Spds mostly wider by the bell, short end...>

US SWAPS: Spds mostly wider by the bell, short end off highs though spd curve

still flatter w/ steepeners scaling back after 2Y spd hit all-time narrows late

last week. Light deal-tied flow, issuers hit sidelines amid ongoing US/China

risk-off angst. Limited flow included rate paying 2s and 5s, 5s8s9s receiver

fly.

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

Wed 1500    +0.94/4.00     +0.25/-0.25    -0.25/-5.12   +0.06/-27.88

1345        +1.62/4.69     +0.12/-0.38    -0.38/-5.00   +0.00/-27.94

1030        +1.75/4.81     +0.38/-0.12    -0.31/-4.94   -0.12/-28.06

0900        +0.88/3.94     +0.19/-0.31    -0.62/-5.25   -0.56/-28.50

Wed Open    +0.81/3.88     +0.19/-0.31    -0.62/-5.25   -0.62/-28.56

Tue 1500    -0.06/3.44     +0.00/-0.50    +0.62/-4.62   +0.62/-27.88

Tuesday recap: Spds running steady/mixed, 10-30s holding highs / narrow range

after making move midmorning. Short end, meanwhile, is little changed on the day

after narrowing to all-time lows late last week. 2Y spd narrowing largely due to

decline in 3M LIBOR (-0.0012 to 2.5237%) vs. rise of GC