USD: Correction into Year-end. Neutral. We still expect USD to rally significantly next year but now see a USD correction into year-end as likely. With a rate hike fully priced for December and the Fed saying it will not incorporate expected fiscal policy changes into the outlook until they occur, there is limited room for the Fed to push US bond yields even higher. In addition, we could see additional profit taking on USD longs initiated post-election. Next year, major policy initiatives as a result of the US election are likely to be USD positive, and we now expect the Fed to hike 6 times by YE18. USD strength will ... (full story)