NY Fed Global Supply Chain Pressure in 2015
NY Fed Global Supply Chain Pressure opened 2015 at -0.55 and closed at -0.63, a -14.55% move for the year. The high of -0.31 was reached on October 1, and the low of -0.88 on June 1.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | -0.55 | -0.55 | -0.55 | -0.55 | +0.00% |
| Feb | -0.32 | -0.32 | -0.32 | -0.32 | +0.00% |
| Mar | -0.39 | -0.39 | -0.39 | -0.39 | +0.00% |
| Apr | -0.41 | -0.41 | -0.41 | -0.41 | +0.00% |
| May | -0.56 | -0.56 | -0.56 | -0.56 | +0.00% |
| Jun | -0.88 | -0.88 | -0.88 | -0.88 | +0.00% |
| Jul | -0.44 | -0.44 | -0.44 | -0.44 | +0.00% |
| Aug | -0.69 | -0.69 | -0.69 | -0.69 | +0.00% |
| Sep | -0.44 | -0.44 | -0.44 | -0.44 | +0.00% |
| Oct | -0.31 | -0.31 | -0.31 | -0.31 | +0.00% |
| Nov | -0.66 | -0.66 | -0.66 | -0.66 | +0.00% |
| Dec | -0.63 | -0.63 | -0.63 | -0.63 | +0.00% |
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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