The two-year German bond yield rose by about 9 basis points on the day of the European Central Bank's decision, as Lagarde's "wait-and-see" attitude and the prospect of another pause in rate cuts boosted sentiment.

On Thursday in the European market, the yield on German 10-year government bonds rose by 6.3 basis points to 2.702% at the end of the day, registering an overall upward trend. Throughout the day, there was continuous "low-level volatility" until 20:30 Beijing time, with the yield hitting a daily low of 2.659% at 17:33. The yield continued to rise as European Central Bank President Lagarde held a press conference, reaching a daily high of 2.711% at 21:29. The yield on 2-year German bonds increased by 8.9 basis points, hitting a daily high of 1.933%, while fluctuating at low levels until 21:00 and hitting a daily low of 1.862% at 17:17. Lagarde's statement that "the central bank is in a 'wait-and-see' mode" caused the yield to break through 1.92%, with reports indicating that the central bank's basic assumption for September is to maintain the status quo, leading to further increases. The 30-year German bond yield rose by 1.9 basis points to 3.192%. The yield spread between 2-year and 10-year German bonds fell by 2.512 basis points to +76.684 basis points.