Portuguese and Irish Yields Jump To New Record High

Wheile some media and government officials are quick to say that everything is fine with Ireland and Portugal, the market thinks otherwise.

• Irish 10-year notes yield rose to climbed to 6.46% from 6.29% in rising concerns that Ireland will need more financial aid.
• Portuguese 10-year bond yields rose to 6.39% from 6.09% (that's a 4.9% increase).

Note that same year German' bunds yield 2.47% for German bunds.

Irish Central Bank Governor said today that costs related to the country’s banking system remain manageable.” However, the country will auction as much as 1.5 billion euros ($2 billion) of 2014 and 2018 notes tomorrow. Oops!

The market is never wrong.