German 2-year Bund yield rises 4.9 bps to 3.111%

The front end is doing the heavy lifting here: the 2-year's 4.9 bp move outpaced gains further out, and the 2/10 spread narrowing to roughly 25 bps points to a curve flattening driven by near-term rate expectations rather than long-end risk premium. That distinction matters for anyone reading Bunds as the euro-area risk-free anchor, since front-end repricing tends to feed quickly into rate-sensitive credit and RWA yield benchmarks. Whether the flattening persists or reverses as the long end catches up is the open question worth tracking.