Curve Watcher’s Anonymous has an eye on European sovereign bond yields. Here are a few charts to consider.

Spain 10-Year Yield

Italy 10-Year Yield

Portugal 10-Year Yield

Charts courtesy of Bloomberg.

In the absence of another huge LTRO program from the ECB, and perhaps even with another LTRO program, yields in Spain, Portugal and Italy should head North. The LTRO is not going to trump long-term fundamentals which are downright horrible.

Mike “Mish” Shedlock
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