20Y Treasury Yield in 2015
20Y Treasury Yield opened 2015 at 2.41% and closed at 2.67%, a +10.79% move for the year. The high of 2.98% was reached on June 26, and the low of 2.04% on January 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 2.41% | 2.04% | 2.41% | 2.04% | -15.35% |
| Feb | 2.07% | 2.38% | 2.50% | 2.07% | +14.98% |
| Mar | 2.46% | 2.31% | 2.63% | 2.24% | -6.10% |
| Apr | 2.23% | 2.49% | 2.49% | 2.23% | +11.66% |
| May | 2.57% | 2.63% | 2.79% | 2.57% | +2.33% |
| Jun | 2.69% | 2.83% | 2.98% | 2.69% | +5.20% |
| Jul | 2.92% | 2.61% | 2.92% | 2.61% | -10.62% |
| Aug | 2.55% | 2.64% | 2.64% | 2.42% | +3.53% |
| Sep | 2.62% | 2.51% | 2.75% | 2.48% | -4.20% |
| Oct | 2.49% | 2.57% | 2.60% | 2.42% | +3.21% |
| Nov | 2.60% | 2.63% | 2.79% | 2.60% | +1.15% |
| Dec | 2.55% | 2.67% | 2.72% | 2.49% | +4.71% |
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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