06 2016 Curren t 3M0 6M0 1YR 2YR 3YR 4YR 5YR 10YR EFTA01476136 8 December 2015 World Outlook 2016: Managing with less liquidity (iv) Ongoing QE in Japan and the EUR area should remain a force encouraging a US yield curve bear flattening bias; that is the most favorable backdrop for USD dep