Solid Cash Flows: Fed Tightening

Central Banks are Key to Asset Price Levels Rising central bank balance sheets continue to support the spread environment. Since 2008 central banks have added liquidity stimulus via the capital markets through quantitative easing programs. Global Central Bank Liquidity in US Dollar Terms Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Source: Contingent Macro Advisors, LLC Jan-11 Jul-11 Jul-12 Jan-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Current Projection Jan-19 Jul-19 Jan-20 $ trillions 23 Jul-20 DYNEX CAPITAL INC. 21 19 17 15 13 11 9 7 5 11

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