Effective Fed Funds Rate in 2015
Effective Fed Funds Rate opened 2015 at 0.12% and closed at 0.20%, a +66.67% move for the year. The high of 0.37% was reached on December 17, and the low of 0.06% on January 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 0.12% | 0.06% | 0.13% | 0.06% | -50.00% |
| Feb | 0.12% | 0.06% | 0.12% | 0.06% | -50.00% |
| Mar | 0.12% | 0.06% | 0.12% | 0.06% | -50.00% |
| Apr | 0.12% | 0.08% | 0.13% | 0.08% | -33.33% |
| May | 0.13% | 0.08% | 0.13% | 0.08% | -38.46% |
| Jun | 0.12% | 0.08% | 0.14% | 0.08% | -33.33% |
| Jul | 0.13% | 0.08% | 0.14% | 0.08% | -38.46% |
| Aug | 0.14% | 0.08% | 0.15% | 0.08% | -42.86% |
| Sep | 0.14% | 0.07% | 0.14% | 0.07% | -50.00% |
| Oct | 0.13% | 0.07% | 0.13% | 0.07% | -46.15% |
| Nov | 0.12% | 0.08% | 0.13% | 0.08% | -33.33% |
| Dec | 0.13% | 0.20% | 0.37% | 0.13% | +53.85% |
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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