All this on the tail of ECB president Mario Draghi’s comments that he’ll do “whatever it takes to preserve the euro.”
However, PIMCO’s Bill Gross is quick to remind us that this morning interest rate moves are still small when you step back. Here’s his tweet:
Gross: Spanish yields drop 50 basis on #Draghi. No matter. They need 400 basis more to remain solvent longer term.
— PIMCO (@PIMCO) July 26, 2012