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Spds running tighter across the board,.....>

US SWAPS
US SWAPS: Spds running tighter across the board, at/near lows, front end
leading. Decent flow since midmorning w/2-way in 2s around 2.49037-2.502%,
better receiving in 8s-10s. Decent fly volume w/2s3s5s receiver, 2-way in
2s3s10s and 5s7s10s payer fly. Latest spd levels:
Time (ET)   2Y Swap/Mid   5Y Swap/Mid   10Y Swap/Mid   30Y Swap/Mid
1:15        -1.44/9.12    -1.31/5.44     -0.94/0.25    -0.44/-24.44
12:00       -1.25/9.31    -1.38/5.38     -1.19/0.00    -0.50/-24.50
9:15        -1.25/9.31    -1.00/5.75     -1.00/0.19    -0.88/-24.88
Thu Open    -0.56/10.00   -0.56/6.19     -0.19/1.00    -0.75/-24.75
Wed 3:00    +0.31/10.62   +0.94/6.50     +0.00/0.69    -1.25/-24.50
Wednesday recap: Spds well off lows after the bell, all except the 30Y. Earlier
-- front end still off late Feb lows around 8.5 (3-year lows) while 30Yr spd
extends inversion -- dragging 10Y tighter/inverting as well for first time since
early 2018. Incoming supply is not a factor today (but has been heavy last 6-8
weeks. 

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