inancials IT Industrials Energy Telecom Staples Utilities | Health care m Bull steep m Bull flat Curve movements based on 2yr move and 2s10s move (Bloomberg US Treasury yield index), so includes twist movements, but even if we exclude these implications do not materially change. Bear steepening (2yr + 16bps, 2510s +3

steep = Bear flat mBull steep = Bull flat Source: BofA Merrill Lynch Global Research, Bloomberg. Curve movements based on 2yr move and 2510s move (Bloomberg US Treasury yield index), so includes twist movernents, but even if we exclude these implications do not materially change. Bear steepening (2yr + 16bps, 2510s +