Reserve Balances at Fed in 2015
Reserve Balances at Fed opened 2015 at $2601B and closed at $2306B, a -11.32% move for the year. The high of $2793B was reached on April 15, and the low of $2306B on December 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | $2601B | $2665B | $2754B | $2601B | +2.48% |
| Feb | $2684B | $2329B | $2684B | $2329B | -13.24% |
| Mar | $2522B | $2707B | $2783B | $2522B | +7.32% |
| Apr | $2667B | $2594B | $2793B | $2594B | -2.76% |
| May | $2595B | $2511B | $2635B | $2511B | -3.26% |
| Jun | $2445B | $2530B | $2654B | $2445B | +3.50% |
| Jul | $2457B | $2625B | $2632B | $2457B | +6.81% |
| Aug | $2599B | $2682B | $2682B | $2529B | +3.22% |
| Sep | $2682B | $2514B | $2731B | $2514B | -6.25% |
| Oct | $2633B | $2658B | $2697B | $2633B | +0.95% |
| Nov | $2643B | $2554B | $2656B | $2554B | -3.37% |
| Dec | $2519B | $2306B | $2536B | $2306B | -8.44% |
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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