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Spds collapsing last hour -- appears Dec...>

US SWAPS
US SWAPS: Spds collapsing last hour -- appears Dec move a little overdone. After
hitting widest levels in 7 months Tuesday (and making move over 3 week period:
from near inversion on Dec 10 to nearly +12.0 Tues), spd curve steepening as Tsy
yld curves bull flatten. Surge in swap-tied flow underscore move w/better rate
receiving in 2s, 3s, 4s, 5s and 7s, 2s10s steepener, 3s4s5s receiver fly. Dearth
of deal-tied flow so far. Current spd levels:
1145        -2.81/+9.62    -1.44/+2.31   -1.00/-3.50    -1.31/-31.19
1015        -2.00/+10.44   -0.94/+2.81   -0.69/-3.19    -1.06/-30.94
0900        -1.31/+11.12   -0.81/+2.94   -0.56/-3.06    -1.00/-30.88
Thu Open    -0.81/+11.62   -0.25/+3.50   -0.38/-2.88    -0.62/-30.50
Tue 1130    +0.90/+11.75   +0.62/+3.25   +0.38/-2.88    +0.12/-29.38
Tue Open    +0.84/+11.69   +0.38/+3.00   +0.25/-3.00    +0.00/-29.50

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