Good News! Italy Avoids Fiscal Persecution As Europe Calls Off The Dogs

Italian bonds are on an absolute tear. Already enjoying a mammoth rally fueled in part by the ECB's decisive dovish pivot and the renewed global hunt for yield, 10-year yields in Italy plunged another 16bps on Wednesday thanks to news that Rome will avoid the dreaded disciplinary procedure over the country's notoriously troubled finances. This is quite something: Since Brussels officially got the ball rolling on a process that, had it played out to the end, would have forced Rome to choose b