7Y Real Yield (TIPS) in 2015
7Y Real Yield (TIPS) opened 2015 at 0.37% and closed at 0.59%, a +59.46% move for the year. The high of 0.67% was reached on December 16, and the low of -0.12% on April 17.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 0.37% | -0.01% | 0.38% | -0.01% | -102.70% |
| Feb | -0.01% | 0.13% | 0.39% | -0.01% | +1400.00% |
| Mar | 0.23% | 0.08% | 0.42% | 0.03% | -65.22% |
| Apr | -0.04% | 0.03% | 0.11% | -0.12% | +175.00% |
| May | 0.09% | 0.25% | 0.34% | 0.09% | +177.78% |
| Jun | 0.34% | 0.34% | 0.50% | 0.28% | +0.00% |
| Jul | 0.47% | 0.38% | 0.51% | 0.26% | -19.15% |
| Aug | 0.38% | 0.49% | 0.56% | 0.38% | +28.95% |
| Sep | 0.51% | 0.48% | 0.59% | 0.44% | -5.88% |
| Oct | 0.42% | 0.47% | 0.50% | 0.31% | +11.90% |
| Nov | 0.49% | 0.48% | 0.64% | 0.47% | -2.04% |
| Dec | 0.44% | 0.59% | 0.67% | 0.44% | +34.09% |
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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