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Once again, Italian yields set the pace for the entire world.Today they’re falling. The 10-year is down to a svelte yield of just 6.351%, which is well better than the recent high of close to 7.5%.
For now it seems that the transfer of power away from Berlusconi is more positive than the Germans continuing to insist on no ECB lender-of-last-resort role.
And so it is that with Italian yields falling, markets are a bit higher around the world. Italy is up 1.4%. German is up 0.2%, as are US futures.