HSBC's strategists stated in a research report that once the interest rate path becomes clearer, USA Treasury yields will have greater room to decline. These strategists indicated that HSBC forecasts a 3.5% yield for 10-year USA Treasuries by the end of 2025. "However, we do not expect it to fall all the way to that level, and we anticipate that the maximum decline in yield will occur after the first quarter of 2025," they said. They noted that there remains various uncertainties in policy implementation from the incoming government to the Federal Reserve. According to Tradeweb, the latest yield on 10-year USA Treasuries stands at 4.320%.