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Short end spds continue to surge wider.....>

US SWAPS
US SWAPS: Short end spds continue to surge wider (10Y dis-inverts back to early
2019 levels), pulling much of the spd curve higher w/the exception of 30Y. Heavy
two-way in 2s-5s amid better rate paying on net, some payer unwinds in the mix,
2s10s spd curve flatteners, decent deal-tied selling as well. Current spd
levels:
1115       +3.56/+9.12    +1.56/+7.56   +1.06/+0.31    -0.94/-40.50
0930       +2.75/+8.31    +0.38/+6.38   +0.00/-0.75    -1.19/-40.75
Thu Open   +1.25/+6.81    +0.25/+6.25   +0.00/-0.75    -0.94/-40.50
Thu 0700   +1.06/+6.62    +0.31/+6.31   +0.12/-0.62    -0.69/-40.25
Wed 1500   -0.44/+5.75    -0.37/+6.00   +1.00/-0.75    -0.56/-39.62

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