The yield on German 10/30-year bonds dropped by about 2 basis points, with a V-shaped reversal occurring during the European Central Bank resolution statement and Lagarde press conference.

On Thursday, in the European market in the final hour of trading, the yield on German 10-year government bonds fell by 1.7 basis points to 2.843%, trading in a range of 2.880%-2.837% during the day. At 18:31 Beijing time, it hit a daily high and then gradually began to give back its gains. After the European Central Bank announced its interest rate decision at 21:15, the yield continued to decline, with a V-shaped reversal during ECB President Lagarde's press conference, followed by a wave of high and then falling market. The yield on German 2-year bonds remained roughly unchanged at 2.095%, trading in a range of 2.078%-2.106% during the day; while the yield on 30-year German bonds fell by 2.3 basis points to 3.501%. The spread between 2-year and 10-year German bond yields fell by 1.732 basis points to +74.611 basis points. The yield on French 10-year government bonds fell by 0.1 basis points, with the 2-year and 30-year French bond yields remaining roughly unchanged. The yield on Italian 10-year government bonds fell by 0.1 basis points, while the yields on Spanish and Greek 10-year government bonds fell by 0.8 and 0.7 basis points respectively.