- 10s down 25 bps to 11.47% (lowest since March 30)
- 2s down 68 bps to 9.20% (lowest since in a year)
On the weekend, the Portuguese finance minister had some positive comments and the additional IMF funding could be contributing but this move seems beyond that scope. Liquidity is thin in Portuguese debt so there may be some type of squeeze but it’s a bit of mystery. In any case, it’s worth keeping an eye on.
