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Spds running modestly wider, unwinding a...>

US SWAPS
US SWAPS: Spds running modestly wider, unwinding a fraction of Wed's narrowing
w/new inverted low in 2s. Rebound more directional w/Tsy ylds than flow driven
at the moment, though some rate paying noted in 2s (1.5895%, 3s (1.498% and 10s
(1.606%.. Latest spd levels (Net change/Mid lvl):
Time (ET)   2Y Swap/Mid    5Y Swap/Mid   10Y Swap/Mid   30Y Swap/Mid
Thu 0745    +0.88/-1.00    +1.10/-7.00   +0.75/-12.00   +0.88/-40.81
Wed 1500    -2.69/-2.62    -2.50/-7.81   -2.62/-12.62   -2.50/-41.25
Wed Open    -1.27/-2.19    -2.06/-7.73   -2.10/-11.88   -2.10/-40.85
Wednesday recap: Spds continued to extend inversion, 2Y at new all-time low,
in-line w/decline in Tsy ylds, spds did not bounce even as rates pared gains
after weak 10Y auction. Flow included decent deal-tied rate locks, fast$ payer
unwinds in shorts to intermediates. 

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