DROCheliali 'Combined put/call ratio in Treasury futures 2.25 2.00 1.75 1.50 1.25 1.00 0.75 0.50 • 0.25 2/1/07 2/1/09 2/1/11 2/1/13 Son Omar tont ow an &ow 2/1/15 Breakdown of 3M carry for 6M expiries premium) 80% 60% 40% 20% 0% -20% .40% 6m1y 6n2y 6n6y 6nVy 6ralOy 6m15y 6M20y 6