Attachments: image001.jpg; Woo - Cause and Effect - 13-Feb-2017.pdf; Woo - Year Ahead - 16-Nov-2016.pdf Importance: High David Woo (BAML head of FX, Rates and EM Strategy, very highly regarded across our client base) is back from meetings in DC with senior policymakers. Bottom line: sees market pullback over the next 6-8 weeks on near term policy disappointment and recommends buying protection such as S&P puts — very cheap and market is priced for perfection right now. May expiry 100%/90% SPX put spread costs 1.7% (6:1 gross max payout)