The europeans must have inverted the two and five

IO is morning in Europe, they have begun.    Europeans see big problems in the next two years.  They likely fear exchange rate risk if they take the two year, so they must be jumping on the long bond preparing to hide out for some time.

In any event, the global yield curve has contracted, euro probably entering a bit of a slowdown, and mostly due to French government debt costs.  The euro cannot lose France leaving Germany as the sole central bank for Europe. Houston, we got a problem.