交易員已將聯準會下一次升息一碼的預期推遲至一月份，而一週前他們還完全預期十二月會採取行動。儘管市場定價已變得不那麼鷹派，高盛認為這種預期的解除仍有進一步發展的空間，因為在基本經濟預測下，通膨消息更有可能進一步改善。（關鍵數字： a week）
美國公債投資者目前陷入兩股競爭力量之間：通膨降溫重振了持有債券的理由，但沉重的政府借貸和持續的財政擔憂則迫使買家要求更高的補償來持有長天期債券。高盛指出，隨著通膨改善、升息溢價減少以及令人擔憂的預算消息，美國公債殖利率曲線可能會進一步變陡。
According to Goldman Sachs Group Inc., market bets on Federal Reserve interest-rate hikes are still too aggressive given that inflation in the world's biggest economy is cooling. Softer retail sales data, disappointing employment numbers, and slowing inflation prints have made a rate increase at the central bank's September meeting very unlikely.
Traders have pushed back their expectations for the next quarter-point Fed hike to January, whereas a week earlier they had fully priced in a move in December. While market pricing has turned less hawkish, Goldman believes there is still room for this unwind to run, as inflation news is more likely to improve further than deteriorate under their baseline economic forecasts.
US Treasury investors are currently caught between two competing forces: cooling inflation is reviving the case for owning bonds, while heavy government borrowing and persistent fiscal concerns force buyers to demand more compensation for holding longer-maturity debt. Goldman notes that the US Treasury curve is likely to steepen further on the back of improving inflation, reduced hike premiums, and troubling budget news.