0511 GMT - The upward spiral in bond yields is likely to become increasingly relevant to the European Central Bank's monetary policy considerations, LBBW's Elmar Voelker says in a note. "The resulting tightening of financing conditions for the economy is already having the effect of a tighter monetary policy," the senior fixed income analyst says. Taken on its own, this argues against another hasty increase in key interest rates, he says. Nevertheless, the updated staff projections from the September meeting last week indicate that under current circumstances, the ECB Governing Council is inclined to further tightening, he says.