Goldman Sachs strategists stated in a report that the oil price shock has caused the interest rate market to suddenly turn, beginning to trade according to hawkish policy dimensions. They said that the overall inflation upside risk outlook has outweighed concerns about growth, while the reemergence of supply-side volatility has weakened the previously reappearing duration hedging value. "Although last Friday's weak (U.S.) employment report brought some support back to the front end of the curve, the market's reaction to the disappointing data was noticeably muted," the strategists said. Despite the volatility in trends, the absolute level of the 10-year U.S. Treasury yield is not unreasonable, the longer-term forward rates remain basically at appropriate levels, and are consistent with multinational longer-term growth expectations