March 2014

The zero curve on each of 21 trading days this month.

0%1%2%3%4%Mar 3, 2014Mar 31, 2014Mar 3, 20142Y zero rate0.330%10Y zero rate2.738%30Y zero rate3.800%Mar 4, 20142Y zero rate0.356%10Y zero rate2.835%30Y zero rate3.892%Mar 5, 20142Y zero rate0.356%10Y zero rate2.834%30Y zero rate3.896%Mar 6, 20142Y zero rate0.371%10Y zero rate2.877%30Y zero rate3.942%Mar 7, 20142Y zero rate0.409%10Y zero rate2.934%30Y zero rate3.975%Mar 10, 20142Y zero rate0.409%10Y zero rate2.927%30Y zero rate3.983%Mar 11, 20142Y zero rate0.405%10Y zero rate2.906%30Y zero rate3.961%Mar 12, 20142Y zero rate0.394%10Y zero rate2.858%30Y zero rate3.911%Mar 13, 20142Y zero rate0.372%10Y zero rate2.789%30Y zero rate3.840%Mar 14, 20142Y zero rate0.377%10Y zero rate2.788%30Y zero rate3.825%Mar 17, 20142Y zero rate0.397%10Y zero rate2.832%30Y zero rate3.867%Mar 18, 20142Y zero rate0.386%10Y zero rate2.811%30Y zero rate3.860%Mar 19, 20142Y zero rate0.502%10Y zero rate2.921%30Y zero rate3.870%Mar 20, 20142Y zero rate0.482%10Y zero rate2.926%30Y zero rate3.881%Mar 21, 20142Y zero rate0.482%10Y zero rate2.888%30Y zero rate3.848%Mar 24, 20142Y zero rate0.506%10Y zero rate2.872%30Y zero rate3.807%Mar 25, 20142Y zero rate0.491%10Y zero rate2.887%30Y zero rate3.821%Mar 26, 20142Y zero rate0.461%10Y zero rate2.844%30Y zero rate3.795%Mar 27, 20142Y zero rate0.465%10Y zero rate2.816%30Y zero rate3.762%Mar 28, 20142Y zero rate0.483%10Y zero rate2.862%30Y zero rate3.784%Mar 31, 20142Y zero rate0.456%10Y zero rate2.876%30Y zero rate3.803%
2Y zero rate10Y zero rate30Y zero rate
Zero rate first, last, low and high for each charted tenor across March 2014.
TenorFirstLastChangeLowHigh
2Y0.330%0.456%+12.6 bp0.330%Mar 3, 20140.506%Mar 24, 2014
10Y2.738%2.876%+13.8 bp2.738%Mar 3, 20142.934%Mar 7, 2014
30Y3.800%3.803%+0.3 bp3.762%Mar 27, 20143.983%Mar 10, 2014

Rates are percent; the change column is basis points. A rise in yield is a fall in price, so the colours here describe the rate rather than a bondholder's return.

Every trading day

Zero rate at 2, 10 and 30 years for every fitted trading day in March 2014.
Date2 year10 year30 year
Mar 3, 20140.330%2.738%3.800%
Mar 4, 20140.356%2.835%3.892%
Mar 5, 20140.356%2.834%3.896%
Mar 6, 20140.371%2.877%3.942%
Mar 7, 20140.409%2.934%3.975%
Mar 10, 20140.409%2.927%3.983%
Mar 11, 20140.405%2.906%3.961%
Mar 12, 20140.394%2.858%3.911%
Mar 13, 20140.372%2.789%3.840%
Mar 14, 20140.377%2.788%3.825%
Mar 17, 20140.397%2.832%3.867%
Mar 18, 20140.386%2.811%3.860%
Mar 19, 20140.502%2.921%3.870%
Mar 20, 20140.482%2.926%3.881%
Mar 21, 20140.482%2.888%3.848%
Mar 24, 20140.506%2.872%3.807%
Mar 25, 20140.491%2.887%3.821%
Mar 26, 20140.461%2.844%3.795%
Mar 27, 20140.465%2.816%3.762%
Mar 28, 20140.483%2.862%3.784%
Mar 31, 20140.456%2.876%3.803%

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

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Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.