Ok, up up, down, up, down down down, up up and away.
I’ve been away furiously recruiting staff and working on QIS2 while completing a house move, so not much blogging recently. Should pick up again shortly.
The other news is of course Spanish bond yields, which were heading for the stratosphere before the latest “solutions” were proposed. This had, for me anyway, an unexpectedly long-lived impact towards depressing Spanish bond yields.
That story is over and bond yields are back up testing the highs from a week or two. Nothing is properly fixed, so default and exit are still too likely to encourage investors to buy bonds at below these yield levels.