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Contagion Ragin’ Once Again

It took a while but peripheral bond yields have finally blown out.

Spanish 10s are back above 6% and spreads over bunds are out to 4.50 bp, not too far from record wides of 4.72% back in November. That's a scary neighborhood.

Concerns over the Spanish bank bailout are compounding with the never-ending saga in Greece.

1.2950 barriers are the early focus for the market while sellers lie up in the 1.3000/10 area again.