Citi, Goldman, JPMorgan Raise Year-End Treasury Yield Forecasts

The shift is less about the Fed decision itself than about the sell-side converging on a higher-for-longer rate path, which resets the discount rate that every yield-sensitive asset — from tokenized T-bills to real-estate-linked RWA products — is priced against. The pace of upward revisions to year-end yield targets is the notable signal: dealers are revising in clusters, not individually. Whether that revision momentum continues after the meeting, or stalls once the hike is priced in, is the open question for RWA issuers weighing new yield-bearing products.