Swedish Nordea Bank: Q1 US Treasury yield is expected to reach 3.9%

According to Jinshi News, Jussi Hiljanen, the chief strategist of the research department at Nordea Bank in Sweden, stated in a report that he still expects the yield on the 10-year U.S. Treasury bond to fall to 3.9% in the first quarter of 2026. He pointed out that to achieve this goal, the market must rebuild confidence in the Federal Reserve's rate-cutting path. Although recent hawkish comments from Federal Reserve officials have intensified short-term uncertainty, he emphasized that a shift to a more accommodative policy stance, a downward adjustment of interest rate expectations, and declining yields remain his baseline scenario over the next three to four months.