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

US SWAPS
US SWAPS: Spds tighter by the bell, short end rebounded off post FOMC narrows
amid light receiver unwinds. Spd narrower position holders caught a break in the
short end, spd curve steepening out in the post FOMC sell-off. Some rate paying
stop-outs in 2s. Otherwise light trade all seeion, sidelined accts into Fed
annc. OTC and exchange traded option vol cratered as Fed held rates steady, nod
toward Dec hike, balance sheet reduction starts in Oct as expected. Latest
spread levels:
* 2Y -0.26/28.82
* 5Y -0.38/7.81
* 10Y -0.25/-3.88
* 30Y -0.66/-34.25

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