Italy is rapidly becoming “core” Europe, by which we mean, a country seen as having very little sovereign risk anymore. Borrowing costs continue to plunge, even in just the last few days. Here’s a beautiful 5-year chart...

A rare occurrence in the U.S. government bond market last week could be signaling a big upward move in yields is on the way. Last week, three consecutive Treasury auctions, involving 3-year, 10-year, and 30-year bonds, “tailed”–in...

The Spanish government just went to the debt markets and borrowed 3.13 billion euros, which was above the 3 billion euro target. However, borrowing costs were higher and demand was weaker thna in a similar auction a...

When Francois Hollande was elected President of France, everyone was worried about his various plans to roll back reforms, lower the retirement age, and increase minimum wage. France has always been a borderline core/peripheral credit, and so...