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sd-10-EFTA01362017Dept. of Justice

EFTA Document EFTA01362017

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4 September 2016 US Fixed Income Weekly Right now the decline is central bank liquidity suggest 5y5y should be closer to 2 percent or below not 3 percent to above. And this is before the Fed has tightened and China has potentially "finished" its adjustment. Liquidity vs. 5s I Os 30 c 25 20 15 10 5 0 -5 10 20001 Fed plus fx reserves oy 20061 20121 Sato* &ocean &win LP eat Deascal• 1.0 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 Liquidity vs. 5y5y 30 7.0 • 25 Fed plus fx reserve

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Dept. of Justice
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sd-10-EFTA01362017
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