German Bund Yields Fall Over 1bp Across Curve; 10-Year at 3.626%

A parallel move lower across the curve, with the 2s10s spread essentially unchanged, points to a duration-wide repricing rather than a shift in rate expectations — the front end is not leading. That matters for crypto and RWA desks because Bunds anchor euro-area discount rates, so a uniform yield decline, even a small one, eases the risk-free hurdle that has been pressuring long-duration and yield-bearing tokenized assets. The open question is whether this is a one-session drift or the start of a leg lower; the intraday range on the 10-year suggests conviction was thin.