Spds are running steady/mixed, spd curve...>

US SWAPS: Spds are running steady/mixed, spd curve mildly flatter in the short

end. Light overnight flow includes small <$100k 2s3s5s fly, paying the belly,

mixed curve interest w/ 10s20s steepener ($158.1k DV01) after 5s8s flattener

($109.5k DV01). Latest spread levels:

* 2Y  +0.31/19.88

* 5Y  +0.00/5.50

* 10Y -0.44/-0.88

* 30Y -0.31/-20.56

Thursday recap: Spds extend flatter in late trade, session lows, with shorts to

intermediates on lows. More recent flow includes small 2s5s flattener after 3s5s

steepener. Note 10yr back to inverted territory as Tsy curve resumes flattening

in a big way. Rather limited swap-flow on day, however, small 2s5s flattener

after 3s5s steepener earlier, prop and bank rate receiving/payer unwinds in

2s-10s in second half. OTC and exchange traded vol lower, but off lows.