The biggest dealers of U.S. government securities have been dropping their forecasts for Treasury yields over the next year, and for the most part, their targets for where the 10-year benchmark will go are landing below 2%.

Societe Generale, the most bullish so far, sees the 10-year note’s yield falling to 1.20% from from its current level of around 1.82%, while BMO Capital Markets, HSBC Holdings Plc and TD Securities also project declines. Among major banks that have released 2020 outlooks, Goldman Sachs Group Inc. has the highest yield prediction, but even that is for the benchmark to rise only to 2.25%, while JPMorgan Chase & Co. is the next most bearish with a call of 2.05%.

Expectations for growth, inflation and monetary policy largely explain the differences between the forecasters. Goldman Sachs predicts no action by the Federal Reserve, while SocGen is looking for a full percentage point of central-bank easing. But calls also take into account the U.S.-China trade war, Brexit and the U.S. presidential election.

The 10-year yield has been below 2% since Aug. 1, when escalation of U.S.-China trade hostilities sparked a surge in volatility across financial markets and a temporary sell-off in U.S. stocks.

This article was provided by Bloomberg News.