hist);
diff --git a/Python/frame.c b/Python/frame.c
index b483903fdf3..2865b2eab60 100644
--- a/Python/frame.c
+++ b/Python/frame.c
@@ -90,7 +90,7 @@ take_ownership(PyFrameObject *f, _PyInterpreterFrame *frame)
         // This may be a newly-created generator or coroutine frame. Since it's
         // dead anyways, just pretend that the first RESUME ran:
         PyCodeObject *code = _PyFrame_GetCode(frame);
-        frame->prev_instr = _PyCode_CODE(code) + code->_co_firsttraceable;
+        frame->instr_ptr = _PyCode_CODE(code) + code->_co_firsttraceable + 1;
     }
     assert(!_PyFrame_IsIncomplete(frame));
     assert(f->f_back == NULL);
diff --git a/Python/generated_cases.c.h b/Python/generated_cases.c.h
index 506c02a6f74..3ae1a58b739 100644
--- a/Python/generated_cases.c.h
+++ b/Python/generated_cases.c.h
@@ -61,9 +61,9 @@
                         tstate, oparg > 0, frame, next_instr-1);
                 stack_pointer = _PyFrame_GetStackPointer(frame);
                 if (err) goto error;
-                if (frame->prev_instr != next_instr-1) {
+                if (frame->instr_ptr != next_instr-1) {
                     /* Instrumentation has jumped */
-                    next_instr = frame->prev_instr;
+                    next_instr = frame->instr_ptr;
                     DISPATCH();
                 }
             }
@@ -804,7 +804,8 @@
             new_frame->localsplus[0] = container;
             new_frame->localsplus[1] = sub;
             SKIP_OVER(INLINE_CACHE_ENTRIES_BINARY_SUBSCR);
-            frame->return_offset = 0;
+            assert(1 + INLINE_CACHE_ENTRIES_BINARY_SUBSCR == next_instr - frame->instr_ptr);
+            frame->return_offset = 1 + INLINE_CACHE_ENTRIES_BINARY_SUBSCR;
             DISPATCH_INLINED(new_frame);
         }
 
@@ -999,10 +1000,9 @@
             _PyInterpreterFrame *dying = frame;
             frame = tstate->current_frame = dying->previous;
             _PyEval_FrameClearAndPop(tstate, dying);
-            frame->prev_instr += frame->return_offset;
             _PyFrame_StackPush(frame, retval);
             LOAD_SP();
-            LOAD_IP();
+            LOAD_IP(frame->return_offset);
 #if LLTRACE && TIER_ONE
             lltrace = maybe_lltrace_resume_frame(frame, &entry_frame, GLOBALS());
             if (lltrace < 0) {
@@ -1028,8 +1028,8 @@
             _PyInterpreterFrame *dying = frame;
             frame = tstate->current_frame = dying->previous;
             _PyEval_FrameClearAndPop(tstate, dying);
-            frame->prev_instr += frame->return_offset;
             _PyFrame_StackPush(frame, retval);
+            LOAD_IP(frame->return_offset);
             goto resume_frame;
         }
 
@@ -1054,10 +1054,9 @@
                 _PyInterpreterFrame *dying = frame;
                 frame = tstate->current_frame = dying->previous;
                 _PyEval_FrameClearAndPop(tstate, dying);
-                frame->prev_instr += frame->return_offset;
                 _PyFrame_StackPush(frame, retval);
                 LOAD_SP();
-                LOAD_IP();
+                LOAD_IP(frame->return_offset);
     #if LLTRACE && TIER_ONE
                 lltrace = maybe_lltrace_resume_frame(frame, &entry_frame, GLOBALS());
                 if (lltrace < 0) {
@@ -1083,8 +1082,8 @@
             _PyInterpreterFrame *dying = frame;
             frame = tstate->current_frame = dying->previous;
             _PyEval_FrameClearAndPop(tstate, dying);
-            frame->prev_instr += frame->return_offset;
             _PyFrame_StackPush(frame, retval);
+            LOAD_IP(frame->return_offset);
             goto resume_frame;
         }
 
