STIR futures have drifted lower this morning...>

STIR: STIR futures have drifted lower this morning led by Eurodollar futures.

- This week will be a big week with the Fed expected to cut 25bp with the focus

on whether there is an explicit reference to the end of the mid-cycle

adjustment. We also receive the first print of US GDP as well as the US

employment report this week. Across the pond in the UK, Brexit and election

headlines will dominate with the PMI on Friday the key data release. While in

the Eurozone we receive some preliminary GDP prints along with flash inflation

and final PMI prints.

- Eurodollar Whites are down 0.5-2.5 ticks, Reds down 3-4 ticks and the rest of

the strip down 4 ticks.

- Euribor Whites are unch to 0.5 ticks lower, Reds 1-2 ticks lower, Greens 2-3

ticks lower and the rest of the strip 3-3.5 ticks lower.

- The short sterling strip unch or 0.5 ticks lower across the curve.