10Y-3M Yield Spread in 2001
10Y-3M Yield Spread opened 2001 at -95 bps and closed at 333 bps, a +450.53% move for the year. The high of 352 bps was reached on December 17, and the low of -95 bps on January 2.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | -95 bps | 20 bps | 22 bps | -95 bps | +121.05% |
| Feb | 10 bps | 7 bps | 24 bps | -3 bps | -30.00% |
| Mar | 3 bps | 63 bps | 66 bps | 3 bps | +2000.00% |
| Apr | 76 bps | 140 bps | 152 bps | 76 bps | +84.21% |
| May | 138 bps | 180 bps | 191 bps | 138 bps | +30.43% |
| Jun | 172 bps | 177 bps | 178 bps | 165 bps | +2.91% |
| Jul | 170 bps | 153 bps | 179 bps | 153 bps | -10.00% |
| Aug | 158 bps | 148 bps | 168 bps | 136 bps | -6.33% |
| Sep | 155 bps | 220 bps | 253 bps | 152 bps | +41.94% |
| Oct | 218 bps | 225 bps | 246 bps | 218 bps | +3.21% |
| Nov | 218 bps | 300 bps | 311 bps | 218 bps | +37.61% |
| Dec | 297 bps | 333 bps | 352 bps | 296 bps | +12.12% |
Events During 2001
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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