Historical Year Data · 2023
5Y Treasury minus Fed Funds in 2023
5Y Treasury minus Fed Funds opened 2023 at -39 bps and closed at -149 bps, a -282.05% move for the year. The high of -23 bps was reached on March 8, and the low of -179 bps on May 4.
Open
-39 bps
2023-01
Close
-149 bps
250 data points
High
-23 bps
Mar 8
Low
-179 bps
May 4
Full Year Change
-282.05%
2022 Change
-126.36%
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | -39 bps | -70 bps | -39 bps | -90 bps | -79.49% |
| Feb | -85 bps | -39 bps | -39 bps | -109 bps | +54.12% |
| Mar | -31 bps | -123 bps | -23 bps | -144 bps | -296.77% |
| Apr | -131 bps | -132 bps | -112 bps | -147 bps | -0.76% |
| May | -119 bps | -134 bps | -116 bps | -179 bps | -12.61% |
| Jun | -138 bps | -95 bps | -93 bps | -138 bps | +31.16% |
| Jul | -89 bps | -115 bps | -71 bps | -115 bps | -29.21% |
| Aug | -109 bps | -110 bps | -84 bps | -123 bps | -0.92% |
| Sep | -104 bps | -73 bps | -66 bps | -104 bps | +29.81% |
| Oct | -61 bps | -51 bps | -38 bps | -74 bps | +16.39% |
| Nov | -66 bps | -102 bps | -66 bps | -111 bps | -54.55% |
| Dec | -119 bps | -149 bps | -108 bps | -155 bps | -25.21% |
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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