The market has settled down somewhat after.....>

STIR: The market has settled down somewhat after the Fed raised rates by 25bp

yesterday and after some initially larger moves, major STIR contracts have

ticked up a little.

- The Eurodollar curve has flattened with Whites moving 0.5-1.5 ticks lower and

the rest of the curve ticking up 0.5-1 tick. Many contracts are trading at their

highest levels since October 2016, including all of the Reds and Greens and most

of the Blues (Z9-U2). Longer-dated contracts (Z2, Golds and longer) are trading

at their highest ever levels.

- The Euribor curve has flattened with Whites largely unchanged on the day, Reds

0-1 tick higher, Greens 1-2 ticks higher and Blues 2-2.5 ticks higher.

- The Short Sterling curve has seen the smallest moves with the BoE rate

decision and Minutes due at midday GMT (7am ET). Greens and Blues are generally

1-1.5 ticks higher with Whites and Reds unchanged on the day.