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To: ild who wrote (210827)	12/19/2002 11:56:50 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

Swaps are simply derivatives that allow a party to exchange debt of one duration for another. Presumably they are referring to treasury Swaps between the 2 year and maturing front month T-bill....which would correlate with the slope of the yield curve between those 2 points. It's been dropping as rates have become compressed as we approach zero on the T-Bill....