German 10-year Bund yield rebounds above 3.37% in V-shaped reversal

The speed of the reversal, rather than the level, is the story: bunds sold off into the US data and the ECB's hold, then retraced sharply, a pattern that usually signals positioning being flushed rather than a change in the rates outlook. The euro's softer tone alongside higher yields suggests the move is dollar-driven as much as euro-area specific. For RWA and tokenized-treasury markets, bund yields back above 3.37% keep the euro-denominated carry story intact, though the violent intraday swing is a reminder that duration exposure remains headline-sensitive. Whether the reversal holds once the data and ECB language are digested is the open question.