Spds running tighter, wings over belly.....>

US SWAPS: Spds running tighter, wings over belly amid light overnight swap-flow

as new year gets underway: two-way curve flow in shorts to intermediates, 3s4s5s

receiver fly, 10Y repo special helping keep sector from narrowing further.

Current spd levels:

Time (ET)   2Y Swap/Mid    5Y Swap/Mid   10Y Swap/Mid   30Y Swap/Mid

Thu 0745    -0.81/+11.62   -0.25/+3.50   -0.38/-2.88    -0.62/-30.50

Tue 1130    +0.90/+11.75   +0.62/+3.25   +0.38/-2.88    +0.12/-29.38

Tue Open    +0.84/+11.69   +0.38/+3.00   +0.25/-3.00    +0.00/-29.50

Mon 1500    +0.94/+10.94   +1.00/+2.50   +0.56/-3.19    -0.50/-29.50

Tuesday recap: Short end pulling spds running wider across the board, 7 month

highs in the short end as 2Y spd climbs from near inversion on December 10 to

nearly +12.0 currently, largest 1-month move since March 2018. Near mid-June

highs, the 30Y spd still remains inverted. Limited flow includes 1Y receiver at

1.777%, payer unwinds in 2s around 1.6761%-1.6960%, payers in 5s-10s and 2s4s5s

payer fly.