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Recent Gains Considered Corrective


Trend Needle Points North Despite Recent Pullback


Trend Needle Points North Despite Recent Pullback


Late SOFR/Treasury Option Roundup

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*** Spd curve stands sharply flatter by....>

US SWAPS: *** Spd curve stands sharply flatter by midday, with the short end
marching steadily wider on several factors including renewed rally in real and
implied volatility (VIX +1.54, 35.0) while credit default indicators are
climbing higher (CDX IG 5Y, +3.46 at 63.56 -- highest level since May 2017).
Long end spds grinding tighter/30y spd extending inversion apparently as bank
deregulation hopes get pushed further back. Move has spurred spd curve steepener
unwinds by props. Deal-tied flow absent. Latest spread levels:
* 2Y  +3.50/27.50
* 5Y  +1.75/10.56
* 10Y -0.50/1.00
* 30Y -1.38/-19.12

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