Eurozone ECB rates peaked in Sept 2024 at 3.5%
Since then there have been 8 consecutive rate cuts and now it's 2%.

Meanwhile, the German 30 year yield doesn't care.
Maybe a sign of things to come for the US?

Looking at this chart makes me think that there is no amount of rate cuts the Fed can do if tresury yields climb above unsustainable levels (around 6%). They will need to print money and buy them directly.