Primary Dealer Fails to Deliver — Treasuries in 2015
Primary Dealer Fails to Deliver — Treasuries opened 2015 at 77,818 and closed at 199,817, a +156.77% move for the year. The high of 199,817 was reached on December 30, and the low of 46,796 on April 22.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 77,818 | 65,533 | 77,818 | 63,816 | -15.79% |
| Feb | 70,196 | 112,550 | 112,550 | 50,476 | +60.34% |
| Mar | 139,167 | 62,128 | 139,167 | 55,347 | -55.36% |
| Apr | 57,771 | 70,240 | 70,240 | 46,796 | +21.58% |
| May | 81,419 | 68,369 | 103,199 | 68,369 | -16.03% |
| Jun | 70,354 | 62,377 | 75,986 | 62,377 | -11.34% |
| Jul | 62,788 | 54,161 | 63,977 | 54,161 | -13.74% |
| Aug | 65,332 | 80,028 | 80,028 | 65,332 | +22.49% |
| Sep | 79,203 | 79,702 | 79,702 | 56,273 | +0.63% |
| Oct | 81,134 | 89,527 | 89,527 | 81,134 | +10.34% |
| Nov | 84,621 | 97,485 | 114,459 | 84,621 | +15.20% |
| Dec | 77,523 | 199,817 | 199,817 | 77,523 | +157.75% |
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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