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The Great Bund Short Slaughter

With the world and his cat positioned for spread compression in European peripheral sovereigns ahead of the ECB's Q€, the natural 'short' that weighs on Bunds (against Spain, Italy, Portugal etc.) is being massively squeezed this morning. 10Y Bund yields have ripped 11bps from the start of the ECB press conference... in context, that's a 25% collapse in yield.

 

 

Quite a violent swing in Bund Futures (price) - too...

 

Charts: Nanex and Bloomberg