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German two-year bond yields jump to highest since 2011 after rate hike

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Euro, bonds steady as ECB delivers unprecedented 75 bps rate hike By Reuters

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Economy 7 minutes ago (Sep 08, 2022 13:52)

© Reuters. FILE PHOTO: The euro sign is photographed in front of the former head quarter of the European Central Bank in Frankfurt, Germany, April 9, 2019. Picture is taken on slow shutter speed while the camera was moved. REUTERS/Kai Pfaffenbach

(Reuters) – The euro and government bond yields were broadly steady on Thursday after the European Central Bank hiked its key policy rate by 75 basis points as expected.

Germany’s 10-year bond yield briefly rose after the hike but was last at 1.58%, unchanged from prior to the decision. The two-year yield, sensitive to interest rate expectations, was up 2 bps to 1.10%, similar to before the decision.

Italian bond yields fell 1.5 bps to 3.8147. The closely-watched risk premium they pay over German peers was unchanged at 225 bps.

Money markets moved to price in another 49 bps of rate hikes at the ECB’s October meeting, compared to around 50 bps before the decision.

The euro briefly edged up but was last trading at around $1.0007, little changed from where it was trading just before the rate move. Euro zone bank stocks jumped and were up more than 1%, while the broader stock market wavered and was last down 0.1%. .

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