Historical Year Data · 2003

10Y Treasury minus Fed Funds in 2003

10Y Treasury minus Fed Funds opened 2003 at 277 bps and closed at 333 bps, a +20.22% move for the year. The high of 364 bps was reached on September 3, and the low of 185 bps on June 16.

Open

277 bps

2003-01

333 bps

250 data points

High

364 bps

Sep 3

Low

185 bps

Jun 16

Full Year Change

+20.22%

2002 Change

-18.60%

Monthly Breakdown

Month	Open	Close	High	Low	Change
Jan	277 bps	267 bps	293 bps	267 bps	-3.61%
Feb	271 bps	238 bps	281 bps	238 bps	-12.18%
Mar	235 bps	245 bps	291 bps	235 bps	+4.26%
Apr	255 bps	258 bps	278 bps	255 bps	+1.18%
May	258 bps	209 bps	270 bps	205 bps	-18.99%
Jun	216 bps	209 bps	250 bps	185 bps	-3.24%
Jul	245 bps	345 bps	345 bps	245 bps	+40.82%
Aug	344 bps	344 bps	361 bps	316 bps	+0.00%
Sep	355 bps	279 bps	364 bps	279 bps	-21.41%
Oct	285 bps	330 bps	343 bps	285 bps	+15.79%
Nov	338 bps	333 bps	350 bps	314 bps	-1.48%
Dec	337 bps	333 bps	343 bps	315 bps	-1.19%

Events During 2003

1990 Japanese Bubble Collapse

Deflation

January 1990 – 2003

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.

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