German 2-Year Bund Yield Rises 1.2bp on US Jobs Day, Down 20bp on the Week

The curve move is the story: front-end yields barely budged after the payrolls print while the long end rallied hard, steepening the curve even as the whole complex posted a large weekly decline. That divergence suggests the market read the data as a growth concern rather than an inflation one, which matters for anyone pricing euro-area duration or the rate path. Whether the long end keeps outperforming the front end is the open question.