Europe Is Fixed: Spanish Yields Tumble To 8 Year Lows (Below US Treasuries)

Europe Is Fixed: Spanish Yields Tumble To 8 Year Lows (Below US Treasuries)

Is it any wonder Mario Draghi didn’t lift a quantitative-easing finger this week? Despite record unemployment, record (and disastrous youth unemployment), record suicide rates, record non-performing loans, and an inextricably-linked banking system facing $3 trillion in exposure to emerging markets…

Spanish 10Y yields are now back below US 30Y yields for the first time in 4 years…

With the European banks holding the bulk of this crap and facing what many HOPE is a real stress test; we can only imagine the contagion should fears ever re-ignite – though we always have the magical OMT.

It seems much of this exuberance is the hope that a European think-tank expressed that March will see the ECB announce QE… as usual, any minute now.

Chart: Bloomberg

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