5Y Treasury minus Fed Funds in 2001
5Y Treasury minus Fed Funds opened 2001 at -191 bps and closed at 286 bps, a +249.74% move for the year. The high of 292 bps was reached on December 28, and the low of -191 bps on January 2.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | -191 bps | -89 bps | -89 bps | -191 bps | +53.40% |
| Feb | -79 bps | -89 bps | -51 bps | -89 bps | -12.66% |
| Mar | -92 bps | -67 bps | -31 bps | -97 bps | +27.17% |
| Apr | -64 bps | 30 bps | 50 bps | -64 bps | +146.87% |
| May | 33 bps | 70 bps | 110 bps | 22 bps | +112.12% |
| Jun | 80 bps | 102 bps | 114 bps | 65 bps | +27.50% |
| Jul | 77 bps | 75 bps | 130 bps | 75 bps | -2.60% |
| Aug | 83 bps | 80 bps | 104 bps | 78 bps | -3.61% |
| Sep | 96 bps | 118 bps | 276 bps | 69 bps | +22.92% |
| Oct | 88 bps | 100 bps | 162 bps | 88 bps | +13.64% |
| Nov | 105 bps | 202 bps | 252 bps | 105 bps | +92.38% |
| Dec | 199 bps | 286 bps | 292 bps | 199 bps | +43.72% |
Events During 2001
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.
Eleven European Union members locked exchange rates on January 1, 1999, creating the euro as a virtual currency. Physical notes and coins circulated from January 1, 2002. The euro became the largest monetary experiment since Bretton Woods.
The Nasdaq Composite peaked at 5,048 on March 10, 2000 and fell 78% over 31 months. Internet companies went bankrupt en masse. The crash reshaped venture capital, corporate governance, and accounting standards.
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