(Reuters) – Euro zone yields hit fresh multi-year highs on Wednesday, and Germany’s real yield rose above zero for the first time since 2015, on expectations of monetary tightening and concerns a potential increase in public spending would increase supply of bonds.

Germany’s 10-year government bond yield, the benchmark of the bloc, was up 5 basis points (bps) at 2.3% after hitting a fresh nearly 11-year high at 2.309%.

Germany’s 10-year inflation-linked yield rose 5 bps at 0.01%, its highest June 2015.

“The ECB’s communication increasingly sounds like that of the Fed. Officials now admit the possibility of a recession, and that it would neither be sufficient to bring down inflation on its own nor deter the ECB from its tightening mission,” ING analysts said in a note to clients.