Eurozone government bonds ended a six-day losing streak on Thursday, with yields retreating from multi-year highs as falling energy prices eased inflation concerns. Germany’s 10-year Bund yield declined to 3.36%, just below Wednesday’s 15-year high of 3.3951%, after Brent crude and natural gas prices pulled back. The moves followed US President Donald Trump’s statement that the renewed US military campaign in Iran would not last long. Despite the relief, bond yields remain elevated amid concerns about energy-driven inflation, higher interest rates and fiscal sustainability in France, the UK and elsewhere. Money markets still fully price a 25-basis-point ECB rate increase to 2.5% next week and assign an almost 100% probability to a 3% deposit rate by June 2027, implying two additional increases by mid-2027.