5Y Treasury Yield in 2015
5Y Treasury Yield opened 2015 at 1.61% and closed at 1.76%, a +9.32% move for the year. The high of 1.81% was reached on December 29, and the low of 1.18% on January 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 1.61% | 1.18% | 1.61% | 1.18% | -26.71% |
| Feb | 1.19% | 1.50% | 1.62% | 1.19% | +26.05% |
| Mar | 1.57% | 1.37% | 1.70% | 1.37% | -12.74% |
| Apr | 1.32% | 1.43% | 1.43% | 1.26% | +8.33% |
| May | 1.50% | 1.49% | 1.60% | 1.46% | -0.67% |
| Jun | 1.55% | 1.63% | 1.80% | 1.55% | +5.16% |
| Jul | 1.70% | 1.54% | 1.72% | 1.50% | -9.41% |
| Aug | 1.52% | 1.54% | 1.65% | 1.39% | +1.32% |
| Sep | 1.49% | 1.37% | 1.62% | 1.37% | -8.05% |
| Oct | 1.37% | 1.52% | 1.53% | 1.29% | +10.95% |
| Nov | 1.57% | 1.65% | 1.75% | 1.57% | +5.10% |
| Dec | 1.59% | 1.76% | 1.81% | 1.56% | +10.69% |
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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