Market Reaction To German 'TARP' Vote
A very small initial rally has given way to more significant selling now as credit and equity markets pull back, EUR drops, and Bunds have rallied 1-2bps. Selling the news makes some sense but is hardly confidence-inspiring...especially given sub financials (light blue) move - though we are sure we will flip-flop for another or two yet.
UPDATE: Bunds at low yields of day now
Perhaps the phrase - we're gonna need a bigger boat - will become more popular vernacular today.
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