We see a bit more room down for Treasury yields

Today’s release of the US CPI data for May offered some respite in markets after last Friday’s stronger-than-expected May payrolls data. On balance, we continue to anticipate that the Fed will eventually cut by a bit more than what is currently priced into money markets, which in turn feeds into our forecast that the 10-year Treasury yield will fall to 4% by the end of the year.       

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