在欧洲央行将关键利率下调25个基点后，德国10年期国债收益率在4月份跌至2.5%，为六周来的最低水平。尽管欧洲央行在3月份的会议上没有承诺降息，但在美国总统特朗普的一系列关税威胁可能成为欧洲主要产业的主要需求来源后，欧洲央行的举措受到了金融市场的广泛预期，这加剧了欧盟的增长担忧，并由于欧元走强和通胀风险降低，增加了央行的降息空间。央行的声明还指出，如果美国的互惠关税方案上调，企业和家庭信心的下降也将对融资条件产生紧缩影响。欧洲央行和美联储在通胀风险方面的相反方向突显出，尽管欧元区较大经济体的政府支出有所增加，但今年欧洲主权债券的表现明显优于美国国债。

The yield on the German 10-year Bund fell to the 2.5% mark in April, its lowest in six weeks, after the European Central Bank cut its key interest rates by 25bps. Despite refraining from committing to a cut in its March meeting, the ECB's move was widely expected by financial markets after the series of tariff threats by US President Trump risked a key source of demand for major European industries, magnifying growth concerns in the bloc and increasing the cutting room for the central bank due to the euro's strength and lower inflation risks. The central bank's statement also noted that should the US's reciprocal tariff package go up, the reduced confidence for businesses and households will also have a tightening impact on financing conditions. The opposite direction on inflation risks that the ECB and Fed have flagged underscored the sharp outperformance of European sovereign bonds to US Treasuries this year, despite the increase in government spending by larger Euro Area economies.