TD on the election outcome: "The Liberal.....>

CANADA: TD on the election outcome: "The Liberal Party won the most seats in

today's Federal Election, defeating the opposition Conservative party by a

healthier margin than expected. Still, with the Liberals projected to win 156

seats, they will still fall short of the 170 seats needed for a majority. PM

Trudeau should maintain his position as Prime Minister, but going forward the

Liberals will need the co-operation of at least one opposition party to pass

legislation. We would be surprised to see a formal coalition, but the Liberals

will presumably need to alter some  aspects of their platform to accommodate

other parties. It is too early to know how minority status will impact the

conduct of policy, but our (very early) expectation is that we could see a

slightly more expansive increase in spending than the Liberals had initially

planned."