Vigilance deficit

24 April 2013 By Neil Unmack Follow @unmack1

Euro zone bond investors are shrugging off rising national debts, missed growth targets and political uncertainty. Having first terrorized policymakers into austerity, they now seem to think they will be reflated to safety. The relaxed approach leaves a lot to trust.

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The yield on a basket of European 10-year sovereign debts has dropped from 1.7 to 1.2 percent in the last 12 weeks.
The yield on 10-year UK government gilts has fallen from just over 2.2 percent to just under 1.7 percent over the last 10 weeks.
Italian 10-year bond yields fell below 4 percent on April 23 for the first time in over two years, hitting 3.9 percentage points, the lowest level since November 2010. Both Spanish and Portuguese 10-year yields also their lowest levels since 2010

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