@@ -1239,7 +1238,8 @@
                 gen->gi_exc_state.previous_item = tstate->exc_info;
                 tstate->exc_info = &gen->gi_exc_state;
                 SKIP_OVER(INLINE_CACHE_ENTRIES_SEND);
-                frame->return_offset = oparg;
+                assert(1 + INLINE_CACHE_ENTRIES_SEND == next_instr - frame->instr_ptr);
+                frame->return_offset = (uint16_t)(1 + INLINE_CACHE_ENTRIES_SEND + oparg);
                 DISPATCH_INLINED(gen_frame);
             }
             if (Py_IsNone(v) && PyIter_Check(receiver)) {
@@ -1284,7 +1284,8 @@
             gen->gi_exc_state.previous_item = tstate->exc_info;
             tstate->exc_info = &gen->gi_exc_state;
             SKIP_OVER(INLINE_CACHE_ENTRIES_SEND);
-            frame->return_offset = oparg;
+            assert(1 + INLINE_CACHE_ENTRIES_SEND == next_instr - frame->instr_ptr);
+            frame->return_offset = (uint16_t)(1 + INLINE_CACHE_ENTRIES_SEND + oparg);
             DISPATCH_INLINED(gen_frame);
         }
 
@@ -1293,6 +1294,7 @@
             retval = stack_pointer[-1];
             assert(frame != &entry_frame);
             assert(oparg >= 0); /* make the generator identify this as HAS_ARG */
+            frame->instr_ptr = next_instr;
             PyGenObject *gen = _PyFrame_GetGenerator(frame);
             gen->gi_frame_state = FRAME_SUSPENDED;
             _PyFrame_SetStackPointer(frame, stack_pointer - 1);
@@ -1307,6 +1309,9 @@
             frame = tstate->current_frame = frame->previous;
             gen_frame->previous = NULL;
             _PyFrame_StackPush(frame, retval);
+            /* We don't know which of these is relevant here, so keep them equal */
+            assert(INLINE_CACHE_ENTRIES_SEND == INLINE_CACHE_ENTRIES_FOR_ITER);
+            LOAD_IP(1 + INLINE_CACHE_ENTRIES_SEND);
             goto resume_frame;
         }
 
@@ -1318,6 +1323,7 @@
             // or throw() call.
             assert(oparg >= 0); /* make the generator identify this as HAS_ARG */
             assert(frame != &entry_frame);
+            frame->instr_ptr = next_instr;
             PyGenObject *gen = _PyFrame_GetGenerator(frame);
             gen->gi_frame_state = FRAME_SUSPENDED;
             _PyFrame_SetStackPointer(frame, stack_pointer - 1);
@@ -1328,6 +1334,9 @@
             frame = tstate->current_frame = frame->previous;
             gen_frame->previous = NULL;
             _PyFrame_StackPush(frame, retval);
+            /* We don't know which of these is relevant here, so keep them equal */
+            assert(INLINE_CACHE_ENTRIES_SEND == INLINE_CACHE_ENTRIES_FOR_ITER);
+            LOAD_IP(1 + INLINE_CACHE_ENTRIES_SEND);
             goto resume_frame;
         }
 
@@ -1349,7 +1358,7 @@
             if (oparg) {
                 PyObject *lasti = values[0];
                 if (PyLong_Check(lasti)) {
-                    frame->prev_instr = _PyCode_CODE(_PyFrame_GetCode(frame)) + PyLong_AsLong(lasti);
+                    frame->instr_ptr = _PyCode_CODE(_PyFrame_GetCode(frame)) + PyLong_AsLong(lasti);
                     assert(!_PyErr_Occurred(tstate));
                 }
                 else {
@@ -2578,7 +2587,8 @@
             STACK_SHRINK(1);
             new_frame->localsplus[0] = owner;
             SKIP_OVER(INLINE_CACHE_ENTRIES_LOAD_ATTR);
-            frame->return_offset = 0;
+            assert(1 + INLINE_CACHE_ENTRIES_LOAD_ATTR == next_instr - frame->instr_ptr);
+            frame->return_offset = 1 + INLINE_CACHE_ENTRIES_LOAD_ATTR;
             DISPATCH_INLINED(new_frame);
         }
 
