The German bond market is tumbling as the European Central Bank is meeting on interest rates and no one is quite sure what message European Central Bank President Christine Lagarde wants to send.

The European Central Bank cut interest rates for the sixth time in nine months on Thursday, sticking to its easing plan in the face of economic upheaval from an unfolding trade war and new plans to boost Europe's military spending.

The ECB cut rates by a quarter point, aiming to buffer an economy threatened by tariffs and a sudden need to ramp up military spending.