Morning update from Germany: The story unfolding here tells you something important about market sentiment. Investors? They're demanding fatter risk premiums as public debt balloons. The numbers don't lie—10-year yields just hit 2.86%, a sharp jump. Yet here's the head-scratcher: 10-year inflation expectations haven't budged much, sitting around 1.79%. That gap matters. Germany's real 10-year interest rate now stands at 1.07%. When you see yields climbing like this while inflation expectations stay put, it signals rising anxiety about fiscal sustainability and growth. That's the kind of macro pressure that shapes everything in crypto markets right now.