Over the past month, investor concerns surrounding a fiscal funding shortage in Greece were generally left unaddressed by European leaders. While policy makers abroad openly discussed a solution to growing fears that Greece would default on its debt, they never implemented a clear solution to calm the anxieties of the global marketplace. After dealing with countless days of unofficial rumors, traders ran out of patience and decided to take matters into its own hands to force political leaders to come up with a meaningful resolution. This frustration manifested itself via a record one-day point decline in stocks and an almost 30 basis point decline in benchmark Treasury yields. The flight to safety resulted in significant improvements in mortgage rates. A flight to safety happens when investors…(read more)
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