German 2-Year Bund Yield Falls 4.4bps to 3.069%

The front end led the move, with the 2-year yield dropping several times more than the 10-year and the 30-year actually rising, steepening the 2/10 curve. That pattern points to repricing of near-term rate expectations rather than a broad duration bid, since longer maturities were unaffected or slightly cheaper. The open question is whether this front-end softening persists or reverses, given the intraday range showed yields briefly near the session high before settling lower.