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Irish Bonds Continue to Fall
11/08/2010
Irish bonds fell for the 10th consecutive day in early trading due to concern that Ireland will struggle to repay their debts. This has also dragged the euro lower against most other currencies. The Treasury will auction $32B in 3yr notes today, $24B in 10yr notes tomorrow, and $16B in 30yr bonds on Wednesday. Right now, the futures market is pricing in a 92% chance that the Fed keeps rates between 0% and 0.25% through March 15th, 2011. Currently, the Ten Year yield is at 2.54% (2.53% on Friday) and the 2-10 yield spread is at 216bps, flattening 6bps since Friday morning.
