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European Central Bank's president Mario Draghi's super relaxed attitude towards higher bond yields and volatility fuelled another set of rout in European bond market especially at longer end of the curve.
Key comments from Draghi -
- ECB officials expected bounce back in inflation, when they deployed the policy thus shrugging off concern over recent jump in inflation.
- ECB is not surprised at the level of inflation and it is still falling short of what was expected. So expect further move in inflation.
- Higher volatility is normal given the lower yields and bond market should get used to such volatilities, which means no action from ECB to curb the volatility.
German bund, which is seen as benchmark in Europe, yields rose as high as 0.992% in 10 year segment, which stands as the highest level seen since last year. Yield has risen by almost 35 basis points in two days, which is highest move since 1998.
Market was expecting that Mr. Draghi would comment to soothe market volatility and recent bond rout in Euro zone, instead his super relax tone has taken most by surprise.
Yields are now left for market participants to decide, which level they feel comfortable to lend to governments. Liquidity remains concern among market participants as QE continue to distort it.
However, one point to consider that good old day's might be returning to market when inflation level influences bond yields, after years of distortions by central bank actions.
