The Sunday deadline was pushed back to Wednesday, but that didn’t hinder the bullish mood on the Street on Friday.
Despite the optimism that has been aided by numerous sound bites, credit markets don’t seem to be buying it. Yields on European bonds have been rising, and tension in the credit markets has yet to abate.
3-month LIBOR Rate
Source: FreeStockCharts.com
European leaders are aware of the consequences of not getting a deal done. I suspect a compromise is in the works, but will it be as far-reaching as some equity players are hoping for?