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FRANKFURT: Euro zone borrowing costs steadied on Friday, while US Treasury yields hovered near multi-month highs after hawkish remarks from Federal Reserve Chair Jerome Powell and US data bolstered bets on higher-for-longer US rates.

German 10-year bond yields, the benchmark for the euro zone bloc, stood at 2.346%, on track to end a second straight week little changed.

The euro zone debt market has been struggling for direction since Donald Trump’s US election victory earlier this month.

European yields initially tracked US rates higher, but the prospect of damage to an already fragile euro zone economy from Trump’s proposed trade tariffs made the case for more rate cuts from the European Central Bank, bringing yields lower.

The ECB’s 25 bps rate cut last month was seen as insurance against unexpectedly low inflation, minutes of their Oct 16-17 meeting showed on Thursday.

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