6-Month Bill Auction High Yield in 2015
6-Month Bill Auction High Yield opened 2015 at 0.11% and closed at 0.56%, a +400.89% move for the year. The high of 0.60% was reached on December 14, and the low of 0.07% on February 2.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 0.11% | 0.08% | 0.11% | 0.08% | -32.14% |
| Feb | 0.07% | 0.07% | 0.09% | 0.07% | +0.00% |
| Mar | 0.08% | 0.14% | 0.15% | 0.08% | +80.26% |
| Apr | 0.10% | 0.10% | 0.11% | 0.09% | +0.00% |
| May | 0.07% | 0.09% | 0.09% | 0.07% | +21.13% |
| Jun | 0.07% | 0.11% | 0.11% | 0.07% | +57.75% |
| Jul | 0.09% | 0.15% | 0.15% | 0.09% | +72.09% |
| Aug | 0.17% | 0.28% | 0.28% | 0.17% | +63.69% |
| Sep | 0.28% | 0.11% | 0.28% | 0.11% | -61.79% |
| Oct | 0.07% | 0.16% | 0.16% | 0.07% | +139.39% |
| Nov | 0.28% | 0.42% | 0.42% | 0.28% | +48.42% |
| Dec | 0.55% | 0.56% | 0.60% | 0.53% | +2.94% |
Events During 2015
The PBoC devalued the yuan by 1.9% in a single day on August 11, 2015, the first meaningful devaluation since 1994. Global risk assets convulsed.
Brent crude fell from $115 in June 2014 to $27 in January 2016, a 77% collapse. Shale oversupply and OPEC's refusal to cut production broke the commodity supercycle that had dominated markets since 2003.
The Swiss National Bank abandoned its 1.20 EUR/CHF floor on January 15, 2015. The franc immediately surged 30%, blowing up retail FX brokers and exposing the fragility of exchange rate commitments.
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