EFTA Document EFTA01362006

201 h Outlook ReCeinrnendatiOnS Trade Detail Rationale Risks Opened Entry Current Pit Buy 1x1, lyly receiver spreads with strikes ATMF and ATMS The post-Fed sell-off has left the spot/forward spread near multi-year post-crisis highs. Maximum total loss is the premium outlay 12/19/14 29c Swaps RV Pay 3yI y versus 2y1y This curve segment might be expected to steepen if, for example, higher inflation produces greater pricing power, or if the long-absent cyclical increase in pro