### Plowing higher on HEAVY......>

US EURODLR FUTURES: ### Plowing higher on HEAVY volume in Whites, futures

pricing in just over 3 25 bps cuts by year end: Mar 18 chances of cut appr 64%,

while Apr 29 fully pricing in a 25bps cut w/chances of a 50bps cut on the rise

(34.5%). A second cut just now fully priced in for the Jun 10 meeting with a

third cut around the Nov to Dec meetings. Heavy call option buying

underscores/anticipated the moves. Current White pack (Mar'20-Dec'20):

* Mar 20 +0.060 at 98.505

* Jun 20 +0.10 at 98.815

* Sep 20 +0.10 at 98.920

* Dec 20 +0.095 at 98.950

* Red Pack (Mar 21-Dec 21) +0.075 to +0.085

* Green Pack (Mar 22-Dec 22) +0.050 to +0.060

* Blue Pack (Mar 23-Dec 23) +0.035 to +0.045

* Gold Pack (Mar 24-Dec 24) +0.020 to +0.030