EFTA Document EFTA01388351

The hunt for yield - how will it reverse? Risk spectrum Fed funds -0.10y IG HY -0. Equities Emerging Markets Two risks for disruptive reversal: 1) Higher US inflation 2) ECB Exit Deutscno B✓w Rote. f an :4 ',PSIS, SP tICTIRT't nkilict tun • 1 212 2-.44 • trail 2tot ECB exit and higher US Treasury yields leading to less demand from abroad for US IG S bilbn 30 20 10 .10 -30 Net foreign purchases of US corporate bonds wren fret rn n1444.0 raed firptNre t 2014 Mt (4.12 OS •