With most eyes focused on the smoke and mirrors debt ceiling fiasco in the US, inquiring minds note that sovereign debt yields in Europe are once again climbing with 10-Year Spanish government bonds touching 6% once again.
Spain 10-Year Government Bonds
Bloomberg Quote: Spain
Italy 10-Year Government Bonds
Bloomberg Quote: Italy
Note that Bloomberg’s charts do not match the quotes, so go by the quotes, not the charts.
Lower yields on Greece, Portugal, and Ireland are meaningless if they head higher on Spain and Italy. That Spain is back above 6% already and Italy headed there is significant.
Mike “Mish” Shedlock
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