We are revising up our forecasts for the 10-year Treasury yield for three key reasons. The first relates to the outlook for interest rates. The second relates to compensation for uncertainty. And the third reflects a view about the balance between the supply and demand. Our new end-2017 and end-2018 forecasts are 3.5% and 4.0%, respectively, which are 50bp and 75bp higher than they were.
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