The report released by BNP Paribas on Thursday regarding the outlook for 2025 indicates that the yield on USA Treasuries is expected to rise, with the strong dollar reaching parity with the euro. The bank anticipates that, as the tariffs proposed by the incoming Trump administration take effect, the inflation rate in the USA will start to rise from the middle of next year, prompting the Federal Reserve to remain unchanged throughout 2025. Calvin Tse, head of Americas macro strategy at the bank, suggests that clients continue to underweight USA Treasuries next year, as they expect inflation to accelerate starting from mid-2025 after a soft landing for the economy, with the yield on the 10-year Treasury reaching 4.65% by the end of the year. Tse also mentioned that inflation is expected to be higher and the Federal Reserve more hawkish next year.