EFTA Document EFTA01385937

27 March 2015 US Fixed Income Weekly I Figure 1: Implied and (3M rolling) realized vol at the short end 120 103 so co so 20 it 12 13 14 10 Saver Dew:the fles -3M3Y -Realized 3Y 120 Figure 2: Implied and (3M rolling) realized vol at the back end 140 , 15 100 $3 60 zo - 20 10 SoLeco Asuratir Brit 11 In the context of latest developments and further injection of uncertainty outlined after the FOMC meeting, we are buyers of tails at the front end of the curve, either