Historical Year Data · 1994
10Y-3M Yield Spread in 1994
10Y-3M Yield Spread opened 1994 at 276 bps and closed at 216 bps, a -21.74% move for the year. The high of 334 bps was reached on April 4, and the low of 179 bps on December 6.
Open
276 bps
1994-01
Close
216 bps
249 data points
High
334 bps
Apr 4
Low
179 bps
Dec 6
Full Year Change
-21.74%
1993 Change
-19.06%
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 276 bps | 265 bps | 279 bps | 258 bps | -3.99% |
| Feb | 267 bps | 268 bps | 278 bps | 254 bps | +0.37% |
| Mar | 270 bps | 321 bps | 321 bps | 270 bps | +18.89% |
| Apr | 334 bps | 309 bps | 334 bps | 289 bps | -7.49% |
| May | 299 bps | 286 bps | 312 bps | 272 bps | -4.35% |
| Jun | 284 bps | 308 bps | 308 bps | 266 bps | +8.45% |
| Jul | 302 bps | 273 bps | 302 bps | 273 bps | -9.60% |
| Aug | 268 bps | 251 bps | 290 bps | 245 bps | -6.34% |
| Sep | 252 bps | 282 bps | 294 bps | 252 bps | +11.90% |
| Oct | 261 bps | 261 bps | 276 bps | 257 bps | +0.00% |
| Nov | 269 bps | 219 bps | 273 bps | 219 bps | -18.59% |
| Dec | 221 bps | 216 bps | 224 bps | 179 bps | -2.26% |
Events During 1994
1990 Japanese Bubble Collapse
Deflation
January 1990 – 2003
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.
1994 Bond Market Massacre
Reflation
February – November 1994
The Fed's surprise 25bp hike on February 4, 1994 triggered one of the worst bond market selloffs in history. 10Y yields rose 240bps in nine months. Orange County, Mexico, and Kidder Peabody were casualties.
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