Spanish Government Bond Yield Jumps 21 Basis Points As ECB Disappoints Traders

European government bond yields jumped Thursday to their highest level in three weeks after the European Central Bank announced an expansion to its monetary stimulus that fell short of traders' expectations. The ECB cut the deposit rate on money parked at the central bank overnight to minus 0.3% from minus 0.2%, the lower end of the market's expectations, and announced a series of other measures. "Clearly the street has been looking for more from the ECB from all the dovish talk of the last few weeks," said Colin Cieszynski, chief market strategist at CMC Markets. The yield on the 10-year German bund jumped 9.8 basis points to 0.571%, its highest level since Nov. 12. The yield on the 10-year benchmark French bond rose 13.5 basis points to 0.920%, a three-week high. The yield on the 10-year Spanish bond gained 21.2 basis points to 1.704%.