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### POV, Expect further spd curve..........>

US SWAPS
US SWAPS: ### POV, Expect further spd curve steepening in the short term if 3M
FRA/OIS spd continues to narrow (-1.8 33.95)
- Contributing factor is 3M LIBOR rise last couple sessions (today +0.0081 to
2.4771% after gapping +0.0194 higher Thursday, largest one-day move since early
May).
- Hearing chatter that clearing levels for commercial paper and institutional
certificates of deposit have been on the rise amid a shortage of interbank
lending, knock-on effect over concerns of hard-Brexit? 

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