交易员已将联准会下一次升息一码的预期推迟至一月份，而一周前他们还完全预期十二月会采取行动。尽管市场定价已变得不那么鹰派，高盛认为这种预期的解除仍有进一步发展的空间，因为在基本经济预测下，通膨消息更有可能进一步改善。（关键数字： a week）
美国公债投资者目前陷入两股竞争力量之间：通膨降温重振了持有债券的理由，但沉重的政府借贷和持续的财政担忧则迫使买家要求更高的补偿来持有长天期债券。高盛指出，随著通膨改善、升息溢价减少以及令人担忧的预算消息，美国公债殖利率曲线可能会进一步变陡。
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.