If a Treasury note has a bid price of $975, the quoted bid price in the Wall Street Journal would be

Question

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Treasury note prices are quoted as a percentage of their face value, with each percentage point equal to $10 for a $1,000 bond. Therefore, a bid price of $975 would be 97.5% of face value. However, the price is typically quoted in 32nds of a point, so 0.5% would be 16/32, or 0.5 points. Therefore, the bid price would be quoted as 97:16 in the Wall Street Journal.

If a Treasury Note Has a Bid Price of $975