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Spds running mostly tighter by the bell,...>

US SWAPS
US SWAPS: Spds running mostly tighter by the bell, long end expanding ahead the
bell. Overnight flow included bank portfolio paying in short end earlier
followed by mixed curve flow on light size: 2s3s steepener and 2s10s flattener,
muted deal-tied flow. Latest spd levels:
* 2Y  -0.19/21.88
* 5Y  -0.33/13.27
* 10Y -0.25/5.31
* 30Y +0.31/-6.56
Tuesday recap: Spds running mostly wider by the bell, 5s-30s rebounding later in
the second half as rates unwound portion of two-way steepening. Modest two-way
flow on day. Earlier cross-current flow in 2s and 5s, deal- and pre-auction
hedging on $35B 2Y note auction.

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