HSBC global research economists said the key to the US dollar's performance may depend more on the evolution of US trade policy than monetary policy. They said in a report: "For the dollar, the March FOMC stance was neutral enough not to challenge the prevailing bearish dollar sentiment, especially with US Treasury yields falling." However, they said this was not enough to drive a sustained dollar sell-off. They said that after a strong start to US Treasuries this year, the Fed's continued cautious stance gives reason to be more cautious on short-term yields and maintain its forecast for the 10-year US Treasury yield at 3.50% by the end of 2025. These economists believe the US stock market may see further correction, as some of their indicators show oversold levels.