It has been another quiet European morning.....>

STIR: It has been another quiet European morning session in STIR markets as we

await the ECB policy announcement and press conference and the Fed Minutes.

- At the time of writing the short sterling strip was unch to 0.5 ticks lower

and the Eurodollar strip was 0.5 ticks lower to 0.5 ticks higher. The biggest

moves have been seen in the Euribor strip which is 0.5-1.5 ticks higher on the

day.

- After last month's ECB blockbuster, the bar is high for the ECB to announce

further policy easing. Some are hoping for more details surrounding the TLTRO

III operation or discussion of tiering, but it is likely we will need to wait

for June for more clarity.

- Today's EU Summit will discuss the UK's Brexit extension request with a

statement due after the European market close.