Euro-zone government bond yields have been on the rise recently. This partly reflects a less dovish outlook for ECB policy. As it happens, we don’t think that the ECB will scale back its stimulus in the near term, which should contain the yields of government bonds in the euro-zone’s “core” economies. But we do think that country-specific factors are likely to put further upward pressure on government bond yields in some of the region’s “peripheral” economies.
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