According to CoinMeta, on Tuesday, yields on government bonds in the eurozone rose to multi-year highs, joining the global sell-off of fixed-income assets. The yield on German 10-year government bonds climbed to 3.2478%, the highest level since May 2011. The yield on French 10-year government bonds rose to 4.0954%, the highest level since November 2008, with the spread widening to 86 basis points, the largest since October 2025. The yield on German 30-year government bonds also rose to 3.7663%, the highest level since July 2011. Markets are concerned that if the Iran conflict continues, governments may need to increase spending to mitigate the impact of disruptions to Middle Eastern energy supplies on the economy. The deteriorating geopolitical environment is also driving up military spending, further exacerbating market concerns about fiscal conditions.