HSBC's Steven Major is out with a bold new forecast. In a client note on Thursday titled "Yanking down the yields", the interest rates strategist projected that bond yields will be much lower than the markets expect because central banks including the Federal Reserve are reluctant to raise interest rates. Major sees the benchmark US 10-year yield, which is currently at 2.05%, averaging 2.10% in the fourth quarter, but then tumbling to 1.5% by the third quarter of 2016. He also lowered projections for European bond yields. According to Bloomberg, the median strategist's forecast is for the 10-year yield to rally to ... (full story)