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

US SWAPS
US SWAPS: Spds running mostly wider by the bell, spd curve on steepest level of
session w/long end quietly adding to Wed's jump. Relatively quiet trade on day
following lack of tax overhaul detail, others sidelined into US Pres Trump pick
to make Powell next Fed chairman (expected). Next up, Fri morning's NFP (+315k
est). Early flow included flurry of light receiving in 2s, 3s and 5s over last
hour, small payer in 10s at 2.34634%. Tactically, desks looking at next week's
supply to provide better entry points for those that missed Wed's widening move.
Over slightly longer time horizon, 10s30s Tsy curve needs to breach flats for
year in order for the spd curve to continue to steepen. That said, the 30Y spd
is over 2-year (inverted) highs today. Latest spread levels:
* 2Y  -0.12/21.25
* 5Y  +0.62/7.75
* 10Y +0.44/-1.62
* 30Y +1.00/-25.50

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