This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

www.fixedincomegroup.com

ECO <go>

(All times are CST)

The Missile

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

Fed Speak Calendar

(All times are CST)

NI TRE <go>

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

Implied Probability of Fed Rate Movement (Futures)

Libor Set

1-Month Libor Set 1.51113 +.01000 (98.48887)

3-Month Libor Set 1.64203 +.01655 (98.35797)

6-Month Libor Set 1.78830 +.00660 (98.21770)

1-Year Libor Set 2.06888 +.01063 (97.93112)

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

http://www.federalreserve.gov/monetarypolicy/files/fomcprojtabl20171213.pdf

THEY SAID IT

The Major Tax Changes in the Republican Bill

https://www.bloomberg.com/graphics/2017-republican-tax-proposal/

"He oughta be replaced. And I’ve said that before and I’ve said it to people who can do it,"

panel Chairman Chuck Grassley, a Republican from Iowa, told reporters. https://www.bloomberg.com/news/articles/2017-12-19/grassley-wants-fbi-director-wray-to-

replace-mccabe-as-deputy

The Senate Judiciary chairman said Monday he wants Andrew McCabe removed as deputy

director of the FBI, a day before he is scheduled to testify behind closed doors to the House

Intelligence Committee in its Russia investigation.

Grassley has questioned whether McCabe has a conflict of interest and is biased against

President Donald Trump. McCabe’s wife in 2015 ran for a state Senate seat in Virginia, backed

in part with money from associates of Hillary Clinton, Trump’s opponent in last year’s

presidential election.

Grassley said the president shouldn’t intervene to have McCabe removed and instead leave that

up to Federal Bureau of Investigation Director Christopher Wray.

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

“The revisions to the forecast were inconsistent with the lack of revisions to the dots,” said

Torsten Slok, chief international economist at Deutsche Bank AG in New York. “The

number of dots should have gone up.”

https://www.bloomberg.com/news/articles/2017-12-19/fed-s-dots-have-lost-the-plot-as-

economists-puzzle-over-outlook

Here’s the conundrum. Fed officials raised their forecast for growth by four tenths of a

percentage point for next year, to 2.5 percent. That’s comfortably above the 1.8 percent rate they

estimate the economy can sustain in the long run.

The unemployment rate falls just two tenths more under that robust forecast to average 3.9

percent in the fourth quarter of 2018 -- well under their estimate of full employment. Inflation

moves up to just under 2 percent.

Goldman Sachs Group Inc. economists suggest Fed officials want to avoid showing an

aggressive policy response on the eve of a vote on the Republican tax bill. “We think the

monetary policy projections may be lagging the economic projections, perhaps in part due to

political sensitivity,” they said in a note to clients on Dec. 13.

“If we saw of a series of inflation prints where inflation was moving higher, even just up to their

target, we would see them be more aggressive on their rates,” said Robert Martin, an executive

director at UBS Securities in New York and a former Fed economist.

"Why are we raising rates when inflation is low and falling?" Kashkari, a voting member

of the policymaking Federal Open Market Committee this year, asked in an interview on

CNBC's "Squawk Box."

"More recently, we're seeing warning signs from the bond market," he added. "We've

raised interest rates. The front end of the curve has gone up but the long end of the curve

has stayed anchored. That flattening is also sending a concerning signal." https://www.cnbc.com/2017/12/19/feds-kashkari-i-vote-against-rate-hikes-because-of-low-

inflation-and-troubling-bond-market-signals.html

But Kashkari warned on Monday, in a telephone interview with The Wall Street Journal, that

continued rate increases by the Fed could drive the U.S. economy into a recession.

"It's possible we could end the expansion by our own actions," he told the Journal.

Saudi air defenses on Tuesday intercepted a ballistic missile fired towards the Saudi capital

Riyadh, Saudi-owned channel al-Arabiya reported in a news flash quoting a Saudi-led

military coalition. https://www.cnbc.com/2017/12/19/saudi-led-coalition-says-intercepts-ballistic-missile-over-

riyadh--al-arabiya-tv.html

The coalition is battling the armed Houthi movement in neighboring Yemen.

The Houthis said earlier they had fired a missile towards Riyadh.

