Interest rate environment
| Yield on ten-year German Federal bonds / % | 2025 | 2024 | Change in percentage points |
|---|---|---|---|
| Average yield | 2.63 | 2.34 | +0.29 |
| Highest yield | 2.94 | 2.71 | +0.23 |
| Lowest yield | 2.31 | 1.98 | +0.33 |
| Year-end yield | 2.86 | 2.36 | +0.50 |
Source: Thomson Reuters
In 2025, the ECB once again lowered the main refinancing rate in four steps by a total of 1.0 percentage points to 2.15 % against the backdrop of a lack of economic stimulus. At the same time, inflation rates in the eurozone fell. Yields on the euro bond market rose significantly in the first half of 2025 against the backdrop of the announced implementation of the special fund for capital expenditures in infrastructure and climate neutrality, before demand for more stable investment opportunities increased as a result of the US tariff policy and yields fell again. In the second half of 2025, yields rose again slightly amid more stable economic growth and continued uncertainty about future fiscal policy developments. After an inverse trend in previous years, the EUR yield curve normalized again in the course of 2025.