10Y Treasury Yield in 2015
10Y Treasury Yield opened 2015 at 2.12% and closed at 2.27%, a +7.08% move for the year. The high of 2.50% was reached on June 10, and the low of 1.68% on January 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 2.12% | 1.68% | 2.12% | 1.68% | -20.75% |
| Feb | 1.68% | 2.00% | 2.14% | 1.68% | +19.05% |
| Mar | 2.08% | 1.94% | 2.24% | 1.88% | -6.73% |
| Apr | 1.87% | 2.05% | 2.06% | 1.85% | +9.63% |
| May | 2.12% | 2.12% | 2.28% | 2.12% | +0.00% |
| Jun | 2.19% | 2.35% | 2.50% | 2.19% | +7.31% |
| Jul | 2.43% | 2.20% | 2.44% | 2.20% | -9.47% |
| Aug | 2.16% | 2.21% | 2.28% | 2.01% | +2.31% |
| Sep | 2.17% | 2.06% | 2.30% | 2.05% | -5.07% |
| Oct | 2.05% | 2.16% | 2.19% | 1.99% | +5.37% |
| Nov | 2.20% | 2.21% | 2.36% | 2.20% | +0.45% |
| Dec | 2.15% | 2.27% | 2.33% | 2.13% | +5.58% |
Events During 2015
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 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.
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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