The story of the morning: The euro is getting hammered and spreads are blowing out left and right.
The number that everyone’s watching is the Irish 2-year, which just crossed 8%.
Greek 10-year yields are making a gigantic move:
Portuguese yields are up.
Spanish yields are also up sharply.
Remember when we told you March was going to be insane. This is what we were talking about. Heavy issuance is freaking the market out.
Dear JCT, are you SURE you wanted to hike rates in this environment?