You can also see, however, that after the first initial sharp upward movement in yields following the US presidential elections, it was increasingly an improvement in euro area domestic growth prospects that contributed to upward pressure on yields. You can see this reflected in the increasing contribution of the yellow component in the chart.
But what is even more important is that during this period, and despite stronger global and domestic growth prospects, expectations regarding our monetary policy have, on balance, had a 4/6  BIS central bankers' speeches  stabilising effect on yields, according to our analysis.