German 2-Year Bund Yield Falls 14.2bps, Down 24.3bps Over Three Sessions

The front end is doing the heavy lifting here: a 14bp drop in 2-year yields against a much smaller move at 30 years is a curve steepening, not a uniform risk-off bid. The widening 2/10 spread signals the market is repricing near-term policy expectations rather than long-run growth or inflation. What matters is whether this steepening reflects a genuine shift in rate expectations or just positioning around recent highs. Whether the short end keeps leading the move is the open question.