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Hawkish ECB much more concerning for BTPs than Bunds

While the yields of 10-year government bonds have risen across the euro-zone after the ECB sounded particularly hawkish at its meeting today, we suspect that further upward pressure on “core” yields will be limited. In contrast, the lack of details on plans to prevent fragmentation further raises the risk of a disorderly sell-off in “peripheral” bonds.

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