Goldman Sachs forecasts 10-year US Treasury yield at 4.6% by end-2027

Goldman's below-consensus call leans on Treasuries regaining their hedging role and contained inflation, a view that implicitly questions whether current yield levels reflect fundamentals or stress. That distinction matters most for rate-sensitive corners of crypto and tokenized RWA markets, where Treasury yields anchor collateral and discount-rate assumptions. The open question is whether the hedging-demand thesis holds if inflation proves stickier than expected, since the same strategists flag that elevated yields are themselves a source of stress.