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Spd Curve Flattens, Mirrors Tsys

US SWAPS
Outright payers, receiver unwinds in short end contributing to pressure in TUH3 as they extend contract low to 101-19 (-6.88), 2Y yield new high of 4.8073%, 2s10s -3.141 at -85.614 (still well off last week's 40 year inverted low of -91.943.
  • Swap curve flattening w/2Y spd at 34.80 +2.0 vs. tighter spds in 5s-30s.

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