5Y Treasury minus Fed Funds in 2012
5Y Treasury minus Fed Funds opened 2012 at 82 bps and closed at 63 bps, a -23.17% move for the year. The high of 107 bps was reached on March 20, and the low of 41 bps on July 25.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 82 bps | 60 bps | 84 bps | 60 bps | -26.83% |
| Feb | 61 bps | 77 bps | 82 bps | 60 bps | +26.23% |
| Mar | 78 bps | 95 bps | 107 bps | 72 bps | +21.79% |
| Apr | 88 bps | 66 bps | 95 bps | 66 bps | -25.00% |
| May | 68 bps | 51 bps | 68 bps | 51 bps | -25.00% |
| Jun | 46 bps | 63 bps | 63 bps | 46 bps | +36.96% |
| Jul | 49 bps | 47 bps | 52 bps | 41 bps | -4.08% |
| Aug | 49 bps | 46 bps | 70 bps | 46 bps | -6.12% |
| Sep | 48 bps | 53 bps | 57 bps | 46 bps | +10.42% |
| Oct | 47 bps | 54 bps | 66 bps | 45 bps | +14.89% |
| Nov | 56 bps | 45 bps | 59 bps | 45 bps | -19.64% |
| Dec | 47 bps | 63 bps | 63 bps | 44 bps | +34.04% |
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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