Great post. I’ve been following the OAT-Bund and then Gilt-Bund yields. A few things stood out which *you* had semi-constructed:

1. I was at the desk when OAT-Bund first came up and naturally tried to generalize to other cases like Gilt rates; it’s amazing it took so long for the other differentials to gear up

2. You are absolutely correct about the ECB both cushioning the blow and helping it spread as individual countries aren’t penalized as harshly; curious incentive structure

3. You made the very good argument that American tariffs on Chinese goods export deflation to the rest of the world due to the glut. German industry being eaten at by Chinese imports is hitting the trust in the German economic engine and exacerbating the bond crises.