Bunds Are Crashing

After reaching a record low yield of -95.8bps at the end of last week, 2Y german bond yields are exploding higher.

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The last 3 days - capped by today's spike - have seen a 13bps explosion - the most since Dec 2015 (and a second biggest spike in four years).

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Of course, we have seen these sudden squeezes numerous times but they have always ended with dramatically lower yields.