The 10-year Treasury yield will drop to 3.5% by the end of next year as the massive bond rally will continue, UBS says

Two to three Fed rate cuts should occur next year, likely starting in July, though the market is expecting them to begin earlier, UBS said.

https://markets.businessinsider.com/news/bonds/treasury-bond-yield-outlook-fed-pivot-interest-rate-cuts-supply-2023-12