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Spds have gradually receded off first......>

US SWAPS
US SWAPS: Spds have gradually receded off first half wides, hold narrow range
w/long end compressing late. Midday flow includes better rate paying in 10s
around 2.92287-2.92375%, receivers in 3s (2.85625%) and payer in 4s (2.87875%).
Flurry of flatteners in 4s5s and 4s and 5s vs. 10s. Earlier flow was generally
two-way on rate and spd: 2s5s steepeners/flatteners, 3s5s steepener, 5s9s
flattener, payer in 4s at 2.875% and receiver in 5s at 2.8825%. Latest spd
levels:
* 2Y  +0.25/26.00
* 5Y  +0.31/15.19
* 10Y +0.31/7.50
* 30Y -0.06/-5.94

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