10Y-2Y Yield Spread in 2015
10Y-2Y Yield Spread opened 2015 at 146 bps and closed at 121 bps, a -17.12% move for the year. The high of 177 bps was reached on June 26, and the low of 119 bps on February 2.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 146 bps | 121 bps | 146 bps | 121 bps | -17.12% |
| Feb | 119 bps | 137 bps | 146 bps | 119 bps | +15.13% |
| Mar | 142 bps | 138 bps | 151 bps | 130 bps | -2.82% |
| Apr | 132 bps | 147 bps | 150 bps | 132 bps | +11.36% |
| May | 152 bps | 151 bps | 168 bps | 150 bps | -0.66% |
| Jun | 155 bps | 171 bps | 177 bps | 155 bps | +10.32% |
| Jul | 174 bps | 153 bps | 177 bps | 153 bps | -12.07% |
| Aug | 148 bps | 147 bps | 155 bps | 140 bps | -0.68% |
| Sep | 147 bps | 142 bps | 151 bps | 141 bps | -3.40% |
| Oct | 141 bps | 141 bps | 147 bps | 137 bps | +0.00% |
| Nov | 143 bps | 127 bps | 147 bps | 127 bps | -11.19% |
| Dec | 124 bps | 121 bps | 137 bps | 119 bps | -2.42% |
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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