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Narrow range for spds Thu, focus...........>

US SWAPS
US SWAPS: Narrow range for spds Thu, focus elsewhere (US/China trade, geo/pol
risks) than on swaps, some light two-way positioning in 2s and 5s, no
significant deal-tied flow, 30Y narrowing on back of mildly weak 30Y bond
auction. Latest spd levels:
Time (ET)   2Y Swap/Mid   5Y Swap/Mid   10Y Swap/Mid   30Y Swap/Mid
Thu 3:00    +0.00/9.75     +0.19/3.75     +0.00/-1.94   -1.00/-25.75
1:30        +0.00/9.75     +0.12/3.69     +0.00/-1.94   -0.75/-25.50
10:45       +0.56/10.31    +0.31/3.88     -0.00/-2.00   -1.00/-25.75
Thu Open    +0.12/9.88     +0.19/3.75     +0.06/-1.88   -0.50/-25.25
Wed 3:00    +0.06/10.00    -0.31/3.62     -0.31/-1.94   -0.62/-24.88
Wednesday recap: Mildly tighter for the most part, short end resisting move most
of session. Incoming corp supply (notably $20B IBM 8-tranche) contributing to
move, mild two-way in front end w/better rate paying in 2s. 

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