The spread between the European Central Bank’s deposit rate and German two-year note yields is at its widest since November 2011, a sign of growing anticipation among traders for more aggressive easing from the ECB. The yield on the short-term debt, which is sensitive to changes in monetary policy, has been below the ECB’s deposit rate since June, based on closing prices. The spread widened on Dec. 2, the day before the central bank cut the rate to a record low of minus 0.3 percent, in a move that underwhelmed some investors.

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