Euro-zone government bond yields rebounded as hawkish ECB guidance, stronger activity data and persistent energy uncertainty reduced demand for duration. The 10-year German Bund yield rose to 3.25%, while the two-year Schatz recovered to 2.810%. The ECB held rates at its July 22-23 meeting, leaving the deposit facility at 2.25% after a June hike, the first in nearly three years. Accounts released on August 27 showed policymakers already pencilling in a further increase, possibly as soon as September, stating that while decisions remained data-dependent, another hike would likely be necessary unless the inflation outlook improved significantly. Officials twice called the July decision a pause and stressed it should not signal the end of the tightening cycle, while avoiding a firm September commitment in case inflation improved. Sources later told Reuters those doubts had cleared amid inflation near 3%, an ongoing Iran conflict and resilient growth, leaving governors ready to raise the policy rate to 2.50% from 2.25% on September 9-10. July bank lending to firms rose 4.4%, the fastest pace in more than three years, reinforcing the resilience message as Brent crude stabilized near $87.40 and Hormuz logistics risks lingered.