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Spds flip to mostly tighter by the open,...>

US SWAPS: Spds flip to mostly tighter by the open, spd curve steeper vs. mildly
flatter yld curves. Recent flow includes 2-way in 2s and 5s, better net receiver
in 5s and 2s/6s flattener, earlier receiving out the curve. Latest spd levels:
* 2Y  -0.56/25.31
* 5Y  -0.44/14.88
* 10Y -0.25/7.44
* 30Y +0.06/-5.31
Monday recap: Spds mildly wider for the most part by the bell, spd curve steeper
vs. flatter rates on narrow range. Flow remains muted on the day, latest
includes two-way in 3s and 5s, modest paying in 2s at 2.8027% and 10s at
2.9295%. Early session flow included two-way in 2s, 2s5s and 5s10s steepeners,
2s10s flatteners on light size.

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