This is a chart of the US 5-year Treasury yield against German 5-year yields.
US spread over German 5s
The spread is the widest since late-2005 (when EUR/USD was at 1.20).
The only way it makes sense to have German yields so much lower is if you believe the ECB doesn’t have any credibility to fight inflation over the next 5 years. Right now you have 0.5% inflation in the Eurozone and 0.356% German 5s. In the US you have 1.8% PCE inflation and 1.738% 5s.
