Bonds: “High volatility is elsewhere”

While cryptocurrencies and precious metals are weakening significantly or fluctuating, the bond market remains stable. Yields are trending sideways. The many new issues have attracted a great deal of interest. 

February 6, 2026. FRANKFURT (Deutsche Börse). Bitcoin crash, Nasdaq weakness, gold and silver price volatility – uncertainty on the markets continues. The bond markets, on the other hand, remain calm. “It was an extremely busy week, but the bond markets hardly changed,” notes Arthur Brunner of ICF Bank. “The numerous new issues this week also met with good demand,” he adds, referring to new bonds from countries such as Austria, Belgium, and Poland, and companies such as EnBW. Ten-year German government bonds yielded 2.82 percent on Friday afternoon, down from 2.85 percent the previous week.

ECB keeps its feet still

The recent turmoil was triggered by the nomination of Kevin Warsh as the future chairman of the US Federal Reserve last Friday. In addition, the high AI investments of tech companies such as Amazon are causing increasing concern. However, nothing new emerged from yesterday's ECB meeting. Interest rates remained unchanged. The Bank of England also left key interest rates unchanged. “Barring any significant external disruptions, ECB President Christine Lagarde and her Executive Board could be looking at a relatively quiet year,” says LBBW analyst Andreas da Graca.

The high levels of government debt in some countries are not currently an issue. “The yield spreads on most European government bonds have reached new lows since the beginning of the year,” reports Commerzbank analyst Hauke Siemßen. Italy stands out in particular: its ten-year bonds yielded only 60 basis points more than comparable German government bonds.