• 2-year Germany bond yields up 26 bps to 2.66%
  • 10-year Germany bond yields up 16 bps to 2.28%
  • 2-year Italy bond yields up 13 bps to 3.24%
  • 10-year Italy bond yields up 6 bps to 4.16%

That's essentially a sigh of relief and if things continue down this path in the hours ahead, it will make the ECB's job a lot easier to deliver on a 50 bps rate hike.

Meanwhile, 2-year Treasury yields are also seen up 6 bps at the highs for the day, seen at 4.036% currently.