Euro zone bond yields were little changed on Friday as investors awaited bloc-wide inflation figures after soft German inflation data in the prior session raised the prospect of more interest rate cuts by the European Central Bank this year.

The German 10-year bond yield, the benchmark for the euro zone, slipped 0.8 basis points to 2.28%, while the interest rate sensitive two-year bond yield was little changed at 2.36%.

The two-year German yield fell to a three-week low of 2.33% on Thursday after data showed German inflation fell more than expected in August.

Euro zone yields edge lower, investors await central bankers’ meeting

While traders were almost fully pricing in the chance of a 25-basis-point rate cut by the ECB in September, the odds of another such move in October rose to 60% following the German data.

Italy’s 10-year yield was lower by 0.5 basis points? (bps) at 3.66%, and the gap between Italian and German bunds was at 138 bps.