German 2-Year Yield Jumps 11bps as French 2-Year Hits Post-2008 High

The scale of the move matters more than the direction: a double-digit single-day jump in two-year German yields, alongside France's two-year hitting a level last seen in 2008, points to repricing at the front end rather than a gradual drift. That the French two-year now yields more than the German equivalent is the notable signal, since it puts peripheral risk back into the core conversation. Whether this spread behaviour persists, or reverses once the immediate catalyst passes, is the open question worth tracking.