"All Mayans Now", we like to focus on post-QE2 to 2012 relationships. This year spread on the forward (futures) LIE-BOR curve is a favorite. Breaking out (higher yields) in Q4 2010 a violent and wide trading range has emerged this year. This recent, rapid decline has held the long term trend..wider. Our core tilt on yields is "Higher and Wider". Europe has cooperated. In the US, brief runs at "higher" have come with spread product continuing to narrow. We view that as the key underpinning to risk assets and not the oft quoted falling greenback.