PANews reported on August 19 that Josh Shiffrin, chief strategist of Goldman Sachs' global banking and markets, said that with the Federal Reserve almost certain to cut interest rates in September, five-year U.S. Treasury bonds are his "favorite trade."

He noted that five-year Treasury bonds, currently yielding between 3% and 4%, not only offer attractive valuations but also offer protection against weakening risk markets. As of August 19, the five-year Treasury yield was 3.85%, a significant drop from the beginning of the year, reflecting market expectations for looser policy. Shiffrin predicts the Federal Reserve will cut interest rates by 25 basis points at its meeting next month, potentially initiating an easing cycle that could last until 2026.