2Y Treasury Yield in 2015
2Y Treasury Yield opened 2015 at 0.66% and closed at 1.06%, a +60.61% move for the year. The high of 1.09% was reached on December 29, and the low of 0.44% on January 15.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 0.66% | 0.47% | 0.68% | 0.44% | -28.79% |
| Feb | 0.49% | 0.63% | 0.70% | 0.49% | +28.57% |
| Mar | 0.66% | 0.56% | 0.73% | 0.56% | -15.15% |
| Apr | 0.55% | 0.58% | 0.58% | 0.49% | +5.45% |
| May | 0.60% | 0.61% | 0.65% | 0.55% | +1.67% |
| Jun | 0.64% | 0.64% | 0.75% | 0.64% | +0.00% |
| Jul | 0.69% | 0.67% | 0.75% | 0.55% | -2.90% |
| Aug | 0.68% | 0.74% | 0.74% | 0.59% | +8.82% |
| Sep | 0.70% | 0.64% | 0.82% | 0.64% | -8.57% |
| Oct | 0.64% | 0.75% | 0.75% | 0.57% | +17.19% |
| Nov | 0.77% | 0.94% | 0.94% | 0.77% | +22.08% |
| Dec | 0.91% | 1.06% | 1.09% | 0.88% | +16.48% |
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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