US SWAPS-Spreads narrower, but mortgage hedging not big - 2004-01-13
U.S. swap spreads narrowed a little bit on Monday thanks to some hedging by mortgage portfolios after the huge rally at the end of last week.
After the disappointing 1,000-job rise in December payrolls sparked one of the biggest bond market rallies in the past two years, traders feared the massive mortgage bond world would need to start hedging against lower rates by receiving fixed
rates in swaps, driving spreads lower.
Read the full story at Forbes 
