The German Yields Are in for a Breakdown

The 10-year yield in Germany has more or less been hovering around 2.5% also for most of the year. So I think we're actually starting to see the very kind of end of this. Europe, just like the US, is over tightening. But unlike the US, they haven't been adding liquidity. They've been truly letting liquidity run down while tightening. And obviously we had the German data come out this week on the way businesses are thinking about everything and PMIs. And it's all just brutal.