5Y Treasury minus Fed Funds in 2002
5Y Treasury minus Fed Funds opened 2002 at 260 bps and closed at 162 bps, a -37.69% move for the year. The high of 322 bps was reached on March 22, and the low of 78 bps on September 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 260 bps | 257 bps | 289 bps | 237 bps | -1.15% |
| Feb | 260 bps | 244 bps | 265 bps | 244 bps | -6.15% |
| Mar | 265 bps | 314 bps | 322 bps | 265 bps | +18.49% |
| Apr | 305 bps | 271 bps | 310 bps | 270 bps | -11.15% |
| May | 261 bps | 258 bps | 295 bps | 256 bps | -1.15% |
| Jun | 253 bps | 236 bps | 265 bps | 221 bps | -6.72% |
| Jul | 225 bps | 177 bps | 241 bps | 176 bps | -21.33% |
| Aug | 167 bps | 141 bps | 171 bps | 141 bps | -15.57% |
| Sep | 117 bps | 78 bps | 143 bps | 78 bps | -33.33% |
| Oct | 90 bps | 99 bps | 158 bps | 90 bps | +10.00% |
| Nov | 118 bps | 205 bps | 207 bps | 118 bps | +73.73% |
| Dec | 204 bps | 162 bps | 209 bps | 153 bps | -20.59% |
Events During 2002
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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