"Robots are not here to take away our jobs, they're here to give us a promotion – I think

that's the way we should start looking at AI," Bhat told CNBC on Tuesday. https://www.cnbc.com/2017/12/18/artificial-intelligence-will-create-more-jobs-than-it-ends-

gartner.html

By 2020, artificial intelligence (AI) will generate 2.3 million jobs, exceeding the 1.8 million that

it will wipe out, the company said in a recent report. In the following five years to 2025, net new

jobs created in relation to AI will reach 2 million, according to the report.

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

The number of jobs affected will vary from industry to industry. The public sector, healthcare

and education are expected to gain the most jobs, while manufacturing and transportation may be

the hit the hardest, said Gartner's research director, Manjunath Bhat.

Gartner's sanguine projections contrast with the warnings on the dangers of AI sounded by top

technology industry voices such as Tesla CEO Elon Musk. Musk said the global race to lead the

development of artificial intelligence could lead to World War III, and cautioned that humans

must merge with machines in order to avert becoming irrelevant as AI becomes widespread.

Another technology luminary, Kai-Fu Lee, the founder of venture capital firm Sinovation

Ventures, said robots are likely to replace 50 percent of all jobs in the next decade.

Gartner acknowledged in its report that AI will eliminate "millions of middle- and low-level

positions." But it emphasized that more new jobs will be created, including highly-skilled,

management positions and even entry-level and low-skilled jobs.

"IT leaders should not only focus on the projected net increase of jobs," the report said. "For the

greatest value, focus on augmenting people with AI. Enrich people's jobs, reimagine old tasks

and create new industries. Transform your culture to make it rapidly adaptable to AI-related

opportunities or threats."

“The attack was widespread and cost billions, and North Korea is directly responsible,”

Tom Bossert, homeland security adviser to President Donald Trump, wrote in a piece

published on Monday night in the Wall Street Journal. https://www.reuters.com/article/us-usa-cyber-northkorea/u-s-blames-north-korea-for-wannacry-

cyber-attack-idUSKBN1ED00Q

The Trump administration has publicly blamed North Korea for unleashing the so-called

WannaCry cyber attack that crippled hospitals, banks and other companies across the globe

earlier this year.

“North Korea has acted especially badly, largely unchecked, for more than a decade, and its

malicious behavior is growing more egregious,” Bossert wrote. “WannaCry was indiscriminately

reckless.”

The White House was expected to follow up on Tuesday with a more formal statement blaming

Pyongyang, according to a senior administration official.

The U.S. government has assessed with a “very high level of confidence” that a hacking entity

known as Lazarus Group, which works on behalf of the North Korean government, carried out

the WannaCry attack, said the official, who spoke on condition of anonymity to discuss details of

the government’s investigation.

Lazarus Group is widely believed by security researchers and U.S. officials to have been

responsible for the 2014 hack of Sony Pictures Entertainment that destroyed files, leaked

corporate communications online and led to the departure of several top studio executives.

France and the United States are determined to “vigorously” raise pressure on Iran over its

ballistic missile program, including possibly through sanctions, Foreign Minister Jean-Yves

Le Drian said during a visit to Washington. https://www.reuters.com/article/us-iran-nuclear-france/france-u-s-determined-to-up-pressure-on-

iran-over-ballistic-weapons-idUSKBN1ED0ZV

“They didn’t like the word, but I stand by it,” le Drian told reporters. “Iran’s hegemonic

temptations in the region is a matter of urgency because it’s within the framework of getting

peace in Iraq and Syria that we will stop this process.”

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

EQUITIES

The S&P is +2 and the NASDAQ is +4.

Particulars for companies to make money (low interest rates, growth and some

wage inflation) remain in place. I am dollar cost averaging into a mix of equities.

Currently 70% Equities, 20% Bonds and 10% Money Markets.

Earnings:

www.moneycentral.msn.com/investor/market/earncalendar

On Bloomberg type in ACDR <GO>

UK/EUROPE

In the UK the FTSE closed +0.18%. In the UK, the yield curve is steeper with yields mixed.

BOE Rate +0.50%.

Next meeting 02/08/18

On the European Continent

The CAC Index closed -0.14%.

The DAX Index closed -0.06%. On the Continent, the yield curve is steeper with yields higher.

ECB Main Refinancing Operations Rate +0.00%

Deposit Facility Rate -.40%

Next meeting 01/25/18

ASIA

Japan:

The TOPIX closed -0.15%.

The NIKKEI closed -0.15%.

