EFTA Document EFTA01385923

27 March 2015 US Fixed Income Weekly The Front End The front end is all about the timing and speed of lift off. Speed will probably be more important than even timing in that the market twill easily absorb a one and done Fed. Speed can also backfire in that if risk assets behave poorly for any given speed, the Fe won't be making their terminal rate in one swoop. An intra tightening period of stable Funds would allow for a sharp re-rally in short rates at some stage (Note 5s typically con