The ECB will be visiting Spain but it will not be heading to the beaches. The EUROPEAN DEBT markets were a problem today and not because of the SPANISH 10-YEAR. Today it was the SPANISH TWO-YEAR NOTE that bore the brunt of investor angst. The short-duration paper was 88 BASIS POINTS higher as the 2/10 curve collapsed 55 basis points: FRANKFURT WE HAVE A PROBLEM. President Draghi, as an ex-GOLDMAN banker you well understand that when the markets sense weakness an attack on the soft spot is imminent. The action in the SPANISH DEBT markets is the first warning sign.
Posts Tagged ‘Brazil Real’
Notes From Underground: Hey, Mario Draghi! UNPACK THE SPEEDO AS THERE WILL BE NO SUMMER VACATION
July 23, 2012Notes From Underground: Paging Dr.Bernanke … The Stress Tests Results Have Arrived
March 12, 2012Tuesday brings the release of the FED’S FOMC STATEMENT. Will it see its shadow or will the light be blocked by an extended period of darkness? Since the January 25 statement that announced the FED‘s intentions of holding rates at ZERO until mid-2014, the employment situation in the U.S. has improved, Europe has been “RESOLVED” and China has lowered reserve requirements. In the same time frame the S&Ps HAVE GAINED ALMOST 4%, while 10-year notes are virtually unchanged in price. Let us all bask in the success of Chairman Bernanke’s PORTFOLIO BALANCE CHANNEL. What now?
Notes From Underground: Today Was International Central Bank Day (Very Little to Celebrate)
March 8, 2012First with a hat tip to RF for e-mailing the JOKE of the DAY:
Overheard in the Athens Airport:
Greek Immigration Official:Nationality?
Tourist: German
Greek Immigration Official: Occupation?
Tourist: No. Just On Holiday