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Jon Chait is a retired CEO of Hudson Highland Group, Inc, a global recruitment and talent management company. He has held senior executive positions in global companies for the last 20 years. I have traded my own account for over 20 years. In a rapidly, perhaps foolishly, rising market, it is... More
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  • Horrific Italian bond auction today; Euro jitters remain 0 comments
    Dec 29, 2011 8:05 AM
    The Italian Treasury was unable to sell all bonds offered in today's auction.  The Treasury hoped to sell €8.5B of bonds, but could only sell a total of €7B across all maturities.  The yield on the €2.5B of 10yr bonds was 6.98%.  While the yield was lowered than last month's 7.56%, the result can only be considered horrific coming after the ECB's 3-yr liquidity facility of last week. 

    The Italian economy shrank 0.2% in Q3, and most economists expect that Q4, when announced, will also be negative, marking Italy's fourth recessions since 2001. 

    Negative for $FXE  and $SPY today.

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