10Y Treasury minus Fed Funds in 2012
10Y Treasury minus Fed Funds opened 2012 at 190 bps and closed at 169 bps, a -11.05% move for the year. The high of 224 bps was reached on March 19, and the low of 128 bps on July 25.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 190 bps | 172 bps | 200 bps | 172 bps | -9.47% |
| Feb | 176 bps | 188 bps | 195 bps | 175 bps | +6.82% |
| Mar | 192 bps | 214 bps | 224 bps | 185 bps | +11.46% |
| Apr | 207 bps | 179 bps | 215 bps | 179 bps | -13.53% |
| May | 182 bps | 143 bps | 182 bps | 143 bps | -21.43% |
| Jun | 131 bps | 158 bps | 158 bps | 131 bps | +20.61% |
| Jul | 143 bps | 138 bps | 148 bps | 128 bps | -3.50% |
| Aug | 142 bps | 144 bps | 170 bps | 137 bps | +1.41% |
| Sep | 145 bps | 156 bps | 172 bps | 144 bps | +7.59% |
| Oct | 149 bps | 154 bps | 171 bps | 148 bps | +3.36% |
| Nov | 158 bps | 146 bps | 162 bps | 142 bps | -7.59% |
| Dec | 147 bps | 169 bps | 169 bps | 143 bps | +14.97% |
Events During 2012
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.
ECB President Mario Draghi's July 26, 2012 speech in London ended the acute eurozone crisis. The commitment, backed by Outright Monetary Transactions, arrested peripheral yield spikes without buying a single bond.
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