@@ -2610,7 +2620,8 @@
             new_frame->localsplus[0] = owner;
             new_frame->localsplus[1] = Py_NewRef(name);
             SKIP_OVER(INLINE_CACHE_ENTRIES_LOAD_ATTR);
-            frame->return_offset = 0;
+            assert(1 + INLINE_CACHE_ENTRIES_LOAD_ATTR == next_instr - frame->instr_ptr);
+            frame->return_offset = 1 + INLINE_CACHE_ENTRIES_LOAD_ATTR;
             DISPATCH_INLINED(new_frame);
         }
 
@@ -2986,13 +2997,14 @@
             _PyExecutorObject *executor = (_PyExecutorObject *)code->co_executors->executors[oparg&255];
             int original_oparg = executor->vm_data.oparg | (oparg & 0xfffff00);
             JUMPBY(1-original_oparg);
-            frame->prev_instr = next_instr - 1;
+            frame->instr_ptr = next_instr;
             Py_INCREF(executor);
             frame = executor->execute(executor, frame, stack_pointer);
             if (frame == NULL) {
                 frame = tstate->current_frame;
                 goto resume_with_error;
             }
+            next_instr = frame->instr_ptr;
             goto resume_frame;
         }
 
@@ -3259,7 +3271,7 @@
         }
 
         TARGET(INSTRUMENTED_FOR_ITER) {
-            _Py_CODEUNIT *here = next_instr-1;
+            _Py_CODEUNIT *here = frame->instr_ptr;
             _Py_CODEUNIT *target;
             PyObject *iter = TOP();
             PyObject *next = (*Py_TYPE(iter)->tp_iternext)(iter);
@@ -3427,7 +3439,8 @@
             SKIP_OVER(INLINE_CACHE_ENTRIES_FOR_ITER);
             assert(next_instr[oparg].op.code == END_FOR ||
                    next_instr[oparg].op.code == INSTRUMENTED_END_FOR);
-            frame->return_offset = oparg;
+            assert(1 + INLINE_CACHE_ENTRIES_FOR_ITER == next_instr - frame->instr_ptr);
+            frame->return_offset = 1 + INLINE_CACHE_ENTRIES_FOR_ITER + oparg;
             DISPATCH_INLINED(gen_frame);
         }
 
