10Y Real Yield (TIPS) in 2015
10Y Real Yield (TIPS) opened 2015 at 0.41% and closed at 0.73%, a +78.05% move for the year. The high of 0.84% was reached on December 16, and the low of -0.02% on April 17.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 0.41% | 0.03% | 0.41% | 0.03% | -92.68% |
| Feb | 0.03% | 0.17% | 0.43% | 0.03% | +466.67% |
| Mar | 0.25% | 0.18% | 0.45% | 0.11% | -28.00% |
| Apr | 0.07% | 0.11% | 0.14% | -0.02% | +57.14% |
| May | 0.18% | 0.32% | 0.42% | 0.18% | +77.78% |
| Jun | 0.39% | 0.48% | 0.63% | 0.39% | +23.08% |
| Jul | 0.54% | 0.46% | 0.58% | 0.39% | -14.81% |
| Aug | 0.46% | 0.58% | 0.65% | 0.46% | +26.09% |
| Sep | 0.60% | 0.65% | 0.73% | 0.58% | +8.33% |
| Oct | 0.59% | 0.63% | 0.67% | 0.50% | +6.78% |
| Nov | 0.65% | 0.62% | 0.78% | 0.62% | -4.62% |
| Dec | 0.58% | 0.73% | 0.84% | 0.58% | +25.86% |
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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