Germany’s 10-year Bund yield rose to 2.65%, its highest level since October 9, as hawkish remarks from Federal Reserve Chair Jerome Powell tempered expectations of a December rate cut, ahead of the European Central Bank’s policy decision later today. Investors also weighed economic data showing stagnation in Germany, driven by a decline in exports, alongside regional CPI figures indicating easing inflationary pressures, and the highly anticipated US-China trade agreement. On Wednesday, the Federal Reserve cut interest rates by 25 basis points for the second time this year, but Powell noted that officials were divided on the future policy path, cautioning that further easing in December is “not a foregone conclusion.”