Bull steepening in 2s/5s 10/3/13 0 bp 10/3/14 0 bp +7k Opt " Buy 5880mn lY 58/30s ATMF curve OcaTZlnpa.yseerisi at Si net znero 1Wt. I I bP (Kocic) The risk of weak data and/or more aggressive forward gstueieditnnceerbe:ileme:loawdownsof growth puts an upper limit on the 10Y sector Short t

e carry bearish rates Higher gamma; rates rally 4/5/13 0 bp 10/9/14 +92 bp +901k OpkIon and sell Srin13m 1t1m10y ATMF14).6138.glearp payer. (Kocic) Fed tapers in 2013 Curve steepens and rates rise 6/16/13 +147 bp 10/9/14 +127 bp +639k Option Buy $207mm 3m5y receiver ATMF - 25 bp, sell