[BofA: Key Risk Facing U.S. Investment-Grade Credit Next Year is Fed's Dovish Stance] According to a report by Golden Finance, Bank of America strategists Yuri Seliger and others pointed out that a key risk facing U.S. investment-grade credit next year is that the Federal Reserve's rate cuts may far exceed current expectations, potentially bringing rates down to 2%. The strategists wrote in a report released on Friday that a significant rate cut could drive the 10-year U.S. Treasury yield down to the 3.0%-3.5% range, below the 4.25% expected for 2026. In the early stages of rate cuts, this would stimulate investor demand for high-rated corporate bonds, as fund managers seek higher yields from long-term corporate bonds. However, as yield-sensitive buyers reduce demand and corporations take advantage of low yields to increase financing, particularly on the long end, spreads may subsequently widen, and the curve could steepen again.