The CBOT Treasury Futures Complex
®
Points - 32nds of pt
Points - 32nds of pt
128
128
126
126
June 2004 — Federal
Reserve starts to raise
its federal funds target
from the 4-decade low
of 1.00% that held since
May 2003.
124
124
122
122
120
118
116
Weekly Nearest Futures
As of April 29, 2005
114
——— 30-Year Treasury Bond
112
——— 10-Year Treasury Note
110
108
———
5-Year Treasury Note
———
2-Year Treasury Note
Vice President Gore's
tie-breaker vote passes
Clinton budget in U.S.
Senate.
May 1, 1992 — CBOT
launches 2-year T-note
options.
Prior to the March 2000 contract, prices are
theoretical based on a 6% coupon.
Fed cuts Discount rate
to 4.5%.
104
98
96
Yields on 10-year
T-notes drop below 8%
for the first time in 8
years.
92
90
88
84
August 22, 1977 —
CBOT launches 30-year
T-bond futures.
74
Prime rate hits 13%.
72
November 2, 1995 —
CBOT launches
overnight trading
session.
DJIA climbs over 3,000
for first time.
Discount rate cut to
6.5%. Prime rate falls to
8.5%.
Mini stock
market crash.
May 3, 1982 — CBOT
launches 10-year T-note
futures.
Market reacts to 9
consecutive moderate
economic reports,
concluding the Fed has
created a "soft landing."
Dollar hits 39 year low
against the Japanese
Yen (137.25 yen/$).
Federal Reserve
announces policy of
targeting monetary
reserves instead of
interest rates.
Mid-term elections
change U.S. political
landscape:
Republicans hold the
majority in Congress &
state governorships for
the first time in over 40
years.
Bill Clinton is re-elected
President.
October 2004 — Crude
oil prices break out
above $50 for the first
time to post record
highs.
98
96
94
92
90
88
86
84
82
80
78
76
74
72
Total Weekly
Complex Volume
15000000
13000000
DJIA fall 508 points —
largest percentage drop
in history.
Fed raises the discount
rate to 14%.
PPI declines .6%.
March 2001 — U.S.
8-month-long recession
begins.
October 2001 — Federal
Reserve starts cutting
federal funds target
from 6.5% due to stock
market correction and
impending recession.
100
George W. Bush
re-elected President.
14000000
T-bond futures become
industry's volume
leader.
56
Dow rally off Bi-partisan
effort by Congress and
White House on budget
reform causes euphoria
in financial instruments.
September 11, 2001 —
Terrorist attacks
launched on United
States.
George W. Bush elected
President
102
July 2003 — 10-year
T-note yield hits
4-decade low of 3.46%.
16000000
George Bush elected
President.
Fed Chairman Paul
Volker warns of
recession.
58
12000000
11000000
President Reagan
announces tax reform.
54
52
104
17000000
Iraq invades Kuwait.
64
60
106
September 1998 —
LTCM collapses.
Fed funds drop to
3.75%.
70
66
108
February 18, 1997 —
CBOT opens the world's
largest trading facility.
May 20, 1988 — CBOT
launches 5-year T-note
futures.
Prime rate rises from
13.75% to 19%.
68
110
August 24, 1999 — Fed
begins tightening cycle.
August 1998 — Russia
declares a debt
moratorium.
Bill Clinton elected
President.
76
112
Paul Volker retires and
Alan Greenspan is
appointed Fed
Chairman.
Unemployment hits
10.8%—highest in 40
years.
78
62
DJIA trades above
5,000.
May 1, 1985 — CBOT
launches 10-year T-note
options.
OPEC raises world oil
prices.
114
January 3, 2001 — Fed
begins easing cycle.
March 29, 1999 — Dow
Industrials close over
10,000.
T-bond futures hit
record highs in trading
volume and open
interest.
82
80
DJIA trades above
8,000.
April 30, 1987 — CBOT
launches evening
trading session.
94
116
SAMPLE
Fed cuts Discount rate
to 5.5%.
118
March 9, 2000 —
NASDAQ closes over
5,000.
Fed raises Discount
rate to 5.25% off
Greenspans preemptive
inflation move.
DJIA trades above
4,000.
DJIA falls below 8,000.
October 22, 1994 —
CBOT launches
afternoon trading
session.
June 22, 1990 — CBOT
launches 2-year T-note
futures.
100
Fed tightens funds rate
to 3.25% as new
tightening cycle begins.
Crude prices fall $4 a
barrel in 2 months.
May 24, 1990 — CBOT
launches 5-year T-note
options.
102
December 5, 1996 —
Chairman Greenspan
refers to irrational
exuberance in asset
pricing.
Fed cuts Discount rate
to 3.0%.
106
86
120
August 22, 1997 —
CBOT T-bond futures
celebrate 20 years of
trading.
10000000
Gold hits $875 per
ounce.
9000000
Mexican debt crises
causes Fed to ease.
50
8000000
48
Prime rate hits 21.5%.
46
October 1, 1982 —
CBOT launches 30-year
T-bond options.
7000000
Banks raise Prime rate
to 13%.
6000000
Ronald Reagan elected
President.
44
5000000
President Reagan
announces deficit
spending plan.
42
4000000
40
3000000
38
2000000
36
1000000
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Chicago Board of Trade
Market Data Products and Information
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Email: [email protected]
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© 2005, Board of Trade of the City of Chicago The information in this publication is taken
from sources believed to be reliable, but is not guaranteed by the Chicago Board of Trade
as to its accuracy or completeness, nor any trading result, and is intended for purposes of
information and education only, and does not constitute trading advice or constitute a
solicitation of the purchase or sale of any futures or options. The Rules and Regulations of
the Chicago Board of Trade should be consulted as the authoritative source on all current
contract specifications and regulations.
EM35-5 4.05.2000
Prepared by Commodity Research Bureau www.crbtrader.com