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Spds at/near session wides by the..........>

US SWAPS
US SWAPS: Spds at/near session wides by the bell/spd curve flatter w/short end
reversing Thu's move. Better front paying in 2s and 5s late and sporadic
flatteners in second half, deal-tied flow in the mix. Earlier supportive flow
included flurry of flattener/steepener unwinds (2s9s and 3s vs 4s and 5s) on
good size as well as carry-over fly action (appr $200k 2s3s5s and $500M 3s4s5s).
Latest spread levels:
* 2Y  +2.25/32.25
* 5Y  +0.88/15.38
* 10Y +0.38/4.38
* 30Y +0.50/-13.50

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