EFTA Document EFTA01385970

27 March 2015 US Fixed Income Weekly DGX and DVX across different market regimes 220 200 180 160 140 120 100 80 60 40 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 Sane Deunene ant ... ''' cia ....x... rlphq 1 3- T1---TTr • 1 1 -wX . _ 1 t -t- .... _ • .... • • • i - 1 - . I I I --(---4- ' - •_.• - til I ft I I .I 15 160 140 120 40 Saco twestioeilent Ratios of 2Y to 10Y tenors (quartiles, 5-year history) 1.4 2Y Tenors/1(N Tenors • Mean • Last 0.