- What could go wrong? With the ECB's QE program getting underway, the yield on Spain's 10-year note fell all the way to 0.98% earlier in the session, though it's since bounced to 1.04%, down four basis points on the day.
- It was less than three years ago when the 10-year yield was well north of 7%, but the concern now - with the ECB buying €60B per month in European paper -is that there isn't enough debt out there to purchase.
- Earlier today, the ECB said it's bought about €10B worth of paper in QE's first three days.
- Italian 10-year yields haven't yet dipped below 1%, but they're also at a record low of 1.03%.
- EWP +0.6%, EWI +0.6%