Historical Year Data · 2022
10Y-3M Yield Spread in 2022
10Y-3M Yield Spread opened 2022 at 155 bps and closed at -54 bps, a -134.84% move for the year. The high of 227 bps was reached on May 6, and the low of -90 bps on December 15.
Open
155 bps
2022-01
Close
-54 bps
249 data points
High
227 bps
May 6
Low
-90 bps
Dec 15
Full Year Change
-134.84%
2021 Change
+73.81%
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 155 bps | 157 bps | 171 bps | 155 bps | +1.29% |
| Feb | 162 bps | 148 bps | 171 bps | 148 bps | -8.64% |
| Mar | 140 bps | 180 bps | 193 bps | 140 bps | +28.57% |
| Apr | 186 bps | 204 bps | 212 bps | 176 bps | +9.68% |
| May | 209 bps | 169 bps | 227 bps | 166 bps | -19.14% |
| Jun | 179 bps | 126 bps | 179 bps | 126 bps | -29.61% |
| Jul | 115 bps | 26 bps | 115 bps | 19 bps | -77.39% |
| Aug | 4 bps | 19 bps | 29 bps | 4 bps | +375.00% |
| Sep | 29 bps | 50 bps | 62 bps | 12 bps | +72.41% |
| Oct | 21 bps | -12 bps | 44 bps | -17 bps | -157.14% |
| Nov | -16 bps | -69 bps | -4 bps | -73 bps | -331.25% |
| Dec | -80 bps | -54 bps | -54 bps | -90 bps | +32.50% |
Events During 2022
2022 Fed Rate Hiking Cycle
Stagflation
March–December 2022
The Fed raised rates 425bps in 2022, the fastest hiking cycle since the Volcker era. The 60/40 portfolio posted its worst year since 1937.
2022 UK Mini-Budget & Gilt Crisis
Stagflation
September 23 – October 14, 2022
UK Prime Minister Liz Truss's September 23, 2022 mini-budget triggered a collapse in sterling and gilts. LDI pension strategies faced forced liquidation. The Bank of England intervened to prevent financial instability.
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