30Y Real Yield (TIPS) in 2015
30Y Real Yield (TIPS) opened 2015 at 0.76% and closed at 1.28%, a +68.42% move for the year. The high of 1.34% was reached on December 16, and the low of 0.52% on January 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 0.76% | 0.52% | 0.76% | 0.52% | -31.58% |
| Feb | 0.54% | 0.68% | 0.87% | 0.54% | +25.93% |
| Mar | 0.75% | 0.69% | 0.88% | 0.55% | -8.00% |
| Apr | 0.60% | 0.72% | 0.76% | 0.54% | +20.00% |
| May | 0.78% | 0.95% | 1.06% | 0.78% | +21.79% |
| Jun | 1.02% | 1.11% | 1.25% | 1.02% | +8.82% |
| Jul | 1.18% | 1.04% | 1.21% | 1.02% | -11.86% |
| Aug | 1.02% | 1.15% | 1.22% | 1.01% | +12.75% |
| Sep | 1.17% | 1.29% | 1.32% | 1.17% | +10.26% |
| Oct | 1.23% | 1.19% | 1.27% | 1.18% | -3.25% |
| Nov | 1.20% | 1.19% | 1.33% | 1.19% | -0.83% |
| Dec | 1.14% | 1.28% | 1.34% | 1.14% | +12.28% |
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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