After the UK referendum and the US presidential election result, there were significant movements in asset prices. Notably in the UK, the exchange rate fell by some 15% and, surprisingly in the immediate aftermath, term premia also fell by some 20Bp. But following the recent Italian referendum result and the announcement of the resignation of the Italian Prime Minister on December 4, although Italian term premia have been volatile, there has been little overall change in premia. For example, the two day change in term premia from 5 to 7 December was around 2Bp. I suggest that one reason for the relative stability is the ECB's QE programme which is providing support for bond prices with respect to changes in risk.