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Markets are a tough higher this morning in Europe and the US.It’s not dramatic, but it’s a slight improvement from how things started last night.
The big story: Nice yield drops on short-term Spanish and Italian debt.
The bst bet is that it’s a response to reports about the ECB getting interested in yield caps on peripheral debt at its next meeting.
Nothing is confirmed on this point, but as we explained here, that would be a pretty big deal if it happens.