EFTA Document EFTA01362010

4 September 2015 US Fixed Income Weekly United States Gov. Bonds & Swaps Rates Volatility US Overview • Markets are fixated on the potential for Fed normalization to start earlier than currently priced and whether China's recent FX adjustment is the beginning or the end. • At a superficial level there appears to be conflicting influences on rates. The Fed and China may undermine risk asset performance but the consensus is that if risk assets find support, fewer FX reserves are likel