Saver Dew:the fles —3M3Y —Realized 3Y 120 Figure 2: Implied and (3M rolling) realized vol at the back end 140 , 15 100 $3 60 zo - 20 10 SoLeco Asuratir Brit 11 In the context of latest developments and further injection of uncertainty outlined after the FOMC meeting, we are buyers of tail