Global Rates, FX & EM 2017 Year Ahead Tectonic shifts 16 November 2016 Corrected Our top 10 Rates, FX & EM trades for 2017 FX and Rates Global 1. Short US 5y rates – Two and a half Fed hikes priced by the rates market for 2017- 18 are not consistent with aggressive fiscal easing promised by Trump.