German 2/10-Year Bund Yield Spread Briefly Turns Negative

The intraday inversion matters less as a signal than as evidence of how quickly the long end is repricing: the 10-year's weekly move outpaced the 2-year's, and the 30-year's gain points to term premium and duration supply doing the work rather than rate-cut expectations. The snap back to positive territory within the session suggests the move was flow-driven, not a regime shift. Whether the curve keeps steepening from the long end is the open question.