HSBC raised its across‑the‑curve US Treasury yield forecasts, saying it now
anticipates a more hawkish monetary policy path and a higher structural floor
for long‑term yields. HSBC US rates strategist Delraj Narula said the bank now
sees the 2‑year at 4.20% at end‑2026 (prior 3.85%) and 3.95% at end‑2027 (prior
3.50%). For the 10‑year, HSBC now forecasts 4.65% at end‑2026 (prior 4.30%) and
4.75% at end-2027 (prior 4.40%).
