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Spds extend flatter in late trade,.........>

US SWAPS
US SWAPS: 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. Latest
spread levels:
* 2Y  -0.94/19.56
* 5Y  -0.94/5.44
* 10Y -0.75/-0.62
* 30Y -0.19/-20.31

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