While the markets have yet to cement as conclusive reaction to the second round of quantitative easing, announced by the US Federal Reserve late yesterday, the trend on Ireland is coming through loud and clear. A steady rise in the country's cost of funding through rising bond market yields in the secondary markets has been mirrored by the country's credit default swap prices, which have hit record wides yet again in today's trading.

The government if Ireland's CDS was trading at 575bp at 11.00 BST, which is a record and indicative of a long trend this year, as you can see from this chart provided by Markit. Investors are becoming increasingly pessimistic about the extent of cuts to the budget, and whether these will be able to be enacted as the political process hits problems.