(Updates in late European trading)

By Lucy Raitano

LONDON, Jan 29 (Reuters) - Euro zone bond yields were

little changed on Wednesday as traders caught their breath ahead

of the Federal Reserve's meeting later in the day and the

European Central Bank's on Thursday, with looming U.S. tech

earnings and lower crude prices also in focus.

Germany's 10-year yield, the benchmark for the euro zone,

was last flat at 2.557%, broadly in the middle of

its recent range.

"Generally we are waiting for the Fed and the ECB, and for

the earnings results of the tech companies in the States," said

Kenneth Broux, head of corporate research FX and rates at

Societe Generale.

He also pointed to the disinflationary effect of lower oil

prices as helping longer-dated government bonds. Brent crude

was last down 0.4% on the day at $77.16 a barrel, having

been above $80 in mid-January.

The main focus for Wednesday is the U.S. Federal Reserve's

interest rate decision, with the central bank widely expected to

keep rates steady.

Investors will be watching chair Jerome Powell's press

conference for any sense of how he is processing the latest

inflation figures, U.S. President Donald Trump's early economic

policies and this week's tech-led equities selloff.

The latter caused traders to up bets on the scale of Fed

easing they expect this year, driving a rally in U.S. and

European government bonds on Monday, though they have since

steadied.

The 10-year U.S. Treasury yield was last at 4.524%, 2 basis

points (bps) lower on the day.

The ECB is expected to cut interest rates by 25 basis points

when it meets on Thursday as policymakers look to boost a

sluggish economy.

Wednesday data showed bank lending to firms in the 20-nation

euro zone picked up last month, a sign that recent rapid

interest rate cuts have started to flow through to the real

economy.

Major tech earnings due after Wednesday's close could also

move the dial for European bonds.

"If U.S. tech earnings underwhelm, that could spur more

profit-taking in stocks and safe-haven buying in treasuries and

Bunds as we saw at the start of the week," said Broux.

Numbers are due from "Magnificent 7" members Microsoft ( MSFT )

, Facebook-parent Meta and Tesla.

Germany's rate-sensitive two-year yield was flat at 2.263%,

. Italy's 10-year yield was down 1 basis

point at 3.639%.

French spreads were little changed despite news that French

budget talks were on the verge of collapse on Wednesday, a day

after Socialist Party officials pulled out of the talks.

The spread between French and German 10-year yields was last

74 bps, around its tightest since mid November.

The latest news out of France is one of several factors

keeping European bond markets in choppy waters.

"With regard to (European) spreads, they're likely to remain

fairly volatile in the near term, it's a very uncertain

political outlook in Germany and France," said Broux, also

highlighting the risk of a trade war with the U.S. which would

knock growth and see fixed income rally.