According to Jintai data reports, a team led by JPMorgan strategist Jay Barry has raised its expectations for the 10-year U.S. Treasury yield at the end of 2025 to 4.35%, up from 4%. At the same time, the expectation for the 2-year U.S. Treasury yield has been raised to 3.5%, up from 3%.
The tariff friction initiated by U.S. President Trump has eased, benefiting the growth rate 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 cuts from September to December.