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Ukrainian Defense Minister Fedorov posted on social media on the 22nd that the cabinet has decided to dismiss five deputy ministers of the Ministry of Defense.

The spread between French and German government bond yields narrowed by 4 basis points to 58.7 basis points, the lowest level since June 2024.

The yield on the 10-year US Treasury note fell 0.56% to 4.226% during the day.

The French National Assembly voted on the 23rd to reject a motion of no confidence submitted by left-wing lawmakers over the budget, allowing the government to continue performing its duties as normal. (Xinhua)

The spread between French and German bond yields narrowed by 4 basis points to 58.7 basis points, the lowest level since June 2024.

[ECB Official Warns Against Hasty Policy Shift Due to Uncertainty; Policy Must Remain Steadfast] ⑴ European Central Bank Governing Council member and Austrian Central Bank President Kocher stated that the central bank must be cautious about using pre-emptive policy adjustments to mitigate uncertainty. ⑵ He pointed out that geopolitical uncertainty has increased sharply this month, partly due to Trump's comments on Greenland and tariffs, but he will be cautious about taking action before risks actually materialize. ⑶ Kocher emphasized that some risks can be addressed in advance, but many cannot; otherwise, it could lead to premature commitments to a course of action and make policy communication difficult. ⑷ He believes that risks have "slightly shifted to the positive" over the past six months, with slightly stronger growth expectations in the Eurozone and stable financial markets. ⑸ Despite recent developments, he believes that the initial assessment of the situation should not be reinterpreted within a week. ⑹ Kocher's remarks echo current market expectations that the ECB will maintain unchanged interest rates throughout 2026, indicating that calls within the central bank for a hasty shift due to external uncertainties may be limited. (7) The core message conveyed by its statement is that, given that the inflation risk has not clearly shifted to one side, the ECB prefers to observe the actual implementation of the risk rather than make preventative policy adjustments. This provides the market with clear guidance on the policy response function.