The German fiscal reform is seen as a watershed for German government bonds.

On March 5th, Jins data, Barclays research strategist Rohan Khanna said in a report that the change in Germany's fiscal stance could have far-reaching implications for German government bonds. Although the execution risk of this ambitious plan is a medium-term issue, in the short term, German bond prices fall, the 10-year bond yield exceeds 2.75%, the yield curve steepens, and the asset swap spread narrows, facing the least resistance.