In Japan, the yield curve is steeper with yields higher.

BOJ Basic Loan rate 0.30%

Next meeting 12/21/17

China:

The Hang Seng closed +0.70%.

The Shanghai Composite closed +0.88%.

PBOC

Deposit Rate: 1.50%

Lending Rate: 4.35%

7-Day Repo Rate: 2.8998%

Reserve Requirement Ratio: 17.00%

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

THE TREND

EDH8: 98-25.0 is the pivot. Below the pivot you should be short, above long.

Support is at 98-21.0**.

Resistance is at 98.25.0 and 98-19.5*. *Pivot Point is a simple 20-day moving average.

** 2-STD Deviations from the pivot point.

Trend has you short from 98.500 (9/14/17).

YTD +8.0 futures ticks ($25 per tick) or +$200.00 per one contract traded.

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

10yr/TYH8: 124-14.0 is the pivot point. Above you should be long, below short.

Support is at 123-31.0**

Resistance is at 124-14.0 and 124-29.0** *Pivot Point is a simple 20-day moving average.

** 2-STD Deviations from the pivot point

Current trend has you short from 124-21.0 (12/13/17).

I remain flat ahead of the tax vote.

YTD (2017) +93.0 futures ticks ($31.25 per tick) or +2906.25 per one contract

traded.

YTD (2016) +377.5 futures ticks ($31.25 per tick) or +$11,796.88 per one

contract traded.

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

The Option Lab

Long the Short Feb. 97.75/97.625/97.50 put fly. Paid 2.0 ticks ($50) per contract.

Settled last night at 1.75 ($43.75).

Option Book 2017 YTD realized: -$228.13 per one contract.

Option Book 2016 YTD realized: +$43.75 per one contract.

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

US-SWAPS

IRSB <GO>

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

The Fundamentals

LABOR

Bureau of Labor and Statistics

http://www.bls.gov/news.release/

CPI, ECI, Employment situation PPI, CPI, Productivity and Costs, Real Earnings and US

import/exports.

Average Hourly Earnings y/y Department of Labor Department.

St. Louis Fed Agriculture Finance Monitor 3rd quarter 2017

According to the latest survey of agricultural bankers in the Eighth Federal Reserve District,

farm income declined during the third quarter of 2017 compared with a year earlier. Bankers

were modestly more optimistic when asked about the prospects for farm income in the fourth

quarter. Compared with their expectations registered in the second-quarter survey,

proportionately MORE BANKERS REPORTED AT THE DEMAND FOR LOANS, the rate of

loan repayment, and farm income were stronger than they initially expected.

Quality farmland values rose 1.1 percent in the third quarter from a year earlier, while ranchland

and pastureland values increased by slightly more, 4 percent. By contrast, cash rents fell in the

third quarter. In the third quarter of 2017, proportionately more bankers reported an increased

demand for loans. However, proportionately more bankers also reported a decline in the

availability of funds and in the rate of loan repayment. Compared with the second-quarter

averages, interest rates were modestly higher among most loan categories in the third quarter,

regardless of whether the loans were fixed rate or variable rate. This issue contained three special

questions. The first question asked about loan repayment problems. Nearly 60 percent of bankers

reported that operating loans (lines of credit) were expected to have the largest repayment

problems, while nearly a quarter of respondents reported no expected increase in repayment

problems. The second question asked about the performance of loans that have been restructured

in the past year. Nearly 70 percent of respondents reported that the restructuring has been in line

with expectations.

https://files.stlouisfed.org/files/htdocs/publications/ag-finance/2017-11-09/2017-third-quarter.pdf

How do Farm Incomes Compare to the average population

https://www.ers.usda.gov/faqs/#Q4

Charge-off Delinquency Rates on Loans and Leases at Commercial Banks

https://www.federalreserve.gov/releases/chargeoff/delallsa.htm

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

ENERGY

Baker Hughes Rig Count

Area Last Count Coun

t

Chang

e from

Prior

Count

Date of

Prior

Count

Chang

e from

Last

Year

Date of Last

Year's Count

U.S. 15 December

2017 930 -1

8

Decemb

er 2017

+293 16 December20

16

Canada 15 December

2017 238 +19

8

Decemb

er 2017

+4 16 December20

16

Internation

al

November

2017 942 -9

October

2017 +17 November 2016

http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-rigcountsoverview

What is U.S. electricity generation by energy source?

In 2016, about 4.08 trillion kilowatt hours (kWh) of electricity1 were generated at utility-scale

facilities in the United States.2 About 65% of this electricity generation was from fossil fuels

(coal, natural gas, petroleum, and other gases), about 20% was from nuclear energy, and about

15% was from renewable energy sources. The U.S. Energy Information Administration (EIA)

estimates that an additional 19 billion kWh (or about 0.02 trillion kWh) of electricity generation

was from small-scale solar photovoltaic systems in 2016.3

Major energy sources and percent shares of U.S. electricity generation at utility-scale

facilities in 20161

Natural gas = 33.8%

Coal = 30.4%

Nuclear = 19.7%

Renewables (total) = 14.9%

Hydropower = 6.5%

Wind = 5.6%

Biomass = 1.5%

Solar = 0.9%

Geothermal = 0.4%

Petroleum = 0.6%

Other gases = 0.3%

Other nonrenewable sources = 0.3%

Pumped storage hydroelectricity = -0.2%4

https://www.eia.gov/tools/faqs/faq.php?id=427&t=3

Renewable Fuels Association http://www.ethanolrfa.org/

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

TRANSPORTS Association of American Railroads Rail Traffic Report. For the first 49 weeks of 2017, U.S. railroads reported cumulative volume of 12,747,921

carloads, up 3 percent from the same point last year; and 13,238,662 intermodal units, up 3.8

percent from last year. Total combined U.S. traffic for the first 49 weeks of 2017 was 25,986,583

carloads and intermodal units, an increase of 3.4 percent compared to last year.

North American rail volume for the week ending December 9, 2017, on 13 reporting U.S.,

Canadian and Mexican railroads totaled 366,629 carloads, up 5.1 percent compared with the

same week last year, and 374,413 intermodal units, up 6.6 percent compared with last year. Total

combined weekly rail traffic in North America was 741,042 carloads and intermodal units, up

5.9 percent. North American rail volume for the first 49 weeks of 2017 was 34,494,565 carloads

and intermodal units, up 4.7 percent compared with 2016.

Canadian railroads reported 81,745 carloads for the week, up 10.3 percent, and 69,967

intermodal units, up 16.7 percent compared with the same week in 2016. For the first 49 weeks

of 2017, Canadian railroads reported cumulative rail traffic volume of 7,157,230 carloads,

containers and trailers, up 10.7 percent.

Mexican railroads reported 16,921 carloads for the week, up 9.4 percent compared with the same

week last year, and 11,653 intermodal units, up 3 percent. Cumulative volume on Mexican

railroads for the first 49 weeks of 2017 was 1,350,752 carloads and intermodal containers and

trailers, up 1.6 percent from the same point last year.

https://www.aar.org/newsandevents/Press-Releases/Pages/2017-12-13-railtraffic.aspx

Weekly Rail Traffic Report and Charts

For this week, total U.S. weekly rail traffic was 560,756 carloads and intermodal units, up 4

percent compared with the same week last year.

Total carloads for the week ending December 9 were 267,963 carloads, up 3.4 percent compared

with the same week in 2016, while U.S. weekly intermodal volume was 292,793 containers and

trailers, up 4.6 percent compared to 2016.

Seven of the 10 carload commodity groups posted an increase compared with the same week in

2016. They included nonmetallic minerals, up 3,011 carloads, to 35,630; chemicals, up 2,470

carloads, to 32,372; and metallic ores and metals, up 2,311 carloads, to 22,081. Commodity

groups that posted decreases compared with the same week in 2016 were motor vehicles and

parts, down 1,492 carloads, to 17,589; grain, down 725 carloads, to 23,735; and miscellaneous

carloads, down 400 carloads, to 8,919.

https://www.aar.org/newsandevents/Freight-Rail-Traffic/Documents/2017-12-13-railtraffic.pdf

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

Monthly Rail Traffic Charts

https://www.aar.org/Pages/Freight-Rail-Traffic-Data.aspx

Trailer Truck Demand

(Bloomberg Intelligence) – 12/18/17

Truckstop.com Market Demand Index, Average Rates

(Bloomberg Intelligence) -- Relative North American spot trucking demand rose 9.1%

sequentially to 31.8 in the week ended Dec. 15, based on Truckstop.com's Market Demand

Index. Capacity tightened as available loads increased 2.6%, while truck availability fell 6%.

