Markets are reacting to higher than expected euro zone inflation figures
The ECB’s top three shareholders charted different paths for interest rates on Wednesday in a preview of the problematic debate awaiting the ECB in the coming weeks.
ECB president Christine Lagarde said on Thursday that further interest rate hikes are “possible” after March, depending on the incoming data. Yields on 10-year French, Spanish, Portuguese and Irish bonds were at their highest levels since mid-January 2012, January 2014, April 2017 and February 2014, respectively.
“The new multiyear highs in 5y5y above 2.5 per cent highlight the market’s shift away from pricing temporary price shocks to pricing structurally higher inflation, leaving the all-time highs from 2008/09 as the next target,” said Michael Leister, head of interest rates strategy at Commerzbank.
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