The selloff was driven by concerns that adding enormous buckets of government spending to a fast-recovering U.S. economy would push inflation above the Federal Reserve's target sooner than anticipated. The European Central Bank, fearing the impact on the bloc's anaemic economy and inflation, warned investors not to push yields too high, unless they want to fight its one trillion-euro war chest. AXA Group chief economist Gilles Moec said the ECB had been economical so far with its emergency bond buying scheme, so "there is plenty of dry powder to resist market pressure."