Average spot rates, excluding fuel surcharges, held firm at $1.88 a mile. Dec. 18 marks the long-

awaited regulatory deadline for mandatory electronic logging device implementation, which is

expected to tighten capacity and put upward pressure on spot prices into 2018.

The Market Demand Index has climbed 116% on average vs. last year. Total rates, excluding

fuel surcharges, increased 12%. USA Truck and Knight-Swift traditionally have more exposure

to the spot market vs. other truckload carriers such as Werner, J.B. Hunt and Marten. (12/18/17)

To contact the analyst for this research:

Lee A Klaskow at lklaskow1@bloomberg.net

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

GDP

U.S. Department of Commerce, Bureau of economic analysis

http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

GDP, Personal Income, Outlays, Consumer Spending, Corporate Profits and Fixed Assets

GDP-4Q is running at 3.50% on December 15, up from 3.47% on December 14, 2017

Atlanta Fed GDPNow…Latest forecast Q4: 3.2 percent — December 14, 2017

The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the fourth

quarter of 2017 is 3.3 percent on December 14, up from 2.9 percent on December 8. The

forecast of fourth-quarter real consumer spending growth increased from 2.5 percent to 3.2

percent after yesterday's Consumer Price Index report from the U.S. Bureau of Labor Statistics

and this morning's retail sales release from the U.S. Census Bureau.

The next GDPNow update is Tuesday, December 19. Please see the "Release Dates" tab below

for a full list of upcoming releases

https://www.frbatlanta.org/cqer/research/gdpnow.aspx?panel=1

New York Fed Nowcast...Q4 2017: 4.0%...December 15, 2017

The New York Fed Staff Nowcast stands at 4.0% for 2017:Q4 and 3.1% for 2018:Q1.

News from this week's data releases increased the nowcast for 2017:Q4 by 0.1 percentage point and

left the nowcast for 2018:Q1 broadly unchanged.

Small negative surprises from industrial production and capacity utilization data were offset by the

positive impact of data revisions.

https://www.newyorkfed.org/research/policy/nowcast

St. Louis Fed Real GDP Nowcast… Q4 2017: 3.31%…December 14, 2017

https://fred.stlouisfed.org/series/GDPNOW

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

https://www.instituteforsupplymanagement.org/ISMReport/MfgROB.cfm?SSO=1

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

US Census Bureau (Manufacturers’ Shipments, Inventories and Orders). http://www.census.gov/manufacturing/m3/

Our Nation in numbers

The Constitution gives us four missions… 1. Establish Justice and Ensure Domestic Tranquility. 2. Provide for the Common Defense. 3. Promote the General welfare. 4. Secure the Blessings of Liberty to Ourselves and Our Posterity. www.usafacts.org

US Foreign Assistance http://foreignassistance.gov/

CBOT Non-Commercial Net Total – Futures Only

http://www.cmegroup.com/trading/interest-rates/cftc-tff/main.html

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The

factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is

not guaranteed as to the accuracy, and is not to be construed as representation by R.J O'Brien & Associates. The risk of trading

futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not

indicative of future results. © Copyright 2017. The Fixed Income Group at R.J. O’Brien. All rights reserved.

The Fixed Income Group at R.J. O’Brien

John Coleman

312-373-5190

800-367-3349

© 312-515-3067

johncoleman@bloomberg.net

Rob Powell

312-373-5197

800-367-3349

© 312-560-7112

robpowell@bloomberg.net

Jeff Bauman

312-286-0491

jeffbau@bloomberg.net

Rich Goldblatt

312-373-5450

800-367-3650

© 312-515-6019

futurestic@bloomberg.net

Rocco Chierici

312-373-5439

800-367-3650

© 312-515-3069

rocco1@bloomberg.net

Brian Rachwalski

312-373-5191

800-367-3349

© 312-515-3066

brachwalski@bloomberg.net

Dan Sobolewski

312-373-5191

800-367-3349

© 312-505-6364

dsobolewski@bloomberg.net

Evan Vollman

312-373-5452

800-367-3650

evollman@bloomberg.net

Corrine Abele

312-373-4847

800-367-3349

cabele@rjobrien.com

Matthew Surwillo

312-373-4958

800-367-3349

msurwillo@rjobrien.com