I'm not a quant practitioner, but a student so this may be a very simple question.
I was of the understanding corporate US bonds were quoted 1/8 increments and US treasuries in 1/32 increments. Such that a quote of 99 1/8 represents 99.125%.
I came across some study notes, from a fairly reputable source that equated a Nominal 3 5/8 bond to a yield of 3.275% (but 5/8 = 0.625) and a TIPS which was quoted as 1 7/8 to a yield of 1.237% (7/8 = .875)
... am I missing something?