Interest on the debt to 10 years in maximum of 11 months: the barrier of 4% exceeded – Express

The yields of the Obligations of the 10-year Treasury in the secondary market of the debt already reached the barrier of 4% at the end of the morning session this Thursday, according to data from Bloomberg. There has been 4,004%, a maximum of 11 months, after the fees have closed up 4.1% to 11 February 2016.

The upward movement is general in the euro zone, with the German securities within that period, which serve as reference, to climb to close to 0.3%.

analysts point to an effect of higher global throughout the euro area, caused by the ascent of expectations to inflationary, once known, this week, the estimates of rapid inflation in December in the euro zone (1.1%) and in Germany (to 1.7%).

This change of expectations generated among the investors in the debt, the perception that the European Central Bank (ECB) may discontinue the expansionary monetary policy before 2018. Which would mean start, even in 2017, a process of "normalization" of interest rates that are at zero percent, making the money more expensive for banks in the euro area, and discontinue the policy of acquisition of public debt in the secondary market prior to the final scheduled for December of this year.

The pressure on the ECB in coming from Germany rose from tom this week aimed at the next meeting of the team of Mario Draghi already on day 19. Clemens Fuest, president of the influential institute of economic German Ifo, suggested that the ECB will start the discontinuation of the asset purchase program already at the meeting of 9 march. A round by economists of germany, held this week by Bild newspaper, pointed to a consensus that the ECB must increase the reference interest rates and end up with the expansionist policy.

A discontinuance in advance of the true 'rescue' that the ECB has held since march 2015, to the peripheral of the euro, buying up to 1/3 the debt publishes, it may be an earthquake, for more in a year loaded with political moments that are critical in the euro area. Portugal and Italy, two peripherals with growth below the average of euro zone debt and banking crisis, they would be in the first zone of impact.

In the first auction of the debt of the year in Spain and France held this Thursday morning, the Treasures of the paid rates of remuneration higher than in previous emissions similar to last year. In Madrid, 5 years, the Treasure, the Spanish paid 0,271% versus 0,207% in the issue previous, 10 years, paid of 1.45%, up from 1.42% in the past; 30 years, paid 2,76%, more than the 2,569% in operation last year. In Paris, the French Agency of the Treasury paid now 0,78% instead of 0,46% previously 10 years and 1.76% versus 1,01% to 30 years.