HOUSE OVERSIGHT 029469 Theme/Trade We think Fed rates expectations remain on the low side with just marginally more than 1 hike priced, We do not think the BoE will hike as much as the Fed...................next year when marke are pricing marginally more from the BoE. The risk for equities is a further rise in yields led by higher real rates. Last time lety real rates were here S&P was closer to 2720. We see asymmetry in EURGI1P. expect EUR to react positively i a y/Germarty is neutral/ positive tti weekend and ECB pricing to tF firmer. On GBP leg, UK politica remain underpriced with odds election in 2018 increas rt- . Trade Expression Entry Date Expiry Entry Level Current Level Hit Ratio Buy Dec18 Eurodollar Futures (EDZ8) vs Sell Dec19 Eurodollar Futures (EDZ9) 07/02/2018 97.63/97.31 97.455/97.125 Buy Dec19 Short Sterling futures (L Z9) vs Sell Dec18 Short Sterling Futures (L Z8) 07/02/2018 98.76/99.09 98.67/98.98 Long SPX Mar18 2640/2600 put spread 28/02/2018 16/03/2018 10 0.00 Long EURGBP 3m 0.91/0.94 call spread 02/03/2018 0.62% 0.45% MEGA Closed Trades (Hit Ratio Closed Trades = 77%) Theme/Trade , Trade Expression Long FTSE Feb18 7550/7700 call spread for 42 offer (7476 ref) (rolled from Dec, 7460 ref) Long SX7E Feb18 140 calls (rolled from Jan, 134 fut ref) \ Buy Mar18 Eurodollar Futures (EDH8) vs Sell Entry Date Close Date Entry Level Close Level Hit Ratio 02/11/2017 11/01/2018 42 100 24/10/2017 25/01/2018 0.9 3.3 11/01/2018 07/02/2018 98.18/ 97.535 98.12/97.31