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Bloomberg.com, and of Stanley. This is incredible.

First of all, this should be read on the screen those are lower yields look at that move nine

basis points down to point four six Andrew Sheets these are

ginormous moves and I refuse to believe this is just because of fiscal noise.

It is like a global yield compression, isn't it?

Yeah, it's a pretty substantial move.

So look, I think there are two things that are going on here.

I think the first is, I think specifically what we're seeing in Italy and maybe a little bit

more broader in Europe is kind of an expression of that old saying that happiness equals outcome minus expectation and

I think expectations towards the Eurozone towards Italy among investors were pretty low here.

So I think the fact that you have a compromise at least temporarily takes some of that

pressure off I think is kind of colliding with the fact that investors were pretty cautiously

positioned in Italy were pretty bearish and thus that makes these these larger moves easier. But look I think what we're pretty bearish and thus that makes these larger moves easier.

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