Italy’s 10-year bond yield rose to 4% — a level not seen since 2014.
"The bigger concern in the euro-zone is that the European Central Bank has so far failed to spell out the details of how a program to contain peripheral bond spreads might work. That's causing unease in the bond market, which has pushed up peripheral spreads."in July and its revised economic forecasts also indicated that the it is about to embark on a tighter monetary policy path.
"The real question remains Italy. Despite some reforms under [Prime Minister Mario] Draghi, Italian trend growth remains weak. For Italy, yields well above 4% could eventually turn into a problem." However, despite the recent surge in yields and expectations of high inflation in the months ahead, economists do not think we are about to witness a return to austerity in the region.
The Next Generation EU program, which sees European Union nations jointly borrow money from the markets, was introduced in the wake of the pandemic.
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