A line graph shows U.S. Treasury 3-month yield projections from September 2025 through September 2034 under three scenarios. The median yield projection for the soft-landing scenario starts at 4.6%, dips to 3.4% a year from now, then stabilizes around 3.3% with a slight upward trend toward 3.5% in 2034. The median yield projection for the hard-landing scenario starts at 4.6%, dips to 2.8% a year from now, then rises to 3.5% in 2034. The yield projection for the R-star at 2.2% scenario starts at 4.6%, dips to 3.1%, and generally continues to trend lower to 2.2% in 2034. The graph suggests that while the soft and hard landing scenarios predict an initial downturn in median 3-year yields, they converge to around 3.5% by 2034, remaining significantly above scenario assuming a current neutral rate of 2.2%.