France’s 10-year OAT yield climbed above 3.4%, its highest level since October 13, as investors reacted to the Federal Reserve’s somewhat hawkish stance ahead of the ECB’s policy decision later today. On Wednesday, the Fed cut interest rates by 25 basis points for the second time this year, but Chair Jerome Powell cautioned that further easing in December is “not a foregone conclusion.” Meanwhile, French GDP grew 0.5% in Q3, the strongest in over two years and above expectations of 0.2%, driven by a surge in exports and solid domestic demand. On the political front, lawmakers approved a budget amendment to double the digital services tax for major tech companies, though the measure still requires final approval. Opposition parties have threatened no-confidence votes against Prime Minister Sebastien Lecornu in the coming weeks unless taxes on large corporations and the wealthiest individuals are significantly increased.