Waffle-Bund Spread Hits All Time High

While Europe was only kidding that it has a plan of a plan in the past two weeks, stocks and the EURUSD were both soaring higher, even as European core spreads were leaking ever wider fully aware that the equity market headfake was predicated primarily by FX repatriation by troubled US banks. Now that the post smooth talking euphoria has worn off, and it is Coyote Ugly time, stocks are not too happy, while spreads continue to push ever wider. Case in point is the Waffle-Bund spread, which

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