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### POV, Spds bumping around top end of....>

US SWAPS
US SWAPS: ### POV, Spds bumping around top end of narrow range - off opening
narrows amid light deal-tied hedging earlier, real$ rate receivers in short end,
money manager paying in the intermediates. Recent flurry of receiving in 9s, 10s
and 12s on light size as props fade move ahead incoming supply. Props looking at
spd curve steepeners in 5s and 7s vs. 30s. Heading into seasonal narrowing due
to a pick-up in corporate issuance as financial names announce earnings,
widening presents a window of opportunity to enter/add to narrowers. Caveat,
safe-haven rally likely to push spds wider. Latest spread levels:
* 2Y  -0.25/25.62
* 5Y  +0.06/8.12
* 10Y +0.38/-3.50
* 30Y +0.38/-31.75

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