Pre-crisis levels of confidence… never before seen bond yields… stocks surging back toward record highs… just don't tell the record number of unemployed Europeans…
Peripheral bond yields continues to plunge (as ECB QE hopes are front-run en masse)…
Remember what happens when the ECB actualy switches from promises to actions…
Lower pane is the weekly purchases of bonds by the ECB and the upper pane is the now all-important spread between Italian and Spanish bonds and the German Bund – higher being more risky.
Well that plan didn't work so well eh? It would appear that during the 2010 period spreads doubled from 100bps to 200bps and once again during the 2011 period, spreads almost doubled from 260bps to over 500bps in Spain.
The new Greek issue is back at par.
And EU Confidence soars to its highest since 2007…
Just don't tell the record numbers of unemployed Europeans
Charts: Bloomberg
via Zero Hedge http://ift.tt/1kXzW3o Tyler Durden