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*** Spds holding narrow range amid.........>

US SWAPS
US SWAPS: *** Spds holding narrow range amid modest two-way in short end 
* US$240mln+ receiver of USD 4Y at 1.875%
* US$240mln+ receiver of USD 3Y at 1.79375%
* US$100mln payer of USD 5Y at 1.94625%
Despite the narrow range, accts have been sporadically fading the flattening in
Tsy curve, scaling into the curve trade w/better front end receiving since the
FOMC annc. Swap desks  expect corporate issuance to start picking up as well,
typically a narrowing factor for spds but overnight repo specials in 2s-10s has
buffered compression for several sessions. Fast$, props and insurance portfolios
accts starting to get active. Latest spread levels:
* 2Y -0.06/26.25
* 5Y +0.19/8.44
* 10Y +0.06/-3.31
* 30Y +0.25/-32.00

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