y [10 yr yield vs. EX/Fed defined liquidity 30 25 20 15 10 5 0 -5 1 -10 20001 Fed plus fx reserves yoy —1 20061 50Is e SW, lbav FOIWKO (Pend Ontxne Sint 20121 7.0 6.01 5.01 4.01 3.01 2.0 0.01 10 yr yield vs. broader defined liquidity boor lel ard basso. Dant Breaking down the breakeven and