Bank of America updates its U.S. interest rate forecast, expecting the U.S. Treasury yield curve to steepen further

Bank of America interest rate strategists have revised their year-end forecasts for U.S. interest rates—lowering expectations for short-term and medium-term rates while raising expectations for the 30-year rate; maintaining the 10-year rate forecast unchanged at 4.50%. Strategists Mark Cabana, Bruno Braizinha, Ralph Axel, and Meghan Swiber stated in a report that these changes are related to the revisions made by the bank's economists on April 21, which include a forecast that the Federal Reserve will cut rates by 100 basis points next year