7Y Treasury Yield in 2015
7Y Treasury Yield opened 2015 at 1.92% and closed at 2.09%, a +8.85% move for the year. The high of 2.22% was reached on June 10, and the low of 1.49% on January 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 1.92% | 1.49% | 1.92% | 1.49% | -22.40% |
| Feb | 1.49% | 1.82% | 1.95% | 1.49% | +22.15% |
| Mar | 1.89% | 1.71% | 2.04% | 1.68% | -9.52% |
| Apr | 1.65% | 1.79% | 1.80% | 1.60% | +8.48% |
| May | 1.87% | 1.86% | 2.01% | 1.86% | -0.53% |
| Jun | 1.93% | 2.07% | 2.22% | 1.93% | +7.25% |
| Jul | 2.14% | 1.93% | 2.14% | 1.92% | -9.81% |
| Aug | 1.89% | 1.94% | 2.02% | 1.75% | +2.65% |
| Sep | 1.89% | 1.75% | 2.01% | 1.74% | -7.41% |
| Oct | 1.75% | 1.88% | 1.90% | 1.66% | +7.43% |
| Nov | 1.93% | 1.99% | 2.11% | 1.93% | +3.11% |
| Dec | 1.93% | 2.09% | 2.14% | 1.91% | +8.29% |
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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