Stress testing / Past events
The 2022 rise in interest rates
In 2022 the Federal Reserve raised its target range for the federal funds rate from 0-0.25% to 4.25-4.50%, starting on 16 March. The Swiss National Bank raised its policy rate from -0.75% to 1.0% in three steps from June, and in September ended the negative interest rates it had first announced in December 2014. Over the calendar year the US 2-year Treasury yield rose 368 basis points and the 10-year 236 basis points, while the S&P 500 fell 19.44%. Rising yields push bond prices down, so stocks and bonds fell together.
Written by Antevo · 15 September 2026 · public data and official sources
What markets did01 / What happened
The record,
in order.
02 / What markets did
Observed moves,
with the window stated.
Close-to-close where marked. These are historical observations from public data, not a model and not a forecast.
| Measure | Window | Level | Change | Source |
|---|---|---|---|---|
| US 2-year Treasury yield (constant maturity) | 31 December 2021 → 30 December 2022 | 0.73 → 4.41 | +368 bp | Board of Governors of the Federal Reserve System, H.15 Selected Interest Rates (constant-maturity Treasury yields), via FRED · Calendar 2022. Highest yield of 2022: 4.72% on 2022-11-07. |
| US 10-year Treasury yield (constant maturity) | 31 December 2021 → 30 December 2022 | 1.52 → 3.88 | +236 bp | Board of Governors of the Federal Reserve System, H.15 Selected Interest Rates (constant-maturity Treasury yields), via FRED · Calendar 2022. Highest yield of 2022: 4.25% on 2022-10-24. |
| USD/CHF (H.10), CHF per USD | 30 December 2021 → 30 December 2022 | 0.9146 → 0.9241 | +1.04% | Board of Governors of the Federal Reserve System, H.10 Foreign Exchange Rates (noon buying rates in New York), via FRED · Calendar 2022. Starts 30 Dec 2021 because H.10 has no rate for 31 Dec 2021. Highest rate of 2022: 1.0131 on 2022-11-03. |
| EUR/CHF (ECB reference rate), CHF per EUR | 31 December 2021 → 30 December 2022 | 1.0331 → 0.9847 | −4.68% | ECB euro foreign exchange reference rate (2.15 pm CET), Source: ECB statistics · Calendar 2022. The euro fell below parity against the franc during the year; lowest ECB fixing of 2022: 0.9437 on 2022-09-28. |
| US 2-year Treasury yield (constant maturity) | 31 December 2021 → 12 October 2022 | 0.73 → 4.28 | +355 bp | Board of Governors of the Federal Reserve System, H.15 Selected Interest Rates (constant-maturity Treasury yields), via FRED · 12 Oct 2022 is the S&P 500 closing low of 2022, not the yield peak. |
| US 10-year Treasury yield (constant maturity) | 31 December 2021 → 12 October 2022 | 1.52 → 3.91 | +239 bp | Board of Governors of the Federal Reserve System, H.15 Selected Interest Rates (constant-maturity Treasury yields), via FRED · 12 Oct 2022 is the S&P 500 closing low of 2022, not the yield peak. |
| USD/CHF (H.10), CHF per USD | 30 December 2021 → 12 October 2022 | 0.9146 → 0.998 | +9.12% | Board of Governors of the Federal Reserve System, H.10 Foreign Exchange Rates (noon buying rates in New York), via FRED · Starts 30 Dec 2021 because H.10 has no rate for 31 Dec 2021. |
| EUR/CHF (ECB reference rate), CHF per EUR | 31 December 2021 → 12 October 2022 | 1.0331 → 0.9664 | −6.46% | ECB euro foreign exchange reference rate (2.15 pm CET), Source: ECB statistics |
S&P 500 (price index): -19.44% (4,766.18 to 3,839.50) (31 Dec 2021 close to 30 Dec 2022 close). Source
S&P 500 (price index), to the 2022 closing low: -24.95% (4,766.18 to 3,577.03) (31 Dec 2021 close to 12 Oct 2022 close). Source
03 / The data
Daily series,
from public sources.
US 2-year Treasury yield, constant maturity (%)
US 10-year Treasury yield, constant maturity (%)
USD/CHF, Federal Reserve H.10 (CHF per USD)
For a franc-based investor
The same event,
read in francs.
The dollar rose 9.12% against the franc between 30 December 2021 and the equity low on 12 October 2022, so the S&P 500 price index, down 24.95% in dollars by then, was down roughly 18.1% in francs. By year-end most of that currency gain had gone (USD/CHF +1.04% for the year), leaving the calendar-year fall at roughly 18.6% in francs against 19.44% in dollars. Euro holdings lost 4.68% in franc terms over 2022 on ECB reference rates. (Price index only, before dividends; equity closes and exchange rates are taken at different times of day.)
Sources