It has been another fairly quiet morning in....>

STIR: It has been another fairly quiet morning in STIR markets today.

- The short sterling market has seen the biggest moves with the strip drifting

higher and flatter throughout the day with politics continuing to be the big

talking point in UK markets as another Labour MP leaves the party (albeit this

time not to join The Independent Group). Whites are flat to 1.5 ticks higher,

Reds 2-3 ticks higher, Greens 3-3.5 ticks higher and Blues 3-4 ticks higher.

- In Europe, there has been more TLTRO discussion, this time from Nowotny who

has said that a TLTRO decision would come later than March and that if the

slowdown was "driven by one-offs" TLTROs may not be necessary. The final prints

of German GDP and Eurozone inflation were in line with the preliminary prints

while the German IFO fell a bit more than expected. Euribor Whites are flat on

the day, Reds flat to 0.5 ticks higher while Greens and Blues are 1-2 ticks

higher on the day. Draghi is due to speak at 15:30GMT.

- The Eurodollar strip has been much more stable today with Reds generally down

a tick on the day and most other contracts flat to 0.5 ticks lower. There are

nine Fed speeches in what should be a busy day!