Yields-Yen in Action, Portugal Dips
Eurozone woes return to the headlines amid news that Portugal's Espirito Santo International has missed its interest rate payment, causing fresh reverberations in to Portugal's biggest bank. Portugal's 10-year yield rises for the 4th consecutive weekly gain, while Spain 10-year yield may be doing something this month not seen since December 2013. Meanwhile, the mystery of falling US bond yields despite back-to-back solid US jobs reports is reconciled by weak US GDP figures and the lack of conclusive assessment from yesterday's FOMC minutes. If the Fed does indeed complete its tapering by October, then will Yellen effectively maintain bond yields at lower levels simply by talking down inflation and improvements in labour markets? Or, will yields fall due to concern with the economy following the full tapering off of QE3?
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