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His downbeat assessment of the eurozone's prospects sent Spanish bond yields back to dangerous levels.
A heat wave in Europe in 2003 knocked agricultural yields back an estimated 30 percent.
5.50pm BST Closing summary: bond yields back in danger zone Time to wrap up for the day.
The aim would be to bring Italian 10-year bond yields back below 7%, and ideally below the 6% level they were at in the summer.
In Italy, weak demand for bonds pushed yields back above the critical 7 percent threshold, a level that has prompted other government borrowers to seek bailouts.
But it seems likely that the Fed would do a lot more QE if that happened to try to force yields back down again.
Similar(41)
With that, Russell yielded back his time and left, without waiting for a response.
But, in the usual American way, those family values have yielded back.
I urge my colleagues to support the resolution, and yield back the balance of my time.
And with that, Mr. Chairman, I yield back. GOWDY: The chair thanks the gentleman from Maryland.
Again on Monday, bond markets sold off aggressively, pushing the benchmark 10-year Treasury yield back up to 2.96 percent.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com