Analyst: US Treasury bond yields are expected to remain high due to inflation.

Analysts at BayernLB stated in a report that inflation may lead to long-term yields on US Treasury bonds remaining high in 2026. These analysts said in the report that in 2025, there were significantly more positive surprises than negative ones, as the inflationary effects of US tariffs were not as pronounced as expected. They said, "However, there may be some negative impacts in 2026, despite a time lag, and unexpected inflation data may not be as favorable." The analysts mentioned that the US inflation rate is still above target levels, but this is unlikely to prevent the Federal Reserve from continuing to lower interest rates after the new leadership takes office.