10Y Treasury minus Fed Funds in 2011
10Y Treasury minus Fed Funds opened 2011 at 317 bps and closed at 185 bps, a -41.64% move for the year. The high of 359 bps was reached on February 8, and the low of 164 bps on September 22.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 317 bps | 325 bps | 332 bps | 315 bps | +2.52% |
| Feb | 330 bps | 326 bps | 359 bps | 326 bps | -1.21% |
| Mar | 326 bps | 337 bps | 343 bps | 308 bps | +3.37% |
| Apr | 335 bps | 323 bps | 350 bps | 323 bps | -3.58% |
| May | 322 bps | 295 bps | 322 bps | 295 bps | -8.39% |
| Jun | 286 bps | 311 bps | 311 bps | 280 bps | +8.74% |
| Jul | 314 bps | 271 bps | 314 bps | 271 bps | -13.69% |
| Aug | 260 bps | 215 bps | 260 bps | 198 bps | -17.31% |
| Sep | 207 bps | 186 bps | 207 bps | 164 bps | -10.14% |
| Oct | 172 bps | 208 bps | 235 bps | 172 bps | +20.93% |
| Nov | 193 bps | 198 bps | 202 bps | 180 bps | +2.59% |
| Dec | 203 bps | 185 bps | 203 bps | 175 bps | -8.87% |
Events During 2011
S&P stripped the United States of its AAA credit rating on August 5, 2011, the first time in history. Markets whipsawed as the debt ceiling fight showed political risk could reprice government creditworthiness.
Greece's debt revelation in October 2009 triggered a multi-year eurozone crisis that threatened the euro's survival. Greece, Ireland, Portugal, Spain, and Italy required emergency support. Mario Draghi's "whatever it takes" in 2012 ended the acute phase.
Related Metrics
Get historical context as markets unfold, regime classification, scenario triggers, and analysis in your inbox.