The interest rate strategists at Société Générale stated in a report that price-sensitive investors are expected to once again dominate the demand for USA Treasury Bonds, as the issuance of Treasury bills may remain stable for most of 2025. They said: "Although we believe that bond vigilance or a buyer strike is unlikely to occur, we expect that the demand for Treasury Bonds will remain sensitive to economic conditions, geopolitical factors, and risk sentiment." This sensitivity could lead to an increase in term premium, which is the additional yield demanded by investors for holding longer-term bonds instead of shorter-term ones. The strategists added that this could also lead to increased volatility throughout the year.