US 10-year bond yields are expected to move only marginally higher as the US Fed continues to increase its policy rate.We expect a continuation of the Fed’s“slow and cautious”policy，and，on average，50bps per year until the upper end of the Fed Funds range reaches our forecasted terminal level of 2% in mid-2019.We forecast a fair-value cycle high UST 10-year bond yield of 2.7%.These are unchanged forecasts.Please see pages 2-6.