机构：在当前情况下 美国国债的避险功能可能失灵

Core Insights - The report by Eugene Leow from DBS Group indicates that the yield curve of German government bonds reflects market expectations of increased military spending by the EU following President Trump's proposed tariffs related to Greenland [1] - Risk aversion has led to a decline in short-term yields, while long-term yields have dropped due to concerns over potential additional spending, resulting in a steeper yield curve [1] - The report suggests that the traditional safe-haven appeal of U.S. Treasuries may be diminishing, with a shift in risk aversion demand towards precious metals like gold and silver [1] Summary by Categories Market Reactions - The yield curve of German government bonds has shown movements indicating market expectations of increased EU military spending due to U.S. tariffs [1] - Short-term yields have decreased due to risk aversion, while long-term yields have also fallen due to concerns about increased spending, leading to a steeper yield curve [1] Investment Sentiment - There is a growing concern that U.S. Treasuries are no longer viewed as a safe asset, with financial decoupling (European economies reducing U.S. asset holdings) being a risk factor [1] - The demand for safe-haven assets is shifting towards precious metals, such as gold and silver, as investors seek alternatives to government bonds [1]