ream 2009 2011 Source: Deutsche Bank Research, Datastream 2013 2015 Figure 4: Consumer staples are priced for an implausible rates trajectory European food & beverage, rel to the market (lhs) US 10-year bond yields, inverted (rhs) 1.3 1.6 1.9 2.2 2.5 2.8 3.1 3.4 EFTA01476131 3.7 4.0 4.3 4.6