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

US SWAPS
US SWAPS: Spds running wider across the board, grinding off three-year lows in
the short end. Nothing structural, just a confluence of lack of swappable supply
the last couple sessions (after HEAVY issuance in Feb and early March) and
decent rate paying in 2s, 3s and 5s this morning. Latest spd levels:
Time (ET)   2Y Swap/Mid   5Y Swap/Mid   10Y Swap/Mid   30Y Swap/Mid
10:45       +1.00/12.19   +0.75/7.25     +1.00/2.19    +0.44/-21.88
9:30        +0.75/11.94   +0.56/7.06     +0.62/1.81    +0.44/-21.88
Fri Open    +0.38/11.56   +0.12/6.62     +0.12/1.31    +0.31/-22.00
Thu 3:00    +0.06/11.50   -0.12/6.50     -0.06/1.25    -1.06/-22.06
Thursday recap: Spds have inched off first half wides, spd curve flattening vs.
steepening in Tsy yld curve, 30Y spd extending inversion. Modest overall flow,
however. Front end off wides despite better paying in 2s around 2.5755-2.5810%,
two-way in 7s around 2.54208%, and 2s3s7s payer fly. 

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