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Spds tighter by the bell, off session......>

US SWAPS
US SWAPS: Spds tighter by the bell, off session lows, spd curve steeper w/short
end leading move all day. Incoming supply helped get things rolling while
sources report decent receiving in 2s-5s earlier, small 2s5s10s spd fly. Modest
rate receiver in short end around midday followed by light receiver unwinds from
fast$ late. OTC vol mixed, longer vega outperforming on the uptick in longer
rates. Latest spread levels:
* 2Y -1.00/24.81
* 5Y -0.38/5.50
* 10Y -0.62/-6.38
* 30Y -0.62/-35.06

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