Solid Cash Flows: Fed Tightening

US Government Debt vs 10 Year Treasury Yields As debt has increased it is difficult for interest rates to rise without having a negative impact on global growth, ultimately putting downward pressure on rates. 16.000 14.000- 12.000 10.000 8.000 6.000 4.000 2.504 2.000 FDTGATPD Index - Mid Price (R1) 104.142 GT10 Govt - Last Price (L1) 2.504 US 10yr Yields % (left axis) Source: Bloomberg Track Annotate News Zoom 1965-1969 1970-1974 1975-1979 1980-1984 1985-1989 1990-1994 1995-1999 US Govt Debt to GDP % (right axis) M 2000-2004 2005-2009 2010-2014 2015-2019 DYNEX CAPITAL INC. -110 104.142 -100 -90 -80 -70 -60 -50 -40 -30 10

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