... in financial markets, bond yields are effectively tightening monetary conditions on the [ECB's] behalf, suggesting investors are beginning to anticipate an improved economic outlook... With 15 basis points of that move in 10-year Italian bonds coming in the wake of the Thursday ECB announcement, it's pretty clear that bondholders are viewing this week's reshuffle as a form of tapering, no matter what Draghi says. Other European markets suffered even more, with Portugal's 10-year borrowing cost soaring by 20 basis points to 3.75 percent Thursday.''

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