5Y5Y Forward Inflation in 2015
5Y5Y Forward Inflation opened 2015 at 2.12% and closed at 1.77%, a -16.51% move for the year. The high of 2.20% was reached on July 2, and the low of 1.71% on December 18.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 2.12% | 2.01% | 2.12% | 1.93% | -5.19% |
| Feb | 1.98% | 2.17% | 2.17% | 1.95% | +9.60% |
| Mar | 2.12% | 2.01% | 2.15% | 1.94% | -5.19% |
| Apr | 2.02% | 2.16% | 2.18% | 2.02% | +6.93% |
| May | 2.16% | 2.03% | 2.16% | 2.03% | -6.02% |
| Jun | 2.05% | 2.13% | 2.19% | 2.03% | +3.90% |
| Jul | 2.18% | 2.12% | 2.20% | 2.11% | -2.75% |
| Aug | 2.09% | 2.00% | 2.11% | 1.87% | -4.31% |
| Sep | 1.96% | 1.75% | 1.97% | 1.75% | -10.71% |
| Oct | 1.79% | 1.86% | 1.90% | 1.77% | +3.91% |
| Nov | 1.87% | 1.88% | 1.93% | 1.82% | +0.53% |
| Dec | 1.85% | 1.77% | 1.90% | 1.71% | -4.32% |
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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