Silver Rises Over 120% YTD 
Goldman Sachs strategists, led by George Cole, have preemptively cut their Treasury yield forecasts before President Trump’s Rose Garden announcement.
The team has significantly reduced their year-end projections, with 2-year yields now expected to finish 2025 at 3.3% (previously 3.95%) and 10-year yields at 4% (previously 4.35%).
Their revised outlook stems from expectations of a “more severe tariff baseline,” which they predict will create a cumulative 15 percentage point increase in effective tariff rates.
While these tariffs will likely push inflation higher—with core PCE potentially reaching 3.5% year-over-year—Goldman also foresees economic deceleration prompting the Federal Reserve to implement three consecutive quarter-point rate cuts beginning in July.
The bank notes yields might temporarily drop below these forecasted levels as markets navigate between recession concerns and economic resilience.
