STIR futures have continued their march........>

STIR: STIR futures have continued their march higher this morning following

yesterday's FOMC meeting. The dot plots and forecasts were revised lower with

the median now (11/17) looking for no hikes this year and one next year. 7/17

officials also projected no hikes next year.

- The Eurodollar strips has continued to drift higher this morning with Whites

up 1-1.5 ticks and the res of the strip 2.5-3 ticks higher on the day. The

two-day change has seen the curve steepen in the M9-M0 area. Whites are 1.5-8.5

ticks higher, with the rest of the strip 11-13 ticks higher.

- Short sterling has played catch up today ahead of the BoE meeting (which is

expected to be uneventful). Whites are 0.5-3.5 ticks higher on the day and the

rest of the strip generally 4.5-5.5 ticks higher. The two day change is only a

little smaller than the move in Eurodollars. Whites are 1.5-7 ticks higher, Reds

7.5-9 ticks higher and the rest of the strip 9-10.5 ticks higher.

- The Euribor strip has also moved higher on the back of yesterday's Fed meeting

but moves have been much smaller. Whites are unch, Reds 0.5-1 tick higher,

Greens 2 ticks higher and Blues 2.5-3.5 ticks higher.