Sales today on Italian government bonds. The 10-year BTP recorded a maximum yield of 1.98%, with the BTP-bund spread widening to 154bps. Joachim Nagel, a board member of the ECB and chairman of the Bundesbank, said today that rate hikes must not be delayed and could start this year. If the ECB stops net bond purchases as expected in the third quarter, this opens up the possibility of raising interest rates this year if necessary, according to Nagel. “It is very clear to me that if the price outlook requires it we must continue to normalize monetary policy and also start raising our key interest rates,” were Nagel’s words, who added: “” So far, many they worried that monetary policy could stifle the economic recovery if it tightened the reins too soon. In my opinion, the risk of acting too late is now greater. “