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Bailout of Portugal Inevitable?
04/05/2011
Moody’s said that a bailout of Portugal is inevitable, downgrading the country’s debt for the second time in 3 weeks. Water tested near one of the nuclear plants in Japan has radiation "millions of times" over the regulatory limit. Stocks and commodities are lower; mortgages and Treasuries are mildly higher in early trading. Right now, the futures market is pricing in about a 92% chance that the Fed keeps rates between 0% and 0.25% through August 9th, 2011. Currently, the Ten Year yield is at 3.41% (3.43% yesterday) and the 2-10 yield spread is at 264bps, flattening 2bps since yesterday morning