@@ -3815,7 +3828,8 @@
                     goto error;
                 }
                 SKIP_OVER(INLINE_CACHE_ENTRIES_CALL);
-                frame->return_offset = 0;
+                assert(1 + INLINE_CACHE_ENTRIES_CALL == next_instr - frame->instr_ptr);
+                frame->return_offset = 1 + INLINE_CACHE_ENTRIES_CALL;
                 DISPATCH_INLINED(new_frame);
             }
             /* Callable is not a normal Python function */
@@ -3915,11 +3929,15 @@
                     new_frame->localsplus[i] = args[i];
                 }
             }
-            // _SAVE_CURRENT_IP
+            // _SAVE_RETURN_OFFSET
             next_instr += 3;
             {
-                TIER_ONE_ONLY
-                frame->prev_instr = next_instr - 1;
+                #if TIER_ONE
+                frame->return_offset = (uint16_t)(next_instr - frame->instr_ptr);
+                #endif
+                #if TIER_TWO
+                frame->return_offset = oparg;
+                #endif
             }
             // _PUSH_FRAME
             STACK_SHRINK(oparg);
@@ -3927,7 +3945,6 @@
             {
                 // Write it out explicitly because it's subtly different.
                 // Eventually this should be the only occurrence of this code.
-                frame->return_offset = 0;
                 assert(tstate->interp->eval_frame == NULL);
                 STORE_SP();
                 new_frame->previous = frame;
@@ -3935,7 +3952,7 @@
                 frame = tstate->current_frame = new_frame;
                 tstate->py_recursion_remaining--;
                 LOAD_SP();
-                LOAD_IP();
+                LOAD_IP(0);
     #if LLTRACE && TIER_ONE
                 lltrace = maybe_lltrace_resume_frame(frame, &entry_frame, GLOBALS());
                 if (lltrace < 0) {
@@ -3988,11 +4005,15 @@
                     new_frame->localsplus[i] = args[i];
                 }
             }
-            // _SAVE_CURRENT_IP
+            // _SAVE_RETURN_OFFSET
             next_instr += 3;
             {
-                TIER_ONE_ONLY
-                frame->prev_instr = next_instr - 1;
+                #if TIER_ONE
+                frame->return_offset = (uint16_t)(next_instr - frame->instr_ptr);
+                #endif
+                #if TIER_TWO
+                frame->return_offset = oparg;
+                #endif
             }
             // _PUSH_FRAME
             STACK_SHRINK(oparg);
@@ -4000,7 +4021,6 @@
             {
                 // Write it out explicitly because it's subtly different.
                 // Eventually this should be the only occurrence of this code.
-                frame->return_offset = 0;
                 assert(tstate->interp->eval_frame == NULL);
                 STORE_SP();
                 new_frame->previous = frame;
@@ -4008,7 +4028,7 @@
                 frame = tstate->current_frame = new_frame;
                 tstate->py_recursion_remaining--;
                 LOAD_SP();
-                LOAD_IP();
+                LOAD_IP(0);
     #if LLTRACE && TIER_ONE
                 lltrace = maybe_lltrace_resume_frame(frame, &entry_frame, GLOBALS());
                 if (lltrace < 0) {
@@ -4057,7 +4077,8 @@
             // Manipulate stack and cache directly since we leave using DISPATCH_INLINED().
             STACK_SHRINK(oparg + 2);
             SKIP_OVER(INLINE_CACHE_ENTRIES_CALL);
-            frame->return_offset = 0;
+            assert(1 + INLINE_CACHE_ENTRIES_CALL == next_instr - frame->instr_ptr);
+            frame->return_offset = 1 + INLINE_CACHE_ENTRIES_CALL;
             DISPATCH_INLINED(new_frame);
         }
 
@@ -4164,7 +4185,7 @@
             Py_DECREF(tp);
             _PyInterpreterFrame *shim = _PyFrame_PushTrampolineUnchecked(
                 tstate, (PyCodeObject *)&_Py_InitCleanup, 1);
-            assert(_PyCode_CODE((PyCodeObject *)shim->f_executable)[1].op.code == EXIT_INIT_CHECK);
+            assert(_PyCode_CODE((PyCodeObject *)shim->f_executable)[0].op.code == EXIT_INIT_CHECK);
             /* Push self onto stack of shim */
             Py_INCREF(self);
             shim->localsplus[0] = self;
@@ -4176,8 +4197,8 @@
                 init_frame->localsplus[i+1] = args[i];
             }
             SKIP_OVER(INLINE_CACHE_ENTRIES_CALL);
-            frame->prev_instr = next_instr - 1;
-            frame->return_offset = 0;
+            assert(1 + INLINE_CACHE_ENTRIES_CALL == next_instr - frame->instr_ptr);
+            frame->return_offset = 1 + INLINE_CACHE_ENTRIES_CALL;
             STACK_SHRINK(oparg+2);
             _PyFrame_SetStackPointer(frame, stack_pointer);
             /* Link frames */
@@ -4685,7 +4706,8 @@
                 if (new_frame == NULL) {
                     goto error;
                 }
-                frame->return_offset = 0;
+                assert(next_instr - frame->instr_ptr == 1);
+                frame->return_offset = 1;
                 DISPATCH_INLINED(new_frame);
             }
             /* Callable is not a normal Python function */
@@ -4793,7 +4815,8 @@
                     if (new_frame == NULL) {
                         goto error;
                     }
-                    frame->return_offset = 0;
+                    assert(next_instr - frame->instr_ptr == 1);
+                    frame->return_offset = 1;
                     DISPATCH_INLINED(new_frame);
                 }
                 result = PyObject_Call(func, callargs, kwargs);
@@ -4874,6 +4897,7 @@
             assert(EMPTY());
             _PyFrame_SetStackPointer(frame, stack_pointer);
             _PyInterpreterFrame *gen_frame = (_PyInterpreterFrame *)gen->gi_iframe;
+            frame->instr_ptr = next_instr;
             _PyFrame_Copy(frame, gen_frame);
             assert(frame->frame_obj == NULL);
             gen->gi_frame_state = FRAME_CREATED;
@@ -4884,6 +4908,7 @@
             _PyThreadState_PopFrame(tstate, frame);
             frame = tstate->current_frame = prev;
             _PyFrame_StackPush(frame, (PyObject *)gen);
+            LOAD_IP(frame->return_offset);
             goto resume_frame;
         }
 
