BIS central bankers’ speeches  Thirdly, there is debate on how much the “equilibrium” interest rate has declined structurally in the US, contributing to the downward pressure on the long end of the yield curve. Fourthly, the declining trend in eurozone bond yields has in the past also played a significant role in driving US Treasury yields lower.
This was evident during the eurozone crisis of 2011/12 and again in 2014 when the European Central Bank stepped up liquidity-provision measures and ultimately implemented QE earlier this year. As a result, the 10-year Bund traded below 1,0 per cent in late 2014 and even closer to 0 per cent earlier this year.