Primary Dealer Net Positions — Agency MBS in 2015
Primary Dealer Net Positions — Agency MBS opened 2015 at 98,578 and closed at 90,229, a -8.47% move for the year. The high of 111,486 was reached on October 14, and the low of 83,459 on November 11.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 98,578 | 98,048 | 98,578 | 90,410 | -0.54% |
| Feb | 89,209 | 88,288 | 89,209 | 84,231 | -1.03% |
| Mar | 84,321 | 95,798 | 95,798 | 84,321 | +13.61% |
| Apr | 93,778 | 93,140 | 98,619 | 93,140 | -0.68% |
| May | 89,279 | 88,540 | 89,279 | 85,767 | -0.83% |
| Jun | 104,025 | 107,675 | 107,675 | 104,025 | +3.51% |
| Jul | 103,855 | 106,080 | 106,080 | 99,771 | +2.14% |
| Aug | 105,996 | 107,778 | 107,912 | 105,996 | +1.68% |
| Sep | 108,509 | 108,424 | 110,886 | 107,750 | -0.08% |
| Oct | 108,405 | 93,799 | 111,486 | 93,799 | -13.47% |
| Nov | 88,999 | 83,895 | 88,999 | 83,459 | -5.73% |
| Dec | 88,450 | 90,229 | 91,691 | 87,895 | +2.01% |
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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