We heard it a bunch of times yesterday, that incoming French President Francois Hollande would soon see his socialist, anti-austerity ideals confront the cold realities of the bond market.
Well, the bond market isn’t freaking out yet.
The yield on the French 10-year bond is actually lower on the day. (via @alea_)
Anyway, the reason for the lack of freakout is simple. Domestic policies aren’t the issue right now.
As we explained here, there’s nothing any of these countries can do internally that will matter. It’s all about what’s done on the Eurozone-wide level.
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