10Y Term Premium (ACM) in 2015
10Y Term Premium (ACM) opened 2015 at 0.26% and closed at 0.28%, a +7.06% move for the year. The high of 0.42% was reached on June 10, and the low of 0.02% on February 2.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 0.26% | 0.03% | 0.26% | 0.03% | -89.36% |
| Feb | 0.02% | 0.20% | 0.26% | 0.02% | +858.65% |
| Mar | 0.23% | 0.13% | 0.30% | 0.12% | -41.49% |
| Apr | 0.11% | 0.19% | 0.19% | 0.08% | +75.02% |
| May | 0.22% | 0.24% | 0.30% | 0.22% | +8.32% |
| Jun | 0.26% | 0.35% | 0.42% | 0.26% | +32.92% |
| Jul | 0.38% | 0.26% | 0.38% | 0.26% | -30.61% |
| Aug | 0.24% | 0.25% | 0.28% | 0.16% | +5.57% |
| Sep | 0.23% | 0.18% | 0.28% | 0.18% | -24.80% |
| Oct | 0.17% | 0.22% | 0.22% | 0.14% | +28.59% |
| Nov | 0.24% | 0.24% | 0.32% | 0.24% | +2.48% |
| Dec | 0.22% | 0.28% | 0.29% | 0.19% | +28.64% |
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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