The U.S. 10-year Treasury yield dropped to its lowest point in the last year on Wednesday, while the 30-year Treasury yield dipped to a record low. The movement may not be done, Brynjolfsson said.
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U.S. bond yields remain high compared with those in countries such as Germany, Japan and Switzerland, he said. The benchmark 10-year yield could fall as much as 50 basis points, or half a percent, from Wednesday's level of just over 1.8 percent, Brynjolfsson argued.
A pullback in inflation would not only affect bond yields, but also could prompt the Federal Reserve to hold off longer than expected on raising interest rates, he said. Brynjolfsson noted that sagging inflation, or potential deflation, would make tightening monetary policy "almost impossible."
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