We are in the midst of the great rotation.
The selling of the US treasuries by large institutions and sovereign funds to cover European bets is entering the 4 day of trading.
Investors are pouring money into European — and German specificly — equities. Cash is finding better treatment in stocks for the time being as debt market readjust.
The EU is soaking up European debt with it QEuro program with Germany being the largest seller. Sub 2 percent on US 10-yr had many shopping for better yield across the pond.