3% 15% rulde Treasuries 15% 1 5% 15% Portion 5 5 5 Current Prins 85 95 IX Fulde Price 70 70 70 1 Yen Peke Reim .18% -35% .53% 1 Yee Yidd 8% 13% 18% Told Pawn .10% -22% -35% Bull case: Spread return to 300, high historically but reasonable as economic outlook is still mixed. UST s