This suggests that there is a substantial shared component in the decline in long-term rates that reflects a significant weight being attached to sub-par long-term outcomes for growth and inflation across advanced economies.
Chart 13 Ten-year yields of German and US government bonds (percentages)  https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp190916~ca7... 16.09.2019  Reflections on monetary policy  Page 11 of 18  Sources: Bloomberg and ECB.Latest observation: 10 September 2019.