According to Golden Finance, strategists led by Jay Barry of JPMorgan Chase believe that U.S. Treasury bond prices are expected to continue to rise. The Federal Reserve is expected to decide to cut interest rates at each FOMC monetary policy meeting from the future to January 2026. The top of the federal funds target range (i.e. policy rate) is expected to slide to 3.0% early next year. JPMorgan Chase economists expect Trump tariffs to cause real U.S. GDP to shrink. The actual GDP growth rate forecast for the whole year was lowered to -0.3%, which was previously expected to grow by 1.3%. The yield on the U.S. two-year Treasury bonds is expected to fall to 2.7% by the end of 2025 and the 10-year yield is expected to be 3.65%, compared with the previous estimates of 3.65% and 4.15% respectively.