[Morgan Stanley: It makes sense to take a more open attitude towards the U.S. Government Efficiency Department led by Musk] Golden Finance reported that Morgan Stanley expects the 10-year U.S. Treasury yield to fall to 3.55% next year, down from the previous 3.75%, because they expect the Federal Reserve to cut interest rates by more than the market expects. The Morgan Stanley team's views on the U.S. Government Efficiency Department and its leaders Elon Musk and Vivek Ramaswamy are also interesting. The team said: "While many people doubt whether they can really cut spending by improving efficiency, we believe that it makes sense to take a more open attitude considering the individuals involved and that this seems to be the focus of Trump's second term. Since the final result is still uncertain, we believe that the term premium will illustrate how the bond market views this issue."