How the Germany curve changed across regimes
Historical yield curves provide more information than a time series of one maturity. They show whether a repricing originated at the policy-sensitive front end, whether long-term yields moved with or against it, and whether the market transitioned through inversion, flattening or steepening as the macro regime changed.
The German curve often carries more than a domestic growth signal. It also reflects euro-area monetary policy, fragmentation risk and demand for benchmark collateral, making its slope especially useful when comparing policy regimes across Europe.
Bunds became a key euro-area safe haven as financial and sovereign stress widened across the currency union.
ECB easing, asset purchases and weak inflation pushed large parts of the German curve below zero for an extended period.
The inflation shock and ECB tightening produced an abrupt upward repricing across the curve.