Into their close both Spanish and Italian bonds bounced off their lows. The Spanish 10 yr yield is 13 bps off its highs and the Italian 10 yr is 13 bps off its intraday peak. The daily egg shells we walk on this week over Spain will of course be followed by Sunday’s election in Greece and what, if anything, the FOMC will announce next week. Daily government (both from central bankers and politicians) event risk in either direction is paralyzing and dizzying.
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