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*** Spds running wider across the board,...>

US SWAPS
US SWAPS: *** Spds running wider across the board, intermediates rebound from
Wed's post FOMC narrowing (see recap for midweek spd volatility story). 3Y spd
anomaly, Bbg currently has >3.0bp tighter at 9.42 -- appr half that move is in
error, other platforms show midpoint around 11.12. Still significant divergence
from balance of spds. One desk points out "Jan 22s are cheap, so there is some
roll effect" contributing, in addition to sellers of cash 3s. Latest spds:
Time (ET)   2Y Swap/Mid   5Y Swap/Mid   10Y Swap/Mid   30Y Swap/Mid
Thu Open    +1.81/14.31   +0.62/8.31     +0.69/2.69    +1.69/-11.81
Wed 3:00    +0.50/13.75   -1.00/7.75     -1.00/1.25    +0.56/-14.00
Wednesday recap: A lot of volatility for spds on the day, levels currently
mixed, well off second half wides to mildly wider in wings vs. tighter 5s-10s.
Spds gapped wider into midday. Move corresponded w/midday turn in rates, large
payer 2s at 2.79062% including decent selling in Eurodollar Reds (EDH0-EDZ0),
heavy flurry two-way fly trades: 2s6s7s payer, 2s5s6s receiver, 2-way 3s4s5s,
3s4s7s and 3s4s6s receiver, 5s6s7s receiver and 5s7s10s receiver flys. 

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