e the back end movements remains Unilateral spike in backend vol. 12/19/14 option Quiet flatteners: sell $1bn 6M 68/10s 9.6bp OTM curve cap vs. buy$1bn 6M 66/10s atmf/9.6 curve floor spread at zero cost Potential for considerable beer flattening should the market reprice the Fed hikes. Curve steepens. 12/