The pattern of Irish government bond yields in the past few weeks has been remarkable. Here the a six-month chart of the nine-year yield as calculated by Bloomberg.
This seems to be only term in the set provided by Bloomberg that still produces the interactive charts. Anyway as we pointed out last week the drops have been right along the yield curve.
Since last week the falls have continued. At the time the nine-year was at 5.3% and as can be seen above the continued decline has seen it drop below 5%. This is all in the face of public finance data, national accounts data, employment data, retail sales data that fails to impress. As before, this drop in bond yields should be considered a positive but one that, for the moment at least, should be viewed as transitory rather than permanent.
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