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*** The ride continues for swap spds --....>

US SWAPS
US SWAPS: *** The ride continues for swap spds -- in line with complete reversal
in 5s30s Tsy curve from around 112.0 in early London trade to 78.25 recently,
Long end swap spds have reversed off new all-time inverted narrows of -87.0
(-21.25 move vs. late Thu level) to -61.75 -- a 25bp bounce! Until
liquidity/balance sheet constraints for real$ accts resolve, expect further
price action vol amid re-allocation flow. Latest Spd levels
Time(ET)   2Y Swap/Mid    5Y Swap/Mid   10Y Swap/Mid   30Y Swap/Mid
0945       -2.25/-1.75    +1.62/+3.88   +1.25/-2.75    +4.00/-61.75
Fri Open   +1.81/+2.31    +3.25/+5.50   -2.00/-6.00    -5.25/-71.00
Fri 0730   +2.25/+2.75    +2.25/+4.50   -2.62/-6.62    -7.75/-73.50
Fri 0630   +3.50/+4.00    +3.00/+5.25   -2.50/-6.50   -15.50/-81.25*
Thu 1515   -0.25/-2.75    +0.31/+2.06   -2.50/-2.50   -12.00/-60.00

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