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### POV Spds forging wider, spd curve......>

US SWAPS
US SWAPS: ### POV Spds forging wider, spd curve flattening around same time Tsys
started to pare gains slightly the last few minutes. Risk off tone/wider spreads
likely to hold in the short term,at least as long as safe-haven/risk-off tone
related to N Korea tensions continue. Prop/spec accts that played the short spd
angle in the face of this week's heavy corporate issuance advised to pare
back/unwind in the meantime. Latest spread levels:
* 2Y +1.00/25.88
* 5Y +1.12/8.88
* 10Y +0.62/-3.25
* 30Y +0.31/-31.94

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