All you need to know is that Italian bond yields are not blowing out.
Someone is buying and yields are coming down. Good possibility that people are trying to front-run some expected ECB intervention.
As such, markets are green today across Europe, and in the US.
Of course, the ECB hasn’t commited to doing anything big on this front. Yesterday they resolutely refused to blink, and that’s why things went kablooey.
Here’s a look at the 10-year Italian yield so far.
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