[Goldman Sachs: U.S. Treasury Yields Unlikely to Decline for Now] According to a report by Jinse Finance on May 21, Goldman Sachs stated that although the yield on 30-year U.S. Treasury bonds has surpassed 5%, the prices of long-term Treasuries have not fallen low enough to support a sustained rally in the bond market. Strategist William Marshall wrote in a report that long-term forward yields are only about half a standard deviation higher than the bank's estimated fair value. In contrast, during the bond sell-off in 2023 and the sharp decline triggered by the April 2025 tariff event, this gap exceeded one standard deviation. He wrote: 'If the kind of valuation dislocation seen in 2023 were to recur, long-term forward yields would be about 75 basis points higher than they are now.'