The 2-year German bond yield fell by more than 10 basis points, as the non-farm payroll report boosted investors' expectations of a Fed rate cut, leading to a cumulative drop of 27 basis points this week

At the end of the European session on Friday (August 2), the yield on German 10-year government bonds fell by 7.0 basis points to 2.174%. At 20:30 Beijing time, during the release of the US July non-farm payroll report, it dropped from above 2.2% to below 2.16%, approaching the lows of 2.119% on February 1 and 1.893% on October 4, 2013. The yield fluctuated downward throughout the day, with a cumulative decline of 23.4 basis points this week. The yield on two-year German bonds fell by 10.2 basis points to 2.352%. During the release of the non-farm payroll report, it dropped from around 2.41% to below 2.34%, approaching the low of 2.214% on March 24, 2023. The yield has fallen by 27.0 basis points this week. The yield on 30-year German bonds fell by 4.9 basis points to 2.416%