Spds tighter by the bell, long end.........>

US SWAPS: Spds tighter by the bell, long end extending inversion/near March lows

as in face of bear steepening move in rates post Fed chair comments. Decent

round of receiving in 2s, 3s, 5s and 10s earlier, mixed fly flow includes 2s3s5s

receiver and 2s5s7s payer, moderate deal-tied hedging in the mix. Note, spds

have been trending tighter over last week or so, short end off mid-Sep narrows,

30Y back to March inverted levels, intermediates weathering move a little better

but getting dragged tighter by wings heading into year end. Latest spd levels:

* 2Y -0.50/17.25

* 5Y -0.25/13.81

* 10Y -1.38/4.00

* 30Y -2.50/-15.62