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Spds running steady/mixed, spd curve.......>

US SWAPS
US SWAPS: Spds running steady/mixed, spd curve steeper, decent payer in 2s has
spd off earlier narrows, also 5s7s10s fly and 5s10s flattener earlier. More
recent flow includes small 2s5s flattener after 3s5s steepener. Latest spread
levels:
* 2Y  +0.06/20.69
* 5Y  -0.06/6.231
* 10Y +0.00/+0.12
* 30Y +0.56/-19.50
Wednesday recap: Spds running mixed after the close, spd curve flatter vs. post
FOMC steepening in Tsys. Spds had narrowed across the curve amid prop and bank
portfolio rate receiving in 2s-10s earlier; midmorning 5s7s8s and 5s7s10s spd
flys, 2-way spd curve flow in short end. Late curve unwinds, little deal-tied
hedging. OTC and exchange traded option vols crater post FOMC, eyes on packing
operations up heading into year end holidays now. 

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