In the coming week, investors will continue to ponder the impact of Germany's massive fiscal stimulus package, which has led to a sharp rise in German Bund yields, and the impact of Germany's planned increase in defense spending. Investors are particularly interested in how fiscal expansion will affect economic growth and inflation in Europe, and how this will affect the European Central Bank's monetary policy. Vanguard and Alliance Bernstein already expect the ECB's rate cut to be smaller after the ECB cut its deposit rate by 25 basis points to 2.50% this week. Vanguard now expects only one more rate cut this year, while Alliance Bernstein's revised forecast for the ECB's end-of-2025 policy rate is 2%, up from 1.75% previously expected.