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

The interest rate strategists at Bank of America revised their year-end forecasts for US interest rates - lowering short-term and medium-term rate expectations, while raising the 30-year rate forecast; 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 revisions made by the bank's economists on April 21, including the prediction that the Federal Reserve will cut rates by 100 basis points next year.