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Michael Pond of Barclay is with us in our studios in New York.

And now joining us from London Stephen

Major of HSPC Stephen congratulations on your continued call for lower

rates you stunned this morning with lower for longer 1.35% out to the end of 2017.

That is an outlier call. What does the street get wrong?

Well, it would be the fifth or sixth year in a road, Tom, when the streets have been

calling it the wrong way. History is no guide to the future, but I think we've got to understand

that this structural backdrop to markets

...