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Spds drifting in mildly tighter............>

US SWAPS: Spds drifting in mildly tighter territory for the most part -- but
well off early wides. Compression followed Tsys reversal off early session highs
as US$ gained. Consistent flow on lighter volume includes varied spd steepeners:
2s5s, 4s6s and 5s8s, switches in 3s, 5s, 9s and 10s, receivers in 3s. Coming
into the session, the 
short end leads widening across curve, very light flow with appr $100k DV01 2s5s
flattener, payer in 5s at 2.90109% most recently. Latest spd levels:
* 2Y  -0.50/26.25
* 5Y  +0.12/12.62
* 10Y -0.19/3.06
* 30Y -0.12/-11.62

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