The yield on France’s 10-year OAT held near 3.3%, hovering close to a two-month low, after Prime Minister Sebastien Lecornu survived two no-confidence votes in the National Assembly, as expected, following his decision to suspend President Emmanuel Macron’s pension reform. The move helped stabilize the government but added structural pressure to France’s already fragile public finances. After Fitch downgraded France’s credit rating to A+ in September, Moody’s is set to review the rating on October 24, with the outlook likely to shift from stable to negative. On the monetary front, the European Central Bank kept rates unchanged, citing inflation near target and upwardly revised growth forecasts, while the US Federal Reserve, facing labor market weakness, is widely expected to deliver two 25-basis-point rate cuts in the coming meetings.