The European bond yields are remaining calm these days. Portugal and Hungary are blowing out, however, and are the two key countries to watch moving forward. The Portugal 10-year yield jumped 25 basis points since yesterday to 12.62%. The spread between the Portugal 2-year and 10-year has narrowed to 20 basis points with the short end yield moving down 10 bips and the 10-year yield moving up. The Hungary 10-year yield is 8.83%.
Italy auctions a few minutes ago went off without problems. The Italy 10-year yield is at 5.48%, continuing to inch lower for the last seven weeks. The Spain 10-year is 5.06% starting to tease the 5% level. The U.S. 10-year note is at the 2% level.
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