Barclays rates strategists say euro-area interest rates remain locked in an "endless cycle of hope and fear" after German Bunds endured their worst July in more than 20 years. Ten-year German Bund yield is 3.15%, on the cheaper end of the range; Barclays warns that while lower yields could ease post-summer supply absorption, front-end rates and global factors still dominate. The bank adds tariff swings will be a key feature in 2025, with open conflict and ceasefire dynamics shaping 2026, and tha

Barclays rates strategists say euro-area interest rates remain locked in an "endless cycle of hope and fear" after German Bunds endured their worst July in more than 20 years. Ten-year German Bund yield is 3.15%, on the cheaper end of the range; Barclays warns that while lower yields could ease post-summer supply absorption, front-end rates and global factors still dominate. The bank adds tariff swings will be a key feature in 2025, with open conflict and ceasefire dynamics shaping 2026, and that the Middle East conflict continues to affect growth, inflation and monetary policy outlooks.