@@ -5021,20 +5046,22 @@
         }
 
         TARGET(INSTRUMENTED_JUMP_FORWARD) {
-            INSTRUMENTED_JUMP(next_instr-1, next_instr+oparg, PY_MONITORING_EVENT_JUMP);
+            _Py_CODEUNIT *here = frame->instr_ptr;
+            INSTRUMENTED_JUMP(here, next_instr + oparg, PY_MONITORING_EVENT_JUMP);
             DISPATCH();
         }
 
         TARGET(INSTRUMENTED_JUMP_BACKWARD) {
+            _Py_CODEUNIT *here = frame->instr_ptr;
             CHECK_EVAL_BREAKER();
-            INSTRUMENTED_JUMP(next_instr-1, next_instr+1-oparg, PY_MONITORING_EVENT_JUMP);
+            INSTRUMENTED_JUMP(here, next_instr + 1 - oparg, PY_MONITORING_EVENT_JUMP);
             DISPATCH();
         }
 
         TARGET(INSTRUMENTED_POP_JUMP_IF_TRUE) {
             PyObject *cond = POP();
             assert(PyBool_Check(cond));
-            _Py_CODEUNIT *here = next_instr - 1;
+            _Py_CODEUNIT *here = frame->instr_ptr;
             int flag = Py_IsTrue(cond);
             int offset = flag * oparg;
             #if ENABLE_SPECIALIZATION
@@ -5048,7 +5075,7 @@
         TARGET(INSTRUMENTED_POP_JUMP_IF_FALSE) {
             PyObject *cond = POP();
             assert(PyBool_Check(cond));
-            _Py_CODEUNIT *here = next_instr - 1;
+            _Py_CODEUNIT *here = frame->instr_ptr;
             int flag = Py_IsFalse(cond);
             int offset = flag * oparg;
             #if ENABLE_SPECIALIZATION
@@ -5061,7 +5088,7 @@
 
         TARGET(INSTRUMENTED_POP_JUMP_IF_NONE) {
             PyObject *value = POP();
-            _Py_CODEUNIT *here = next_instr - 1;
+            _Py_CODEUNIT *here = frame->instr_ptr;
             int flag = Py_IsNone(value);
             int offset;
             if (flag) {
@@ -5081,7 +5108,7 @@
 
