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BOND SUMMARY

Paring early gains

COMMODITIES

Silver Up Sharply As USD Weakens

EQUITIES

Positive Tone In Asia Buoys Europe

FOREX

USD Ebbs in Extension of Post-Fed Trend

US SWAPS
US SWAPS: Spds tighter by the bell, spd curve back to steeper after brief trip
flatter earlier. Modest second half front end flow two-way w/better receivers in
5s, as well as light deal-tied flow in the mix. Earlier, sources reported rate
paying in 2s, 2s5s spd flattener and 2s3s5s swap fly helping keep levels in
range. OTC vol steady to lower, gamma underperforming on lack of real vol on the
day. Latest spread levels:
* 2Y -0.31/25.12
* 5Y -1.00/5.62
* 10Y -0.12/-5.75
* 30Y -0.06/-34.50