After yesterday's rise (+11%, to 98), the rise of the stock continues today BTP-Bund spread, which is reported above the psychological threshold of 100 basis points. By mid-morning, the yield differential between ten-year Italian government bonds and the equivalent German bonds was 112 bps. The new width of the scissor corresponds to interest rates on our country's bonds equal to 1,39%.
The air of tension on the bond markets comes on the day when Janet Yellen, number one of the Federal Reserve, is called to give indications on the next moves of the United States on the matter monetary policy. Yellen will speak at 19 pm Italian time, at the end of the two-day meeting of the FOMC, the operational arm of the American central bank. All operators are sure that the tightening will begin in 2015, but there is no agreement on when and how it will happen.
Another factor that decisively affects the spread is the situation of the Greece. Without an agreement to definitively unblock the last tranche of aid, Athens risks finding itself soon in a liquidity crisis. The prime minister Alexis Tsipras try again to move the negotiations to the level of the European Council, asking to meet the French president François Hollande and the German chancellor Angela Merkel, together with the president of the European Commission, Jean Claude Juncker, and the number one of the ECB, Mario Draghi. A meeting of the European Council will take place tomorrow and Friday.
