Zachary Griffiths

A softening of the economy pushes the Fed to cut rates more, typically in a slower growth environment.

When you have growth concerns, you see longer-term yields fall as well.

The export to GDP ratio for Germany is around 47 to 50 percent.

So that's certainly very substantial relative to, say, the United States, which is only about 10 to 15 percent.

Because you have that external factor that could weigh on the competitiveness of exports.

And so that leaves more of the job to be done kind of internally with something like the fiscal spending package.