Bond yields are rising across the euro area, but the biggest shift is taking place in short-term Italian and Spanish bonds.

Those yields have been falling sharply recently, amid excitement that a three-year European Central Bank funding operation could depress the price of short-term sovereign borrowing in the two fragile countries.

However, that momentum appears to be reversing. Yields on Spanish and Italian two-year bonds have risen 20 and nearly 30 basis points, respectively this morning. That's still way below levels they were at two weeks ago, however if this jump continues it would suggest that investors have not been satisfied by the ECB's attempts to stall the crisis.

Check out yields on the Italian two-year: