European Bonds Fall on Fed QE; Irish Debt Plunges an Eighth Day

European bonds fell, led by thirty-year securities, after the Federal Reserve announced it would buy $600 billion in Treasuries and focus its purchases on medium-term debt to stimulate the economy.

Irish bonds slid for an eighth day, the longest run in two years, as the government gave details of a budget that some investors are concerned may not pass. Portuguese and Greek debt followed, pushing yield spreads over bunds wider. The German 30-year bund fell for the first day in six as the European Central Bank kept its key interest rate at a record low, while investors absorbed new issues of French and Spanish debt as stocks surged.