⚠️Automatic translation pending review by an economist.
This graph shows the German interest rate curve over four periods: February 2015 (before the ECB’s quantitative easing, white line), April 2015 (start of QE, red line), September 2015 (seven months of QE, yellow line) and December 2015 (after the new cut in the deposit rate, blue line). While short-term rates (1 month, 3 months, 6 months, 3 years) were revised downwards at each new period, it is interesting to note that medium- and long-term maturities experienced different effects. The introduction of QE initially caused rates (8 years, for example) to fall before they recovered (yellow curve). In December 2015, following a further cut in the deposit rate, rates for maturities of 1 month to 9 years were revised downwards once again.
