Spds running wider, spd curve flatter......>

US SWAPS: Spds running wider, spd curve flatter w/2Y gapping wider (highest

since mid-August) in post ISM aftermath, better rate paying in 2s-5s, Red pack

block (6k +0.040) likely swap-related as well. Current spd levels:

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

1030        +1.75/+2.75    +0.44/-3.88   +0.38/-9.94    +0.31/-39.69

0900        +0.94/+1.94    +0.25/-4.06   +0.69/-9.62    +0.38/-39.62

Tue Open    +0.75/+1.75    +0.38/-3.94   +0.62/-9.69    +0.38/-39.62 

Tue 0730    +1.25/+2.25    +0.56/-3.75   +0.81/-9.50    +0.56/-39.44 

Mon 1500    +0.12/+1.25    +0.38/-4.50   +0.44/-10.50   +0.69/-40.44

Monday recap: Spds hold wider by the bell, limited action after first half

moves. Short end holds mildly positive territory after dis-inverting first time

since beginning of the month. Modest swap-tied volume on the session includes

better rate paying in 5s and 7s. Limited deal-tied flow, appears specs

positioning for further widening.