10Y-2Y Yield Spread in 2002
10Y-2Y Yield Spread opened 2002 at 198 bps and closed at 222 bps, a +12.12% move for the year. The high of 237 bps was reached on August 7, and the low of 163 bps on March 22.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 198 bps | 191 bps | 216 bps | 191 bps | -3.54% |
| Feb | 194 bps | 182 bps | 196 bps | 175 bps | -6.19% |
| Mar | 180 bps | 170 bps | 186 bps | 163 bps | -5.56% |
| Apr | 170 bps | 187 bps | 187 bps | 170 bps | +10.00% |
| May | 187 bps | 186 bps | 196 bps | 186 bps | -0.53% |
| Jun | 187 bps | 196 bps | 199 bps | 187 bps | +4.81% |
| Jul | 197 bps | 228 bps | 228 bps | 197 bps | +15.74% |
| Aug | 232 bps | 200 bps | 237 bps | 194 bps | -13.79% |
| Sep | 197 bps | 191 bps | 197 bps | 176 bps | -3.05% |
| Oct | 192 bps | 225 bps | 225 bps | 185 bps | +17.19% |
| Nov | 225 bps | 214 bps | 228 bps | 198 bps | -4.89% |
| Dec | 215 bps | 222 bps | 225 bps | 215 bps | +3.26% |
Events During 2002
The Nikkei 225 peaked at 38,957 on December 29, 1989, then fell 82% over 13 years. Japan entered its "lost decades" of deflation, zero rates, and structural stagnation that still shapes global markets today.
Eleven European Union members locked exchange rates on January 1, 1999, creating the euro as a virtual currency. Physical notes and coins circulated from January 1, 2002. The euro became the largest monetary experiment since Bretton Woods.
The Nasdaq Composite peaked at 5,048 on March 10, 2000 and fell 78% over 31 months. Internet companies went bankrupt en masse. The crash reshaped venture capital, corporate governance, and accounting standards.
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