Sentiment soared higher yesterday and continues to climb this morning on expectations the ECB may begin a new round of bond purchases to ease pressure on Italian and Spanish borrowing costs. This morning the U.S. 10yr benchmark rate climbed +4.5bps to 1.483% not even 10bps above the historic low of 1.387% reached earlier this week. European sovereign debt spreads to bunds have tightened significantly overnight; Spanish and Italian 10yrs are trading at 6.61% and 5.88% respectively. Equity markets around the world are in the green, with the S&P 500 up +0.36% and the Euro Stoxx 50 up +1.46% as of 9:45 EST; Asian stocks closed strongly higher.