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The chart shows USD 0.85. I assume it is per USD 1000 face value T-Bill. What does this USD 0.85 mean?

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0.85% is the yield. you'll need to plug the yield, coupon rate, and time to maturity into a bond price calculator to figure out what you actually pay to get that bond.

The higher the yield, the less you pay for bonds. Yield is a measure of the profit of the bond if it's held to maturity, so a lower price means a higher yield (profit).

As an example, if the bond matures in one year and pays a 1% coupon (0.5% semi-annually), then a yield of 0.85% means that the bond will cost 1,001.49

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  • The chart has, indeed, two versions: yield value, as you described, and USD value, as shown on the chart. 0.85 is USD. Commented Feb 4, 2022 at 16:23
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    What is the source of the chart? It's possible that it's the premium over par for the bond (e.g. you pay either 1000.85 or 1008.50 per bond) but I've never seen them quoted that way.
    – D Stanley
    Commented Feb 4, 2022 at 16:27
  • Here's the yield version of this chart. drive.google.com/file/d/190c7ohSzGyxjWZf1eXLSgvIiKX3wEPQs/… Commented Feb 4, 2022 at 16:31
  • You can see the live chart here. tradingview.com/chart/3kkd5JSb/?symbol=TVC%3AUS01Y Commented Feb 4, 2022 at 16:33
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    Yes but notice how US10 and US10Y move in opposite directions, which is what I would expect when comparing price and yield. I think the US10 is the price you pay per $100 of notional (e.g. $95.030). I suspect the US01 is just broken.
    – D Stanley
    Commented Feb 4, 2022 at 20:03

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