2015 will go down as the year when all of the Fed, ECB, BOJ and SNB hit an inflection point in their willingness to distort and manipulate markets, notes Deutsche Bank. "This mix of overt and subtle withdrawal of market support is a key macro driver of recent increased volatility," DB adds. #1: "The SNB capitulation in supporting the EUR/CHF floor generated one of the largest intra-day swings in a G10 currency since the fall of Bretton Woods. Currency markets have a long and storied history of being manipulated by the authorities through a variety of FX regimes, so the collapse of the EUR/CHF floor was far from ... (full story)