BTPs go up but less than the Bunds, inflation weighs more than politics
(ANSA) – MILAN, AUGUST 27 – For now, politics and the upcoming elections do not weigh on Italian government bonds: beyond the reconstructions of possible ‘attacks’ by international hedge funds, from the resignation of Mario Draghi from the presidency of the Council, the yield of the Italian 10-year BTP rose by 9.1%, the German Bund by 12.6%, the French product with the same maturity grew by 10.1%.
On the international markets in the same period the rise in the British bond rate was much more consistent (+ 21%), which however has monetary policies unrelated to those of the euro zone. World government bond yields are in fact under tension precisely by looking at the fight against inflation by central banks, starting with the Fed and the ECB.
In fact, the Italian BTP in the last session of the week closed at 3.86%, on the highs since mid-June, but the spread in this context holds around 230 basis points, the same level as the days of tension of the announcement of the release. of the former president of the ECB from Palazzo Chigi. Worse did what the markets read as uncertainties on the part of the central bank, which in mid-June brought the BTP well beyond the 4% threshold.
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