German 10 Yr rate 1.5% lower than US 10 Yr rate

How can German 10 Yr rate be more than 1.5% less than the US 10 Yr rate? The German rate is 0.23%, while US Treasury rate is 1.92%!

The most likely answer is that investors think that the difference in local currency valuation will disappear as the euro falls against the dollar. The euro exchange rate may fall from $1.08 to $.78.

Spreadsheet of Yields and Imputed Exchange Rate

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