It has been a fairly quiet start to the week...>

STIR: It has been a fairly quiet start to the week for STIR markets. The

Eurodollar strip is largely unchanged from Friday's close, the Euribor strip is

0.5-1 tick lower from the Z0 contract onwards and the short sterling strip

mostly down 1.5-2 ticks.

- The European morning session has seen a higher than expected Eurozone M3 but

Eurozone confidence indicators have fallen back a little again.

- The real focus will be on US inflation with both the Feb and Mar core PCE due

for release today, ahead of the FOMC decision and press conference on Wed. With

no SEPs at this meeting, STIR markets will be focused on any potential

adjustments to the IOER rate with the effective fed funds rate trading 4bp above

IOER. Payrolls are also due on Friday.

- The BoE Inflation Report and rate decision are also due on Thurs this week, a

meeting that might be more interesting than recent decisions following the

postponement of Brexit until Oct. Some analysts look for the BoE to potentially

move to a more hawkish tilt and prepare for a hike with domestic data holding up

well, others look for an acknowledgement of the weaker external environment.