The swans were relatively well behaved today.  Watch Brazil.

Significant move in Italian 2-year, up 35 bps, resulting in big curve flattener.  Yields up across the board in Europe as ECB making noises QE is about to change.

Mario Draghi is on the verge of a watershed moment in the European Central Bank’s efforts to leave behind its crisis-fighting monetary policy

Chief Economist Peter Praet on Wednesday signaled the bank’s first formal round of talks on when to stop buying bonds is imminent. That would start the process of bringing down the curtain on stimulus efforts that have resulted in almost 2.5 trillion euros ($2.9 trillion) of bond purchases since 2015.  – Bloomberg

The markets dismissed, though German and U.S. 10-year yields spike, the significance of what the ECB is signalling but that is what markets do when they are in bullish mode.  The sun still comes up even with increasing risk and it follows must be time to hit the beach.

The risk markets want to move higher.