2-Year Note Primary Dealer Share in 2019
2-Year Note Primary Dealer Share opened 2019 at 27.22% and closed at 29.28%, a +7.57% move for the year. The high of 36.57% was reached on February 25, and the low of 21.30% on November 25.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 27.22% | 27.22% | 27.22% | 27.22% | +0.00% |
| Feb | 36.57% | 36.57% | 36.57% | 36.57% | +0.00% |
| Mar | 30.33% | 30.33% | 30.33% | 30.33% | +0.00% |
| Apr | 35.74% | 35.74% | 35.74% | 35.74% | +0.00% |
| May | 23.49% | 23.49% | 23.49% | 23.49% | +0.00% |
| Jun | 25.62% | 25.62% | 25.62% | 25.62% | +0.00% |
| Jul | 30.17% | 30.17% | 30.17% | 30.17% | +0.00% |
| Aug | 28.58% | 28.58% | 28.58% | 28.58% | +0.00% |
| Sep | 24.42% | 24.42% | 24.42% | 24.42% | +0.00% |
| Oct | 28.19% | 28.19% | 28.19% | 28.19% | +0.00% |
| Nov | 21.30% | 21.30% | 21.30% | 21.30% | +0.00% |
| Dec | 29.28% | 29.28% | 29.28% | 29.28% | +0.00% |
Events During 2019
Hong Kong's 2019 protests over an extradition bill and Beijing's 2020 National Security Law reshaped the territory's role as Asia's financial hub. Capital outflows, reduced multinational presence, and regulatory divergence from the West had durable effects on regional finance.
Overnight repo rates spiked from 2% to 10% on September 17, 2019, forcing the Fed to intervene with its first open market operations since 2008. The episode revealed structural strains in US money markets that persisted into 2020.
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