         TARGET(INSTRUMENTED_POP_JUMP_IF_NOT_NONE) {
             PyObject *value = POP();
-            _Py_CODEUNIT *here = next_instr-1;
+            _Py_CODEUNIT *here = frame->instr_ptr;
             int offset;
             int nflag = Py_IsNone(value);
             if (nflag) {
diff --git a/Python/instrumentation.c b/Python/instrumentation.c
index 4bb57a621e3..5fd65d53c50 100644
--- a/Python/instrumentation.c
+++ b/Python/instrumentation.c
@@ -1073,7 +1073,7 @@ _Py_call_instrumentation_jump(
 {
     assert(event == PY_MONITORING_EVENT_JUMP ||
            event == PY_MONITORING_EVENT_BRANCH);
-    assert(frame->prev_instr == instr);
+    assert(frame->instr_ptr == instr);
     PyCodeObject *code = _PyFrame_GetCode(frame);
     int to = (int)(target - _PyCode_CODE(code));
     PyObject *to_obj = PyLong_FromLong(to * (int)sizeof(_Py_CODEUNIT));
@@ -1086,9 +1086,9 @@ _Py_call_instrumentation_jump(
     if (err) {
         return NULL;
     }
-    if (frame->prev_instr != instr) {
+    if (frame->instr_ptr != instr) {
         /* The callback has caused a jump (by setting the line number) */
-        return frame->prev_instr;
+        return frame->instr_ptr;
     }
     return target;
 }
@@ -1138,7 +1138,6 @@ _Py_Instrumentation_GetLine(PyCodeObject *code, int index)
 int
 _Py_call_instrumentation_line(PyThreadState *tstate, _PyInterpreterFrame* frame, _Py_CODEUNIT *instr, _Py_CODEUNIT *prev)
 {
-    assert(frame->prev_instr == instr);
     PyCodeObject *code = _PyFrame_GetCode(frame);
     assert(is_version_up_to_date(code, tstate->interp));
     assert(instrumentation_cross_checks(tstate->interp, code));
@@ -1153,6 +1152,7 @@ _Py_call_instrumentation_line(PyThreadState *tstate, _PyInterpreterFrame* frame,
     int8_t line_delta = line_data->line_delta;
     int line = compute_line(code, i, line_delta);
     assert(line >= 0);
+    assert(prev != NULL);
     int prev_index = (int)(prev - _PyCode_CODE(code));
     int prev_line = _Py_Instrumentation_GetLine(code, prev_index);
     if (prev_line == line) {
diff --git a/Python/optimizer.c b/Python/optimizer.c
index b9aab462a3e..6402287a412 100644
--- a/Python/optimizer.c
+++ b/Python/optimizer.c
@@ -251,7 +251,7 @@ counter_execute(_PyExecutorObject *self, _PyInterpreterFrame *frame, PyObject **
 {
     ((_PyCounterExecutorObject *)self)->optimizer->count++;
     _PyFrame_SetStackPointer(frame, stack_pointer);
-    frame->prev_instr = ((_PyCounterExecutorObject *)self)->next_instr - 1;
+    frame->instr_ptr = ((_PyCounterExecutorObject *)self)->next_instr;
     Py_DECREF(self);
     return frame;
 }
@@ -701,11 +701,9 @@ translate_bytecode_to_trace(
                             case OPARG_BOTTOM:  // Second half of super-instr
                                 oparg = orig_oparg & 0xF;
                                 break;
-                            case OPARG_SET_IP:  // uop=_SET_IP; oparg=next_instr-1
-                                // The number of caches is smuggled in via offset:
-                                assert(offset == _PyOpcode_Caches[_PyOpcode_Deopt[opcode]]);
-                                oparg = INSTR_IP(instr + offset, code);
-                                uop = _SET_IP;
+                            case OPARG_SAVE_RETURN_OFFSET:  // op=_SAVE_RETURN_OFFSET; oparg=return_offset
+                                oparg = offset;
+                                assert(uop == _SAVE_RETURN_OFFSET);
                                 break;
 
                             default:
diff --git a/Python/specialize.c b/Python/specialize.c
index 8e247606657..cd26ff54272 100644
--- a/Python/specialize.c
+++ b/Python/specialize.c
@@ -2524,7 +2524,7 @@ static const PyBytesObject no_location = {
 };
 
