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Traders Seeking ECB Backstop Brace for Bond Rout as Hikes Near
Markets aren’t convinced the European Central Bank can lift interest rates and keep the bond yields of the euro area’s most-indebted members in check at the same time. Italy, one of the nations most vulnerable to rising borrowing costs, saw its 10-year debt post the biggest slide since the pandemic as ECB President Christine Lagarde outlined plans Thursday for a first rate hike in more than a decade. The spread over German bonds, meanwhile, edged toward levels that last prompted the ECB to start buying sovereign debt in an effort to stabilize the currency bloc as Covid-19 swept across the continent in March 2020. ... (full story)
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