-o 'Other Current Recommendations a Deutsche Bank Securities Inc Trade Detail Rationale Risks Opened Entry Current PR. Treasury RV Sell rich bond futures against chess off-the-run bonds Sell the rich classic bond futures versus off-the-run bonds in the 2026 to 2028 sector Classic bond futures richen 11/26/14 +21 by +12 by 4337k Treasury RV Short ultra long futures vs 30s Ultra long futures are rich Ultra continue to richen 6112/14 +12 bp +6 by +480k Inflation Short 1/2026 breakevens vs 6w and 30yr breakevens les look rich; sell the rich 1/20268 10s richen further 1/23/15 +15 bp +0 bp +228k Inflation Long 30yr TIPS breakevens versus 10yr TIPS breakevens 10s-30s breakeven alive appears too flat on a long term basis Long term inflation expectations decline 11/26/14 +16 bp +6 bp 489k Inflation Long 1/2029 breakevens vs 10w breakevens 10w TIPS to 1/2029 breakeven curve is too flat 1/2029 breakeven cheapen further 10/3/14 +2 by -2 bp +206k Inflation long 30yr TIPS breakevens The long end inflation market looks undervalued; 30yr TIPS breakevens multi-year lows Long term inflation near 12/12/2O14 1.91 % expectations decline 1.91% -862k Inflation Swaps long 2yr2yr inflation swaps We like being long 2yr2yr or 2yr3yr forward breakevens to take advantage of cheap 5s, while avoiding negative carry in front end TIPS Medium term inflation expectations decline 12/1 14 1.77% 2.04% +2A67k Agencies Buy long-dated GSE debt: Buy 6100mm FNMA 6.625 11/30s vs. T 6.326 2/31s Legislative momentum of Johnson-Crapo on GSE reform is credit bullish for long- dated GSE debt. Reform bill stalls in Congress or language on government guarantee modified. 3/14/14 +48 by +40 bp +2,0301c Muni Receive $100m 3y3y SIFMA ratio at 78.2%. (Sorid) Attractive roll down profile Further ratio curve steepening 4/25/13 78.2% 77.8% +690k Option I X2 IY 5Y5Y ATMF/41 receiver spreads oneness Long-end ral