Bonds now trade at a bid and an ask

What changed

• •Two prices, not one. Selling settles at the market's bid, buying at its ask. The gap is the dealer's cut: one percent each way on government paper, two on corporate.
• •A wary market pays less. When the market is short of cash, or a government's debt looks shaky, both prices slide down. Strong issuers earn a small premium.
• •You can see the depth. The bond page shows the bid, the ask, and how many units the market can buy at once. The trade window caps a sale at that number and tells you why.
• •The market grows with the economy. Each currency's bond market sizes itself to broad money, takes in savings when it runs low, and returns cash when it has more than it needs.