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*** Spds running mildly wider, short end...>

US SWAPS
US SWAPS: *** Spds running mildly wider, short end off early highs. Modest
deal-tied flow on day. Way too soon to ponder if funding cost pressure is easing
as spds narrowing slows -- just look at 2Y spd over last 12 months -- steady
decline from around 32.0 in March-April 2018 to current levels below. EFFR still
holding at recent high of 2.44% -- stable. Desks starting to look at selling
short end, rate paying 2s-5s to fade move, make bets against chatter over IOER
cuts. Latest spd levels:
Time (ET)   2Y Swap/Mid   5Y Swap/Mid   10Y Swap/Mid   30Y Swap/Mid
Wed 3:00    +0.44/9.12    +0.06/3.06     +0.12/-1.75   +0.06/-23.81
10:45       +0.75/9.44    +0.12/3.12     -0.06/-1.94   -0.38/-24.25
9:00        +0.81/9.50    +0.12/3.12     -0.06/-1.94   -0.25/-24.12
Wed Open    +0.69/9.38    +0.06/3.06     -0.12/-2.00   -0.38/-24.25
Wed 7:30    +0.69/9.38    -0.06/2.94     -0.06/-1.94   -0.38/-24.25
Tue 3:00    -0.19/8.38    -0.12/3.00     -0.25/-1.88   -0.62/-23.88

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