1Y Treasury Yield in 2015
1Y Treasury Yield opened 2015 at 0.25% and closed at 0.65%, a +160.00% move for the year. The high of 0.76% was reached on December 8, and the low of 0.16% on January 15.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 0.25% | 0.18% | 0.26% | 0.16% | -28.00% |
| Feb | 0.17% | 0.22% | 0.26% | 0.17% | +29.41% |
| Mar | 0.22% | 0.26% | 0.28% | 0.22% | +18.18% |
| Apr | 0.27% | 0.24% | 0.27% | 0.21% | -11.11% |
| May | 0.25% | 0.26% | 0.27% | 0.22% | +4.00% |
| Jun | 0.26% | 0.28% | 0.30% | 0.25% | +7.69% |
| Jul | 0.28% | 0.33% | 0.36% | 0.24% | +17.86% |
| Aug | 0.33% | 0.39% | 0.42% | 0.33% | +18.18% |
| Sep | 0.39% | 0.33% | 0.47% | 0.32% | -15.38% |
| Oct | 0.31% | 0.34% | 0.34% | 0.21% | +9.68% |
| Nov | 0.37% | 0.51% | 0.52% | 0.37% | +37.84% |
| Dec | 0.51% | 0.65% | 0.76% | 0.51% | +27.45% |
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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