10Y Treasury minus Fed Funds in 2002
10Y Treasury minus Fed Funds opened 2002 at 328 bps and closed at 267 bps, a -18.60% move for the year. The high of 372 bps was reached on March 22, and the low of 178 bps on September 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 328 bps | 322 bps | 357 bps | 312 bps | -1.83% |
| Feb | 325 bps | 305 bps | 328 bps | 305 bps | -6.15% |
| Mar | 320 bps | 365 bps | 372 bps | 320 bps | +14.06% |
| Apr | 356 bps | 329 bps | 362 bps | 328 bps | -7.58% |
| May | 320 bps | 329 bps | 363 bps | 320 bps | +2.81% |
| Jun | 323 bps | 313 bps | 338 bps | 297 bps | -3.10% |
| Jul | 302 bps | 275 bps | 318 bps | 268 bps | -8.94% |
| Aug | 268 bps | 233 bps | 269 bps | 228 bps | -13.06% |
| Sep | 211 bps | 178 bps | 235 bps | 178 bps | -15.64% |
| Oct | 187 bps | 211 bps | 256 bps | 187 bps | +12.83% |
| Nov | 227 bps | 299 bps | 299 bps | 227 bps | +31.72% |
| Dec | 295 bps | 267 bps | 300 bps | 259 bps | -9.49% |
Events During 2002
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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