Historical Year Data · 2022
10Y Treasury minus Fed Funds in 2022
10Y Treasury minus Fed Funds opened 2022 at 155 bps and closed at -45 bps, a -129.03% move for the year. The high of 266 bps was reached on May 2, and the low of -89 bps on December 15.
Open
155 bps
2022-01
Close
-45 bps
249 data points
High
266 bps
May 2
Low
-89 bps
Dec 15
Full Year Change
-129.03%
2021 Change
+72.62%
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 155 bps | 171 bps | 179 bps | 155 bps | +10.32% |
| Feb | 173 bps | 175 bps | 197 bps | 170 bps | +1.16% |
| Mar | 164 bps | 199 bps | 215 bps | 164 bps | +21.34% |
| Apr | 206 bps | 256 bps | 260 bps | 206 bps | +24.27% |
| May | 266 bps | 202 bps | 266 bps | 191 bps | -24.06% |
| Jun | 211 bps | 140 bps | 266 bps | 140 bps | -33.65% |
| Jul | 130 bps | 35 bps | 151 bps | 35 bps | -73.08% |
| Aug | 27 bps | 82 bps | 82 bps | 27 bps | +203.70% |
| Sep | 93 bps | 75 bps | 124 bps | 61 bps | -19.35% |
| Oct | 59 bps | 102 bps | 117 bps | 54 bps | +72.88% |
| Nov | 99 bps | -15 bps | 102 bps | -16 bps | -115.15% |
| Dec | -30 bps | -45 bps | -22 bps | -89 bps | -50.00% |
Events During 2022
2022 Fed Rate Hiking Cycle
Stagflation
March–December 2022
The Fed raised rates 425bps in 2022, the fastest hiking cycle since the Volcker era. The 60/40 portfolio posted its worst year since 1937.
2022 UK Mini-Budget & Gilt Crisis
Stagflation
September 23 – October 14, 2022
UK Prime Minister Liz Truss's September 23, 2022 mini-budget triggered a collapse in sterling and gilts. LDI pension strategies faced forced liquidation. The Bank of England intervened to prevent financial instability.
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