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

STIR: It has been a very quiet start to the week for STIR markets, with no

contracts moving more than 1.5 ticks across Whites/Reds/Greens/Blues in either

Eurodollar/Euribor/Short Sterling futures.

- Eurodollar futures have seen the biggest moves with most Reds and Greens down

1 tick on the day, Whites generally moving 0.5 ticks higher and Blues 1-1.5

ticks lower on the day. The main focus for the week is the Fed decision on

Wednesday where any tweaks the language and discussion on the pace of balance

sheet normalisation will be key following a number of dovish Fed speeches

recently. The employment report and ISM manufacturing on Friday will also be key

but it remains unclear what other US data will be released this week following

the temporary reopening of the government. We should receive more clarity on

this later today after government employees return to their desks.

- The Euribor futures strip is down 0.5 ticks across the board with M3 money

supply a bit higher than exp but little in the way of other news/data today.

- The Short sterling strip has seen Whites/Reds flat to 1 tick higher but Greens

and Blues up to 0.5 ticks lower as we await more Brexit news.