20Y Real Yield (TIPS) in 2015
20Y Real Yield (TIPS) opened 2015 at 0.61% and closed at 1.07%, a +75.41% move for the year. The high of 1.20% was reached on December 16, and the low of 0.30% on January 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 0.61% | 0.30% | 0.61% | 0.30% | -50.82% |
| Feb | 0.31% | 0.44% | 0.68% | 0.31% | +41.94% |
| Mar | 0.55% | 0.49% | 0.71% | 0.30% | -10.91% |
| Apr | 0.39% | 0.48% | 0.52% | 0.32% | +23.08% |
| May | 0.54% | 0.70% | 0.81% | 0.54% | +29.63% |
| Jun | 0.77% | 0.88% | 1.02% | 0.77% | +14.29% |
| Jul | 0.94% | 0.81% | 0.97% | 0.77% | -13.83% |
| Aug | 0.78% | 0.93% | 1.00% | 0.78% | +19.23% |
| Sep | 0.95% | 1.05% | 1.10% | 0.95% | +10.53% |
| Oct | 0.99% | 0.98% | 1.02% | 0.93% | -1.01% |
| Nov | 0.99% | 0.96% | 1.11% | 0.96% | -3.03% |
| Dec | 0.92% | 1.07% | 1.20% | 0.92% | +16.30% |
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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