Prospect of more normal rate backdrop favors trust banksWe are upgrading NTRS to Neutral, as the firm has more rate leverage than peers, viaboth NII and a faster recovery of MMF fee waivers. Moreover, NTRS' larger, moreconventional loan book benefits more from economic recovery, both in terms of NIIgrowth and potential NIM expansion. Thus, with the forward curve predicting the firstpolicy hike late next year, we view NTRS as well-positioned for early-cycle upside.Offsetting some of these benefits is a greater exposure to domestic tax rates, which mayrise in the next few years (NTRS outperformed peers by >6% in the 3 months leadinginto the 2017 tax cuts). Further, if the revenue environment improves, we believe there isgreater risk of faster expense growth at NTRS (see Figure 2). Finally, NTRS is at a36% premium to peers, above its LT avg of 31%.