German 2-Year Bund Yield Rises 2 Basis Points to 3.011%

The front end is doing the work here: a 2bp move in the 2-year against a sub-1bp rise in the 10-year flattens the curve, suggesting the session's equity gains and softer oil are being read less as growth relief than as a reason to reprice near-term policy risk. The move is small and the intraday range was wider than the net change, so conviction looks limited. The open question is whether the 2/10 spread keeps compressing toward the front end or the long end catches up.