Wednesday, December 14, 2011

Reality sucks

Happy talk of Euro summit tested at today's Italian bond auction.  Reality takes hold as yields rise for 3 year notes to 6.47% from 6.29% of Nov auction.  Indicates lack of market confidence since the new money is going to 3-year notes not 10-year bonds and even these shorter maturities are at the magic 6.5% limit.  

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