ECB To Intervene ‘Significantly’ in Bond Markets (Spain and Italy)

Both the Wall Street Journal and Reuters are reporting that the European Central Bank (ECB) will take a significant step and start buying the bonds of both Italy and Spain. It should be noted, the statement from the ECB does not specifically state which countries are to be included in the resumption of the bond buying program. G7 leaders are also gathering today via a conference call. A Fed announcement is due on Tuesday.