Spds mixed by midday, spd curve flatter....>

US SWAPS: Spds mixed by midday, spd curve flatter w/short end leading move.

Decent two-way flow on session w/receivers in 2s through 5s after better paying

in the short end (2s around 1.9833-1.8944%, 9s at 2.0325% and 10s at 2.0715%. No

deal-related flow after largest amount of issuance issuance place in wks

($34.15b). Current levels:

Time (ET)   2Y Swap/Mid    5Y Swap/Mid   10Y Swap/Mid   30Y Swap/Mid

1200        +1.12/4.75     +0.56/-0.31    -0.12/-5.31   -0.50/-33.62

1030        +0.19/3.81     +0.31/-0.56    +0.12/-5.06   +0.12/-33.00

0915        +0.19/3.81     +0.31/-0.56    +0.12/-5.06   +0.12/-33.00

Fri Open    +0.25/3.88     +0.38/-0.50    +0.12/-5.06   +0.00/-33.12

Thu 1500    +0.38/4.50     +0.25/-0.50    +0.19/-5.06   -1.12/-33.19

Thursday recap: Spds hold a largely narrow range by the bell, mostly wider with

long end extending tighter after the 30Y R/O. Spds were mildly mixed after CPI,

spd curve mildly steeper for most of the session. Limited swap-tied flow w/ some

deal-tied selling in fronts to intermediates coming into the session, mild rate

receiving from props in short end into the post-data sale.