Bonds: After the ECB comes the Fed

The ECB leaves its key interest rates unchanged, but surprises with its outlook. This is moving bond prices. The focus now shifts to the Fed meeting next Wednesday. In the corporate bond segment, a bond from The Platform Group is coming under pressure.

July 25, 2025. FRANKFURT (Frankfurt Stock Exchange). The European Central Bank's meeting dominated the bond markets this week. The fact that key interest rates remained unchanged for the first time since July 2024 had been expected. However, the outlook came as a surprise. "While Central Bank Chair Lagarde is keeping the door open for another interest rate cut later in the year, she indicates that there is no pressure to act for the time being," summarizes Elmar Völker of LBBW. As a result, the yield on the ten-year German Bund rose to 2.75 percent, after falling below the 2.60 percent mark on Tuesday.