Spd curve reversed course, unwound curve...>

US SWAPS: Spd curve reversed course, unwound curve flattening post FOMC, short

end sprd running steady after the bell. Current levels:

Wed 1500  +0.00/+8.50    +1.25/+6.00    +0.75/-0.50    +1.12/-45.75

1415      +0.69/+9.19    +1.25/+6.00    +0.38/-0.88    +0.62/-46.25

1230      +1.00/+9.50    +1.25/+6.00    +0.50/-0.75    +1.38/-45.50

1100      +0.69/+9.19    +0.88/+5.62    +0.38/-0.88    +1.19/-45.69

0900      +0.75/+9.25    +0.75/+5.50    +0.25/-1.00    +1.12/-45.75

Wed Open  +0.81/+9.31    +0.69/+5.44    +0.50/-0.75    +0.88/-46.00

Wed 0730  +1.12/+9.62    +0.75/+5.50    +0.38/-0.88    +0.88/-46.00

Tue 1500  +0.81/+8.69    +0.25/+4.75    +0.31/-1.31    +1.00/-46.88

Tuesday recap: Post TUU block print (+11k at 110-09.25) observation, likely

swap-tied with 2Y spd coming off mid-morning wides. Spds holding narrow range

otherwise, steady/mixed with some two-way deal-tied hedging on issuance from

financial names.