3Y Treasury Yield in 2015
3Y Treasury Yield opened 2015 at 1.07% and closed at 1.31%, a +22.43% move for the year. The high of 1.38% was reached on December 29, and the low of 0.75% on January 15.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 1.07% | 0.77% | 1.07% | 0.75% | -28.04% |
| Feb | 0.78% | 1.01% | 1.10% | 0.78% | +29.49% |
| Mar | 1.06% | 0.89% | 1.16% | 0.89% | -16.04% |
| Apr | 0.86% | 0.91% | 0.91% | 0.80% | +5.81% |
| May | 0.97% | 0.94% | 1.03% | 0.90% | -3.09% |
| Jun | 0.99% | 1.01% | 1.15% | 0.99% | +2.02% |
| Jul | 1.08% | 1.00% | 1.09% | 0.91% | -7.41% |
| Aug | 0.99% | 1.07% | 1.10% | 0.90% | +8.08% |
| Sep | 1.03% | 0.92% | 1.13% | 0.92% | -10.68% |
| Oct | 0.92% | 1.05% | 1.05% | 0.84% | +14.13% |
| Nov | 1.08% | 1.24% | 1.27% | 1.08% | +14.81% |
| Dec | 1.19% | 1.31% | 1.38% | 1.16% | +10.08% |
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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