Germany’s 10-year bund yield eased to 2.75% from last week’s 4-1/2-month high of 2.78% as traders pared bets on an aggressive Fed cut, shifting focus to Washington, where Zelenskiy and EU leaders meet Trump after his talks with Putin. Proposals remain vague but markets are watching closely for geopolitical implications. Attention also turns to the Fed’s Jackson Hole Symposium, with Chair Powell expected to guide policy outlook. Markets now see an 85% chance of a 25 bp Fed cut in September, scaling back earlier bets on a 50 bp move after inflation data showed sticky underlying pressures. For the ECB, expectations remain anchored after July’s hold, with only 11 bps of easing priced by year-end, implying less than a 50% chance of another cut. Investors will also watch Euro Area flash PMIs for signs of momentum after Q2 GDP eked out just 0.1% growth and inflation stayed at 2%.