Historical Year Data · 2023
10Y Treasury minus Fed Funds in 2023
10Y Treasury minus Fed Funds opened 2023 at -54 bps and closed at -145 bps, a -168.52% move for the year. The high of -35 bps was reached on October 19, and the low of -171 bps on May 4.
Open
-54 bps
2023-01
Close
-145 bps
250 data points
High
-35 bps
Oct 19
Low
-171 bps
May 4
Full Year Change
-168.52%
2022 Change
-129.03%
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | -54 bps | -81 bps | -54 bps | -96 bps | -50.00% |
| Feb | -94 bps | -65 bps | -63 bps | -118 bps | +30.85% |
| Mar | -57 bps | -135 bps | -49 bps | -145 bps | -136.84% |
| Apr | -140 bps | -139 bps | -123 bps | -153 bps | +0.71% |
| May | -124 bps | -144 bps | -124 bps | -171 bps | -16.13% |
| Jun | -147 bps | -127 bps | -122 bps | -147 bps | +13.61% |
| Jul | -122 bps | -136 bps | -102 bps | -137 bps | -11.48% |
| Aug | -128 bps | -124 bps | -99 bps | -133 bps | +3.13% |
| Sep | -115 bps | -74 bps | -72 bps | -115 bps | +35.65% |
| Oct | -64 bps | -45 bps | -35 bps | -75 bps | +29.69% |
| Nov | -56 bps | -96 bps | -56 bps | -106 bps | -71.43% |
| Dec | -111 bps | -145 bps | -105 bps | -154 bps | -30.63% |
Events During 2023
2023 Silicon Valley Bank Collapse
Mixed
March 2023
Silicon Valley Bank collapsed on March 10, 2023, the second-largest bank failure in US history. The Fed's response redefined liquidity backstops for the banking system.
2023 Credit Suisse Forced Merger
Mixed
March 15-19, 2023
Credit Suisse was forced into an emergency acquisition by UBS over the weekend of March 18-19, 2023. The deal wiped out AT1 bondholders while preserving some equity, reshaping bank capital structure risk assessment globally.
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