Fed Repo Operations in 2015
Fed Repo Operations opened 2015 at 1,769 and closed at 1,837, a +3.84% move for the year. The high of 3,424 was reached on November 11, and the low of 927 on February 4.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 1,769 | 1,256 | 2,229 | 1,102 | -29.00% |
| Feb | 927 | 1,366 | 1,960 | 927 | +47.36% |
| Mar | 2,038 | 1,723 | 2,038 | 1,426 | -15.46% |
| Apr | 1,564 | 2,259 | 2,259 | 1,564 | +44.44% |
| May | 2,445 | 1,371 | 2,445 | 1,225 | -43.93% |
| Jun | 2,522 | 1,844 | 2,522 | 1,785 | -26.88% |
| Jul | 1,857 | 2,036 | 2,332 | 1,627 | +9.64% |
| Aug | 1,958 | 2,237 | 2,636 | 1,832 | +14.25% |
| Sep | 1,844 | 1,848 | 2,112 | 1,660 | +0.22% |
| Oct | 2,005 | 1,444 | 2,119 | 1,444 | -27.98% |
| Nov | 1,642 | 1,887 | 3,424 | 1,388 | +14.92% |
| Dec | 1,719 | 1,837 | 2,665 | 1,719 | +6.86% |
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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