20Y Breakeven Inflation in 2015
20Y Breakeven Inflation opened 2015 at 1.70% and closed at 1.55%, a -8.82% move for the year. The high of 1.99% was reached on May 1, and the low of 1.52% on October 1.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 1.70% | 1.70% | 1.70% | 1.70% | +0.00% |
| Feb | 1.82% | 1.82% | 1.82% | 1.82% | +0.00% |
| Mar | 1.86% | 1.86% | 1.86% | 1.86% | +0.00% |
| Apr | 1.91% | 1.91% | 1.91% | 1.91% | +0.00% |
| May | 1.99% | 1.99% | 1.99% | 1.99% | +0.00% |
| Jun | 1.96% | 1.96% | 1.96% | 1.96% | +0.00% |
| Jul | 1.90% | 1.90% | 1.90% | 1.90% | +0.00% |
| Aug | 1.68% | 1.68% | 1.68% | 1.68% | +0.00% |
| Sep | 1.61% | 1.61% | 1.61% | 1.61% | +0.00% |
| Oct | 1.52% | 1.52% | 1.52% | 1.52% | +0.00% |
| Nov | 1.66% | 1.66% | 1.66% | 1.66% | +0.00% |
| Dec | 1.55% | 1.55% | 1.55% | 1.55% | +0.00% |
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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