Ed Yardeni, president of Yardeni Research, said he expects inf to gradually cool
and that buying the US 10-year Treasury at around 5% is 'very attractive' only
with relative optimism that productivity gains will push inf lower. He expects
10-year yields to trade in a 4%–5% range—closer to pre‑global‑financial‑crisis
norms—and projects a 10-year inf outlook of roughly 2–2.5%. Yardeni added that a
2.5% real return would be a strong result for bond investors and that current
rates have reverted to a long‑run normal level.
