Cleveland Fed CPI Nowcast (MoM) in 2015
Cleveland Fed CPI Nowcast (MoM) opened 2015 at -2.91% and closed at 0.38%, a +112.97% move for the year. The high of 2.93% was reached on April 1, and the low of -2.91% on January 1.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | -2.91% | -2.91% | -2.91% | -2.91% | +0.00% |
| Apr | 2.93% | 2.93% | 2.93% | 2.93% | +0.00% |
| Jul | 1.50% | 1.50% | 1.50% | 1.50% | +0.00% |
| Oct | 0.38% | 0.38% | 0.38% | 0.38% | +0.00% |
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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