According to Jin10 data, a team led by JPMorgan strategist Jay Barry has raised their forecast for the U.S. 10-year Treasury yield at the end of 2025 to 4.35%, up from 4%. They have also raised their forecast for the 2-year Treasury yield to 3.5%, up from 3%.
The tariff friction initiated by U.S. President Trump has eased, benefiting the growth of the U.S. economy, and the Federal Reserve may delay interest rate cuts. Economists at JPMorgan have pushed back their expectations for the Federal Reserve's interest rate cut from September to December.