虽然美联储决策者“仍然希望降息”，但Major认为，鉴于经济持续强劲，未来几个月他们将“耐心等待时机”。Steven Major, the head of fixed income research at HSBC Global, stated that the 10-year USA Treasury yield is unlikely to break 5% this year, and he expects it to fall back to 3.5% by the end of this year.
The well-known bond bull said in an interview that if the current levels of bond yields are dangerous for Other asset classes, then it might also be a Buy zone for bonds; "In this year and for most of next year, the likelihood of the 10-year Treasury yield exceeding 5% is very low."
He added that the recent rise in yields was due to decreased expectations of interest rate cuts, rather than investors demanding a higher term premium.
Although Federal Reserve policymakers "still hope to cut interest rates," Major believes that, given the economy's continued strength, they will "patiently wait for the right moment" in the coming months.
The reality is that inflation is not an issue," he said. "Inflation expectations are under control, and I believe the labor market will gradually, slowly cool down."
Major believes that yields may fluctuate within a Range in the coming months, and then fall back to 3.5% when interest rate policies become more certain.
