The German 10-year Bund yield was little changed at around 3.42%, near a five-week low, and was down nearly 7bps for the week, tracking a global easing in borrowing costs as expectations for monetary policy tightening moderated. Remarks by Fed Chair Warsh at the IMF summit were interpreted as signalling that the Fed would leave rates unchanged this month, despite hotter-than-expected inflation data. In Europe, comments from ECB President Lagarde reinforced the case for a cautious, wait-and-see approach. Lagarde said elevated Eurozone inflation had been driven “predominantly, but not exclusively” by a surge in energy prices triggered by the Iran war. While there were no signs yet of “second-round effects” feeding through to other prices, the ECB would be monitoring for early indications, including wage demands in trade union negotiations. The ECB has raised rates twice over the past four months, with markets expecting another hike in December.