STIR futures have moved higher and curves......>

STIR: STIR futures have moved higher and curves have flattened today following

yesterday's FOMC meeting and concerns surrounding the outlook for a US-China

trade deal. The Fed appear to be more concerned with the inflation outlook than

the market had expected. However, we note that these moves have largely retraced

moves seen over the past week, leaving the weekly moves smaller than the daily.

- The Eurodollar strip has seen Whites move 1-3 ticks higher today, Reds up 3-4

ticks, Greens and Blues up 4-5 ticks. However, over the past week only Blues

and, to a lesser extent, Greens are higher. Over 1-week, Whites and Reds are up

to 2.5 ticks lower, Greens unch to 2 ticks higher and Blues 2.5-4 ticks higher.

- The short sterling strip has seen Whites move 1-2.5 ticks higher on the day,

Reds 3-4.5 ticks higher and Greens and Blues 4.5-5.5 ticks higher on the day.

Again, moves over the past week are much smaller. Reds are 0.5-2.5 ticks lower

with the rest of the strip generally 0.5-1 tick higher.

- Euribor Whites are unch to 1 tick higher today, Reds 0.5-2 ticks higher,

Greens 2-3 ticks higher and Blues 3.5-4.5 ticks higher. On the week, most of the

strip is 1-3 ticks lower.