Odaily News Vishwanath Tirupattur and Serena Tang of Morgan Stanley Research pointed out in a report that for U.S. Treasury investors, the economic slowdown and the expectation of interest rate cuts by the Federal Reserve are the most important. Morgan Stanley expects that under the influence of these factors, U.S. Treasury yields will fall, with the 10-year Treasury yield falling to 4.00% by the end of 2025 and just above 3.00% by the end of 2026. They said: "We believe that the prospect of Fed rate cuts will exceed the current market pricing, which will drive Treasury yields lower, especially starting in early 2026." (Jinshi)