Despite the looming threat to the bond market from President-elect Donald Trump's trade and tax policies, Wall Street is still taking a cue from the Federal Reserve, predicting that short-term US Treasury yields will fall in 2025. Strategists are mostly in agreement that the yield on the two-year Treasury, which is more sensitive to the Fed's interest rate policy, will fall. They believe that 12 months from now, yields will fall by at least 50 basis points from current levels. The median forecast from the 12 strategists is that the yield on the two-year Treasury will fall by about 50 basis points to 3.75 per cent in a year's time. For the longer-term 10-year Treasury, strategists see a yield of about 4.52 per cent on Friday and 4.25 per cent by the end of 2025, about 25 basis points below current levels.