The answer is impossible to determine in advance. The fall in DM interest rates will increase the price of Bunds (bond prices move inversely with interest rates), giving U.S. investors a capital gain in DM. At the same time, however, the decline in DM interest rates and the easing of German monetary policy could lead to a weaker DM. The net effect on U.S. investors' dollar returns of the higher DM price of Bunds and the lower dollar value of the DM is uncertain. It depends on which of the two factors dominates.