We still expect the 10-year Treasury yield to fall in the coming quarters. But we’ve revised up our projections for that yield from now to end of 2025, and now think it will reach its cyclical low in...

Higher real and nominal Treasury yields in 2030, relative to the past decade, are one reason why we expect investors to be demanding a greater real return from risky assets in 2030 than they are now.

Why we expect a more volatile inflation outlook in the coming years, and how central banks are likely to respond in setting nominal rates in this new normal.