Fed Funds Target (Upper) in 2015
Fed Funds Target (Upper) opened 2015 at 0.25% and closed at 0.50%, a +100.00% move for the year. The high of 0.50% was reached on December 16, and the low of 0.25% on January 1.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 0.25% | 0.25% | 0.25% | 0.25% | +0.00% |
| Feb | 0.25% | 0.25% | 0.25% | 0.25% | +0.00% |
| Mar | 0.25% | 0.25% | 0.25% | 0.25% | +0.00% |
| Apr | 0.25% | 0.25% | 0.25% | 0.25% | +0.00% |
| May | 0.25% | 0.25% | 0.25% | 0.25% | +0.00% |
| Jun | 0.25% | 0.25% | 0.25% | 0.25% | +0.00% |
| Jul | 0.25% | 0.25% | 0.25% | 0.25% | +0.00% |
| Aug | 0.25% | 0.25% | 0.25% | 0.25% | +0.00% |
| Sep | 0.25% | 0.25% | 0.25% | 0.25% | +0.00% |
| Oct | 0.25% | 0.25% | 0.25% | 0.25% | +0.00% |
| Nov | 0.25% | 0.25% | 0.25% | 0.25% | +0.00% |
| Dec | 0.25% | 0.50% | 0.50% | 0.25% | +100.00% |
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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