Deutsche Bank: Economic 'resilience' is constraining the dovishness of the European Central Bank.

After the European Central Bank kept its policy interest rates unchanged as expected, eurozone government bond yields saw little change and remained high for the day. The latest report on the 10-year German government bond yield was 2.657%, rising by 3.8 basis points after the decision was announced. Eurozone bond yields have been pushed higher by the continuously rising US bond yields, as the Federal Reserve lowered market expectations for another interest rate cut in December. At the same time, the European Central Bank pointed out the resilience of the economy. Mark Wall, chief European economist at Deutsche Bank, said: "Despite US tariffs and various sources of uncertainty, the European economy is still managing to achieve some growth." He added: "The 'resilience' of the economy is restraining the doves in the European Central Bank and allowing the policy to remain unchanged."