e 5yr5yr inflation swaps looks attractive. 5yr5yr inflation swaps rise 11/7/14 2.58% 12/18/14 2.43% +1,361k Option Buy Si 00mn 6M 2yly 25bp OTM MC payers vs. Sell 100mn 1Y 4Y1Y 45bp OTM MC payers at zero net cost Curve flattens on a hawkish FOMC Curve bear steepens 9/12/14 Ott 3/11/16 -0

st rate hikes (policy mistake) Rally below the breakevens; unlimited downside 9/26/14 04 -87.8s -1.004k _ ° PtiCHI Buy $100mn 6M 2yly 25bp OTM MC payers vs. Sell 100mn lY 4Y1Y 45bp OTM MC Payers at zero net cost Curve flattens on a hawkish FOMC Curve bear steepens 9/12/14 04 -0.64 -6k