Baa-10Y Treasury Spread in 2015
Baa-10Y Treasury Spread opened 2015 at 2.51% and closed at 3.23%, a +28.69% move for the year. The high of 3.34% was reached on October 2, and the low of 2.44% on February 26.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 2.51% | 2.61% | 2.65% | 2.51% | +3.98% |
| Feb | 2.61% | 2.46% | 2.61% | 2.44% | -5.75% |
| Mar | 2.48% | 2.55% | 2.55% | 2.45% | +2.82% |
| Apr | 2.55% | 2.60% | 2.60% | 2.51% | +1.96% |
| May | 2.61% | 2.72% | 2.75% | 2.61% | +4.21% |
| Jun | 2.75% | 2.83% | 2.84% | 2.69% | +2.91% |
| Jul | 2.83% | 2.94% | 2.94% | 2.83% | +3.89% |
| Aug | 2.92% | 3.15% | 3.20% | 2.88% | +7.88% |
| Sep | 3.18% | 3.29% | 3.29% | 3.10% | +3.46% |
| Oct | 3.31% | 3.19% | 3.34% | 3.19% | -3.63% |
| Nov | 3.18% | 3.20% | 3.24% | 3.15% | +0.63% |
| Dec | 3.21% | 3.23% | 3.27% | 3.15% | +0.62% |
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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