Germany’s Debt Increase and Treasury Consolidation
Recall 2 weeks ago that news of the incoming German Chancellor’s ambitions to massively increase debt/spending led to the end of the bond rally in the US that took 10yr yields from 4.55 to 4.15%. The resulting bounce in US Treasuries was limited to roughly 15bps. Meanwhile, Germany’s equivalent 10yr yields spiked 3 times as…