 const struct _PyCode_DEF(8) _Py_InitCleanup = {
-    _PyVarObject_HEAD_INIT(&PyCode_Type, 4)
+    _PyVarObject_HEAD_INIT(&PyCode_Type, 3)
     .co_consts = (PyObject *)&_Py_SINGLETON(tuple_empty),
     .co_names = (PyObject *)&_Py_SINGLETON(tuple_empty),
     .co_exceptiontable = (PyObject *)&_Py_SINGLETON(bytes_empty),
@@ -2539,7 +2539,6 @@ const struct _PyCode_DEF(8) _Py_InitCleanup = {
     .co_stacksize = 2,
     .co_framesize = 2 + FRAME_SPECIALS_SIZE,
     .co_code_adaptive = {
-        NOP, 0,
         EXIT_INIT_CHECK, 0,
         RETURN_VALUE, 0,
         RESUME, 0,
diff --git a/Tools/cases_generator/analysis.py b/Tools/cases_generator/analysis.py
index b2fa0205bea..53f715db6f2 100644
--- a/Tools/cases_generator/analysis.py
+++ b/Tools/cases_generator/analysis.py
@@ -372,8 +372,8 @@ def analyze_macro(self, macro: parsing.Macro) -> MacroInstruction:
                 case Instruction() as instr:
                     part, offset = self.analyze_instruction(instr, offset)
                     parts.append(part)
-                    if instr.name != "_SET_IP":
-                        # _SET_IP in a macro is a no-op in Tier 1
+                    if instr.name != "_SAVE_RETURN_OFFSET":
+                        # _SAVE_RETURN_OFFSET's oparg does not transfer
                         flags.add(instr.instr_flags)
                 case _:
                     assert_never(component)
diff --git a/Tools/cases_generator/generate_cases.py b/Tools/cases_generator/generate_cases.py
index 04d617ba9f5..ef96ed3748b 100644
--- a/Tools/cases_generator/generate_cases.py
+++ b/Tools/cases_generator/generate_cases.py
@@ -67,7 +67,7 @@
     "OPARG_CACHE_4": 4,
     "OPARG_TOP": 5,
     "OPARG_BOTTOM": 6,
-    "OPARG_SET_IP": 7,
+    "OPARG_SAVE_RETURN_OFFSET": 7,
 }
 
 INSTR_FMT_PREFIX = "INSTR_FMT_"
@@ -658,7 +658,7 @@ def write_macro_expansions(
         for part in parts:
             if isinstance(part, Component):
                 # All component instructions must be viable uops
-                if not part.instr.is_viable_uop() and part.instr.name != "_SAVE_CURRENT_IP":
+                if not part.instr.is_viable_uop():
                     # This note just reminds us about macros that cannot
                     # be expanded to Tier 2 uops. It is not an error.
                     # It is sometimes emitted for macros that have a
@@ -671,8 +671,8 @@ def write_macro_expansions(
                         )
                     return
                 if not part.active_caches:
-                    if part.instr.name == "_SAVE_CURRENT_IP":
-                        size, offset = OPARG_SIZES["OPARG_SET_IP"], cache_offset - 1
+                    if part.instr.name == "_SAVE_RETURN_OFFSET":
+                        size, offset = OPARG_SIZES["OPARG_SAVE_RETURN_OFFSET"], cache_offset
                     else:
                         size, offset = OPARG_SIZES["OPARG_FULL"], 0
                 else:
diff --git a/Tools/cases_generator/stacking.py b/Tools/cases_generator/stacking.py
index bba2db8b059..69a6c10d619 100644
--- a/Tools/cases_generator/stacking.py
+++ b/Tools/cases_generator/stacking.py
@@ -448,7 +448,7 @@ def write_components(
                 ), f"Expected {mgr.instr.name!r} to be the last uop"
                 assert_no_pokes(managers)
 
-        if mgr.instr.name == "_SAVE_CURRENT_IP":
+        if mgr.instr.name == "_SAVE_RETURN_OFFSET":
             next_instr_is_set = True
             if cache_offset:
                 out.emit(f"next_instr += {cache_offset};")
diff --git a/Tools/gdb/libpython.py b/Tools/gdb/libpython.py
index 78b0c08d25a..5ef55524c11 100755
--- a/Tools/gdb/libpython.py
+++ b/Tools/gdb/libpython.py
@@ -1065,9 +1065,9 @@ def _f_nlocalsplus(self):
 
     def _f_lasti(self):
         codeunit_p = gdb.lookup_type("_Py_CODEUNIT").pointer()
-        prev_instr = self._gdbval["prev_instr"]
+        instr_ptr = self._gdbval["instr_ptr"]
         first_instr = self._f_code().field("co_code_adaptive").cast(codeunit_p)
-        return int(prev_instr - first_instr)
+        return int(instr_ptr - first_instr)
 
     def is_shim(self):
         return self._f_special("owner", int) == FRAME_OWNED_BY_CSTACK