Islandsbanki Research has published outlook for the bond market.Main findings:Treasury notes -We forecast falling yieldsDeclining short-term rates continue to weigh down notes yields. On the other hand, the surfeit of liquidity in circulation will decrease and a substantial notes supply in coming quarters will also counteract the downward yield tendency. HFF bonds -Short-lived yield increaseWe expect that, as the monthly CPI increase slows, HFF bond yields will rise somewhat. A limited supply and drop in non-indexed rates, however, should keep HFF bonds in demand and lower yields after that, however. The market break-even rate should continue to be higher than expected inflation.Below is ISlandsbanki Research's bond market outlook