Key Data Points
German 10-year bund 23 bps higher;
Italy 80 bps tighter;
Spain 75 bps tighter;
Portugal 54 tighter wider;
Ireland 24 bps tighter;
Greece 91 bps wider;
French, Italian, Spanish banks up 5-15 percent.
Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough — Mario Draghi, European Central Bank
Take a look at the cover of this week’s Economist. Could this be the inflection point? Structurally? We doubt it. Policy inflection point? Maybe. The markets sure seem to think so.