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*** Not a good sign for the the short......>

US SWAPS
US SWAPS: *** Not a good sign for the the short end -- Spds gapping tighter
across the curve -- making new lows for year in short end, 2Y revisiting levels
not seen since Jun 2016, while 5- and 10Y are at May 2018 lows
30Y at April 2018 inversion/lows. Appears short term funding pressure for banks
is being felt earlier than normal headed into year end. Earlier flow favored
rate receiving in 2s-5s and -n-line spd curve steepeners. Latest spd levels:
* 2Y -3.12/12.12
* 5Y -2.75/9.00
* 10Y -1.75/2.75
* 30Y -1.31/-16.25

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