European Peripheral Yields Are Collapsing

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More good news: European sovereign borrowing costs continue to collapse.They can thank the US Congress for that, as measures taken to avert the Fiscal Cliff have sent markets soaring.

The yield on the Italian 10-year has dropped to 4.348%, levels not seen since late 2010.

At 2.701%, the Spanish 2-year is down to levels not seen since March.

Greek yields continue to tick lower.

On the flipside, German yields are rising (as are US ones) thanks to the release of the safe-haven bid.

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