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*** Long end spds on the move wider, spd...>

US SWAPS
US SWAPS: *** Long end spds on the move wider, spd curve marching steeper
(reversed early flattening following refunding annc). Bonds apparently hit an
air pocket as it vaulted to high of 154-10 (USU currently 154-06). Sources
report hedge funds better receivers in 5s and rate paying in the long end
w/real$ and bank portfolios. Latest spread levels:
* 2Y +0.38/24.38
* 5Y +0.44/7.75
* 10Y +0.81/-3.62
* 30Y +2.12/-32.12

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