HSBC Global Head of Fixed Income Research Steven Major and Global Interest Rate Strategist Shubham Sharma said that HSBC remains bullish on US Treasury bonds, expecting yields to decrease. They stated in a note: "After yields have declined for five consecutive months and the Fed cut rates by 50 basis points in September, we still think it is premature to reduce our call on bonds. We believe there is still room for yields to continue falling in the coming months."