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US TSYs have sold off slightly this....>

BOND SUMMARY
BOND SUMMARY: US TSYs have sold off slightly this morning with yields ~1-1.5bp
higher across the board with little overall change in the curve. Current yield
levels: 2-year 2.475%, 10-year 2.645%, 30-year 2.983%.
- Japanese markets are closed today.
- This morning's UK GDP print for December and Q4 came in weaker than expected.
Economic activity contracted by 0.4% M/M in December, driven by a drop in
industrial production and services output. Gilts have been under pressure since
the open, with the benchmark 10-year yield hitting a high of 1.194% up from
1.144%. Yields are ~2-3bps higher across the curve.   
- The German bund curve has steepened on the back of the longer-end
underperforming. The 2s30s spread has widened to 129.7bps from a low of 126.9bp.
- There has been some spread compression of Italian over German bonds at the
longer end of the curve. The Italy-Germany 10-year yield spread has narrowed to
2.837% from a high of 2.889%. 
- Euro$ futures are 0.5-3.0 ticks lower. Euribor futures are flat in
whites/reds, down 0.5-2.5 in greens/blues.

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