German 2-Year Bund Yield Rises Over 4 Basis Points to 3.110%

The front end is doing the work here: a 4.1bp move in the 2-year against 2.0bp at the 10-year and 1.3bp at the 30-year is a clear curve flattening, not a uniform duration selloff. That points to repricing of near-term policy or funding expectations rather than a broad inflation or term-premium story. For RWA and crypto markets, the signal that matters is the direction of the risk-free anchor on the short end, since it feeds directly into dollar and euro funding costs. Whether the 2/10 spread keeps compressing is the open question.