EFTA Document EFTA01362041

4 September 2015 US Fixed Income Weekly DGX and DVX across different market regimes 220 200 180 160 140 120 100 80 60 40 - OM DV% right) ---iT I i --- -- I I 1 I I - . I I I I . I l : I I----r --- I I I I • I . III I I I T • i I I . ■ 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Sown Donal* Mak Ratios of 2Y to 10Y tenors (quartiles, 5-year history) 1.4 2Y Tenors/10Y Tenors • Moan 0 Last 160 140 120 100 80 60 40 12 1 0.8 0.8 0.4