Courtesy of Mish.
Yield on 10-year Spanish bonds remains stubbornly high near 7%, but yield on 2-year bonds is in the midst of a breathtaking crash.
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Spain 10-Year Government Bond Yield
Spain 2-Year Government Bond Yield
Of the two charts, the second is far more important. Spain will be rolling over short-term bonds, not 10-year notes.
As dramatic as that move in the 2-year yield has been, please note that German 2-year bonds yield a negative .05%.
Germany 2-Year Government Bond Yield
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