Fed Reverse Repo Liabilities in 2015
Fed Reverse Repo Liabilities opened 2015 at 241,437 and closed at 498,519, a +106.48% move for the year. The high of 641,081 was reached on September 30, and the low of 203,719 on January 14.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 241,437 | 281,490 | 281,490 | 203,719 | +16.59% |
| Feb | 265,650 | 306,171 | 306,171 | 248,575 | +15.25% |
| Mar | 277,168 | 278,847 | 289,615 | 265,299 | +0.61% |
| Apr | 353,693 | 249,887 | 353,693 | 227,651 | -29.35% |
| May | 234,933 | 278,637 | 308,260 | 234,933 | +18.60% |
| Jun | 242,586 | 289,416 | 289,416 | 226,199 | +19.30% |
| Jul | 349,857 | 242,511 | 349,857 | 242,511 | -30.68% |
| Aug | 249,050 | 231,876 | 249,050 | 228,196 | -6.90% |
| Sep | 231,901 | 641,081 | 641,081 | 228,052 | +176.45% |
| Oct | 282,684 | 344,810 | 344,810 | 262,446 | +21.98% |
| Nov | 308,284 | 291,792 | 313,730 | 276,999 | -5.35% |
| Dec | 270,349 | 498,519 | 498,519 | 270,349 | +84.40% |
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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