German 10-year Bund yield falls 5.3 bps to 3.413%

The move is a curve story rather than a level story: the 2/10-year spread narrowing to just under 30 bps shows the long end doing the work, with the 30-year matching the 10-year's decline while the 2-year barely budged. That pattern points to duration demand or a term-premium repricing rather than a shift in near-term rate expectations. Whether the spread keeps compressing toward the flat-to-inverted zone seen elsewhere is the open question worth watching.