The ratings agency, Moody's, has a reputation for showing up late to the party. But we're starting to wonder if their main reason for existence - with the lap dog compliance of the press-ecoblog cartel - is to occasionally test if there's any money still to be made from the repetition of a stale meme*.From Bloomberg, today's Spain 10-year yield in the wake of this morning's warning. Yield up 10 bps from yesterday's close in first hour. Currently, 17 below highs.
*In our darker moments, this theory has them assisting parties in getting cleanly out of profitable positions.
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1 Comments:
Spain is threatening to downgrade Spain!
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