5Y Real Yield (TIPS) in 2015
5Y Real Yield (TIPS) opened 2015 at 0.31% and closed at 0.45%, a +45.16% move for the year. The high of 0.55% was reached on December 16, and the low of -0.37% on April 24.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 0.31% | -0.11% | 0.34% | -0.11% | -135.48% |
| Feb | -0.13% | 0.01% | 0.29% | -0.13% | +107.69% |
| Mar | 0.03% | -0.14% | 0.30% | -0.16% | -566.67% |
| Apr | -0.26% | -0.29% | -0.15% | -0.37% | -11.54% |
| May | -0.22% | -0.08% | -0.01% | -0.22% | +63.64% |
| Jun | 0.00% | 0.02% | 0.14% | -0.06% | +0.00% |
| Jul | 0.10% | 0.18% | 0.24% | -0.04% | +80.00% |
| Aug | 0.21% | 0.28% | 0.39% | 0.21% | +33.33% |
| Sep | 0.31% | 0.30% | 0.41% | 0.26% | -3.23% |
| Oct | 0.24% | 0.32% | 0.34% | 0.12% | +33.33% |
| Nov | 0.34% | 0.35% | 0.49% | 0.32% | +2.94% |
| Dec | 0.30% | 0.45% | 0.55% | 0.30% | +50.00% |
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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