Spds running mixed, wings tighter vs.......>

US SWAPS: Spds running mixed, wings tighter vs. wider intermediates now. Decent

receiving in

2s-10s macro fund and banks, 5s30s steepener overnight. Recent 2Y switch, $100k

2s4s5s fly, paying the belly. Latest spread levels:

* 2Y  -0.25/24.94

* 5Y  +0.44/10.25

* 10Y +0.38/1.62

* 30Y -0.62/-18.12

Monday recap: Spd curve on session flats vs. continued steepening in Tsys, short

end extending wider/but long end that marched tighter, back to mid-Jan levels

(-16.0). No confirm, but spd curve stop-outs likely in play. Short end heating

up in overnight repo adding to move in short end. If Fed announces bank

de-regs/softer leverage ratios, would be a good place to enter. However, after

Fri's sanction against Wells Fargo, is probability of softer bank reg's falling?

Earlier flow included flatteners in 5s vs. 7s and 10s, $457.6k 5s6s30s fly,

paying belly and $165.2k 2s4s7s fly, receiving belly.