It stands for yield value for a 32nd;; a measure of dollar price volatility of a Treasury security that calculates the Treasury security’s yield in response to a price increase or decrease of one tick (i.e., 32nd or 1/32). In other words, it tells us how much the yield to maturity of a bond varies given a price change of one thirty-second of one point. This measure is figured out by calculating the security’s yield if the price is increased or decreased by a 32nd. Then, we calculate the difference between the initial yield (before the change) and the new yield (after the change). The smaller this yield, the greater the dollar price volatility of a given security, and vice versa.

This measure is also known as YV1/32.