Goldman Sachs Group Inc pulling down its forecasts for U.S. Treasury yields, incorporating expectations for a prolonged hit from the U.S.-China trade war, along with the dovish shift by key central banks.

Goldman’s strategists slashed their year-end 10-year U.S. yield call to 1.75% -- matching JPMorgan’s updated prediction from May 31. That’s down from Goldman’s 2.80% projection reiterated last Sunday. Goldman also cut its yield forecasts for Japan, the euro region and other developed nations.

“The global rally in yields is likely to continue, driven by accommodative central banks, near-term weakness in data, and an asymmetric set of risks” including the trade war, Middle East tensions and Brexit, Goldman strategists led by Praveen Korapaty wrote in a note.