German two-year yield falls 5.6 bps on ECB hold; 10-year down 1.6 bps

The front-end outperformance is the tell: a hold that still pulls the two-year this hard suggests the market read the decision and Lagarde's press conference as leaning more dovish than the status quo, even without a cut. The curve steepening, with the 30-year moving the other way, points to investors pricing easier policy ahead rather than a broad rally in duration. For anyone tracking euro rates and the bund curve as a funding benchmark, the question is whether this front-end bid persists or fades once the press-conference reaction is digested.