1/32 of a point. Most commonly used in regards to Treasury and mortgage bonds, which are quoted in fractions as opposed to decimals. Sometimes also used in Agencies. Why do we insist on using fractions still? That's the U.S. bond market in a nutshell. Its pointless and stupid, but its been that way forever and no one wants to change.
The 10-year was up 3 ticks on the day after core CPI slowed last month.
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