So, from this angle, the increase in the term premium is likely to reflect a pricing out of deflationary tail risks. This in itself is certainly good news. The second factor that is likely to have added to the increase in the term premium is uncertainty, 3/6  BIS central bankers' speeches  mainly coming from outside the euro area.
One reason might be that although markets have generally become more optimistic about global growth prospects – buttressed by the undeniable upswing in the global business cycle – they may have also become less certain about the future course of fiscal policy in some jurisdictions as well as about other policies, including trade and regulation.