German 2-Year Yield Jumps 6.8bps as 30-Year Falls 4bps

A front-end-led selloff that steepens nothing and flattens the long end is a curve story, not a duration story: the 2/10 spread compressing to roughly +25bps signals markets pricing near-term tightening pressure while cutting long-run inflation or growth expectations. That mix lands hardest on short-dated borrowers and floating-rate exposure, not on long-bond holders. Whether the 2-year keeps pressing toward its prior intraday high, or the long end's bid proves the more durable signal, is the open question.