Fed TGA (Liability Side) in 2015
Fed TGA (Liability Side) opened 2015 at 176,363 and closed at 324,846, a +84.19% move for the year. The high of 324,846 was reached on December 30, and the low of 27,237 on March 11.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 176,363 | 194,311 | 196,231 | 159,730 | +10.18% |
| Feb | 157,250 | 46,714 | 157,250 | 46,714 | -70.29% |
| Mar | 52,446 | 71,325 | 87,560 | 27,237 | +36.00% |
| Apr | 65,529 | 245,426 | 245,426 | 44,254 | +274.53% |
| May | 229,131 | 163,581 | 229,131 | 163,581 | -28.61% |
| Jun | 184,099 | 240,762 | 251,369 | 172,918 | +30.78% |
| Jul | 212,135 | 203,378 | 212,135 | 173,642 | -4.13% |
| Aug | 198,755 | 119,147 | 207,989 | 119,147 | -40.05% |
| Sep | 122,263 | 198,716 | 198,716 | 76,256 | +62.53% |
| Oct | 87,139 | 35,586 | 87,139 | 35,586 | -59.16% |
| Nov | 44,215 | 154,215 | 154,215 | 44,215 | +248.78% |
| Dec | 217,267 | 324,846 | 324,846 | 175,746 | +49.51% |
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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