欧洲债市：德债创去年4月以来最大单周涨幅 10年期收益率连跌八日

Core Viewpoint - German bonds have strengthened but underperformed U.S. Treasuries for the second consecutive day, following the unexpected slowdown in U.S. inflation for January and the German government's consideration of exempting the debt brake mechanism [1][4]. Market Summary - The yield on German 10-year bonds has declined for the eighth consecutive day, matching the longest streak of declines since December 2024, with a total drop of 8 basis points this week [1][4]. - The yield on German bonds fell by 2 basis points to 2.75%, while German bond futures rose by 33 points to 129.20 [5]. - The yield on Italian 10-year bonds decreased by 2 basis points to 3.36% [6]. - The yield on French 10-year bonds also dropped by 2 basis points to 3.34% [2][7]. - The yield on 10-year British bonds fell by 4 basis points to 4.42% [3][8]. Monetary Policy Expectations - The money market has increased bets on European Central Bank easing policies, with current pricing indicating a rate cut of 9 basis points by the end of the year, up from 7 basis points on Thursday and 5 basis points the previous week [1][4]. - The swap market suggests that the Bank of England will cut rates by 47 basis points this year, slightly higher than the previous expectation of 46 basis points, despite comments from policymaker Huw Pill regarding interest rates being "a bit too low" [1][4].