10Y Treasury minus Fed Funds in 2000
10Y Treasury minus Fed Funds opened 2000 at 115 bps and closed at -29 bps, a -125.22% move for the year. The high of 143 bps was reached on January 21, and the low of -154 bps on December 26.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 115 bps | 81 bps | 143 bps | 81 bps | -29.57% |
| Feb | 83 bps | 57 bps | 96 bps | 55 bps | -31.33% |
| Mar | 61 bps | -14 bps | 71 bps | -14 bps | -122.95% |
| Apr | -15 bps | 17 bps | 23 bps | -25 bps | +213.33% |
| May | 12 bps | -54 bps | 61 bps | -54 bps | -550.00% |
| Jun | -45 bps | -83 bps | -29 bps | -83 bps | -84.44% |
| Jul | -103 bps | -60 bps | -29 bps | -103 bps | +41.75% |
| Aug | -51 bps | -92 bps | -44 bps | -92 bps | -80.39% |
| Sep | -84 bps | -80 bps | -54 bps | -92 bps | +4.76% |
| Oct | -85 bps | -82 bps | -59 bps | -94 bps | +3.53% |
| Nov | -87 bps | -114 bps | -61 bps | -114 bps | -31.03% |
| Dec | -108 bps | -29 bps | -29 bps | -154 bps | +73.15% |
Events During 2000
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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