Bonds: Calm after the storm

The high levels of national debt in many countries – including France – have faded somewhat into the background. Recently, the focus has shifted back to the central banks. It was no surprise that the ECB did not cut interest rates further.

September 12, 2025. FRANKFURT (Frankfurt Stock Exchange). After last week's severe turmoil, normality has returned to the global bond markets. Last week, yields on long-term government bonds in almost all industrialized countries rose dramatically—in some cases to their highest levels since 1998. This was due to the enormously high national debt in many places. Now, yields have fallen again somewhat. Ten-year German government bonds yielded 2.67 percent on Friday morning, down from 2.8 percent last week, and 30-year German government bonds yielded 3.26 percent, after briefly exceeding 3.4 percent.