Households’ demand for Treasury bonds is keeping yields contained, according to Goldman Sachs. This surge in demand offsets declines from other sectors and supports the attractive risk/reward profile of Treasury bonds. However, high yields may impact equity demand in the future. Pensions and mutual funds are expected to offload equities, but this will be partially offset by foreign investors and US corporations as net buyers. Overall, household demand proves instrumental in controlling yields while potentially impacting the equity market.