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Priya Misra and Poorja........>

GLOBAL MARKET/OPINION
GLOBAL MARKET/OPINION: Priya Misra and Poorja Kumra at TD recommend long 1Y1Y
GBP vs US today as the spread has moved to the tightest in 12 months. 
- They believe "UK rates are now pricing in a hike in November and 2 hikes by
the end of 2018. We think that the market has already perfectly priced in the
near term path for the BoE . Meanwhile, despite the move higher in US rates post
the Fed meeting, we believe that the market is still under-pricing the pace of
Fed hikes over the next year."

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