Things aren’t improving in a straight line in Europe, but progress is being made.
Yields on short-term peripheral debt continue to fall markedly.
For the first time since last March, yields on Spanish 2-year debt have fallen below 3%.
Here’s a 1-year look at the Spanish 2-year via Bloomberg (note it doesn’t have today’s move).
And here’s the Intraday look…
It’s a very similar story with short-term Italian debt. Major improvement.