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*** Spds still running steady/mixed,.......>

US SWAPS
US SWAPS: *** Spds still running steady/mixed, holding a narrow range all
morning. Recent flow includes 
* $160M 5Y receiver, 1.903%, 1027ET
Earlier mixed flow included insurance portfolio paying in the intermediates,
fast$ spd curve steepeners (5s vs, 10s and 30s) and asset manager receiving
2s5s10s spd fly. Desks stymied by absence of seasonal narrowing (supply based)
and Tsy curve steepening in the last couple weeks. While corp issuance has been
healthy (appr $110B total) last two weeks, a majority has proved unswapped, one
desk said. Quiet start for the week, desks plying sidelines into Wed's FOMC
annc. Latest spread levels:
* 2Y -0.25/24.50
* 5Y +0.00/8.50
* 10Y +0.44/-2.75
* 30Y +0.06/-33.00

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