10Y Treasury minus Fed Funds in 2001
10Y Treasury minus Fed Funds opened 2001 at -175 bps and closed at 355 bps, a +302.86% move for the year. The high of 361 bps was reached on December 28, and the low of -175 bps on January 2.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | -175 bps | -55 bps | -55 bps | -175 bps | +68.57% |
| Feb | -47 bps | -67 bps | -26 bps | -67 bps | -42.55% |
| Mar | -72 bps | -36 bps | -4 bps | -72 bps | +50.00% |
| Apr | -32 bps | 68 bps | 91 bps | -32 bps | +312.50% |
| May | 69 bps | 119 bps | 158 bps | 69 bps | +72.46% |
| Jun | 125 bps | 147 bps | 158 bps | 116 bps | +17.60% |
| Jul | 126 bps | 125 bps | 181 bps | 125 bps | -0.79% |
| Aug | 132 bps | 119 bps | 151 bps | 117 bps | -9.85% |
| Sep | 132 bps | 185 bps | 350 bps | 132 bps | +40.15% |
| Oct | 153 bps | 164 bps | 229 bps | 153 bps | +7.19% |
| Nov | 163 bps | 272 bps | 316 bps | 163 bps | +66.87% |
| Dec | 270 bps | 355 bps | 361 bps | 270 bps | +31.48% |
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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