Goldman Sachs analysts said in a report that the inflation outlook indicates that economic growth will be the main driver of government bond yields in 2026, which enhances the hedging benefits of bonds. The analysts' baseline forecasts for 10-year US Treasury bonds and Japanese Treasury yields fluctuate in the range, and are expected to reach 4.20% and 2.0%, respectively, by the end of the year. They are still optimistic about 10-year UK Treasury bonds, forecasting a year-end level of 4.0%, and bearish on German treasury bonds, which are expected to rise to 3.25% by the end of 2026.

Goldman Sachs analysts said in a report that the inflation outlook indicates that economic growth will be the main driver of government bond yields in 2026, which enhances the hedging benefits of bonds. The analysts' baseline forecasts for 10-year US Treasury bonds and Japanese Treasury yields fluctuate in the range, and are expected to reach 4.20% and 2.0%, respectively, by the end of the year. They are still optimistic about 10-year UK Treasury bonds, forecasting a year-end level of 4.0%, and bearish on German treasury bonds, which are expected to rise to 3.25% by the end of 2026.