ld be conditioned on expected Fed actions. It is conceivable that, if data support Fed hikes, the belly of the curve could sell off 12 13 —3M10Y Realze.: 10Y 15 J Page 24 Deutsche Sank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087405 CONFIDENTIAL SDNY_GM_0023