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Greek Bond Yields Spike
04/22/2010
PPI printed slightly higher than expectations; continuing jobless claims remain elevated. Greek bond yields spiked to the highest level since 1998 (10yr at 8.56%) due to a worsening budget deficit outlook; voters feel that budget cuts have gone too far, investors want Greece to take further action. Right now, the futures market is pricing in an 84% chance that the Fed keeps rates at .25% through August 10th, 2010. Currently, the Ten Year yield is at 3.74% (3.78% yesterday) and the 2-10 yield spread is at 274bps, flattening 2bps since yesterday morning.
