Treasury bonds are quoted in percent of par,taken to 32nd of a percentage point.

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Treasury bonds are quoted in percent of par, taken to 32nd of a percentage point. This means that the price of the bond is expressed as a percentage of its face value, and is quoted to the nearest 1/32 of a percent. For example, if a Treasury bond has a face value of $1,000 and is quoted at 98-16, this means that its price is 98 and 16/32 percent of its face value, or $981.25.

Treasury Bonds Are Quoted in Percent of Par,taken to 32nd