There is not much news that needed to be dissected so I think it is time for a quick look at yield curves. For simplicities sake I will keep the analysis to the generic 2/10 curves in the countries that have sophisticated capital markets. Why are the curves important? In looking back at the crisis that forced the ECB‘s Mario Draghi to announce “there will be no TABOOS and we will do whatever it takes” to sustain the euro currency and the entire European project. It was the 2/10 curves in Europe that were providing so much of the problem. The talking heads in the media continue to point to the 10-year debt instruments in Europe as being the most significant element. The Italian auction did this. The Spanish auction did that. I urge us to be more attentive to the shorter end of the curve and especially the two-year note.