10Y-3M Yield Spread in 2012
10Y-3M Yield Spread opened 2012 at 195 bps and closed at 173 bps, a -11.28% move for the year. The high of 229 bps was reached on March 19, and the low of 133 bps on July 25.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 195 bps | 177 bps | 205 bps | 177 bps | -9.23% |
| Feb | 181 bps | 190 bps | 197 bps | 178 bps | +4.97% |
| Mar | 195 bps | 216 bps | 229 bps | 188 bps | +10.77% |
| Apr | 214 bps | 185 bps | 222 bps | 185 bps | -13.55% |
| May | 189 bps | 152 bps | 189 bps | 152 bps | -19.58% |
| Jun | 140 bps | 158 bps | 160 bps | 140 bps | +12.86% |
| Jul | 151 bps | 140 bps | 156 bps | 133 bps | -7.28% |
| Aug | 146 bps | 148 bps | 174 bps | 142 bps | +1.37% |
| Sep | 149 bps | 155 bps | 177 bps | 149 bps | +4.03% |
| Oct | 155 bps | 161 bps | 176 bps | 155 bps | +3.87% |
| Nov | 166 bps | 154 bps | 168 bps | 148 bps | -7.23% |
| Dec | 153 bps | 173 bps | 178 bps | 149 bps | +13.07% |
Events During 2012
Greece's debt revelation in October 2009 triggered a multi-year eurozone crisis that threatened the euro's survival. Greece, Ireland, Portugal, Spain, and Italy required emergency support. Mario Draghi's "whatever it takes" in 2012 ended the acute phase.
ECB President Mario Draghi's July 26, 2012 speech in London ended the acute eurozone crisis. The commitment, backed by Outright Monetary Transactions, arrested peripheral yield spikes without buying a single bond.
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