【Société Générale: The Federal Reserve's Continued Rate Cuts Will Lead to a Decrease in Short-Term Rates, While Tariffs and Fiscal Deficits Will Push Up Long-Term Rates】Golden Finance reports that Société Générale predicts that by the end of 2025, the yield on 10-year U.S. Treasury bonds will rise to 4.5%, while the yield on 2-year U.S. Treasury bonds will fall to 3.5%. The reason is that the Federal Reserve's continued rate cuts will lower short-term rates, but will also increase demand for long-term government bonds through economic stimulus and increased fiscal deficits, leading to a rise in long-term yields. Additionally, Trump's tariff plans may raise inflation expectations, and the U.S. government is expected to increase the issuance of government bonds to address the fiscal deficit, which will also push up yields.