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

US SWAPS
US SWAPS: Spds running tighter by the bell, unwinding portion of Tue's move.
Short end leading move all session while long end revered early wides. Better
receivers in 2-5s on day, steady inflow of smaller prints. Flow by late morning
included 5Y switch around 2.77611%, $200M receiver 4s at 2.74313%, $240M
receiver 3s at 2.6905%, over $250M receiver 10s at 2.8755%, a lot of two-way
noise in 7s around 2.72779%. Latest spread levels:
* 2Y  -0.81/31.62
* 5Y  -0.12/15.75
* 10Y -0.25/4.62
* 30Y -0.25/-14.00

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