Goldman Sachs has closed one of its “Top Trade” recommendations for 2018: shorting Treasuries.

The bank suggested the trade when yields on 10-year securities were at 2.36 percent in November, betting that the Federal Reserve would be more hawkish than the market expected.

That panned out, helping push 10-year yields up to touch 3.12 percent last month before they fell back to around 2.85 percent now. Goldman maintains its forecast for 3.25 percent by year-end.

“While we maintain our medium-term Treasury forecasts, the near-term outlook for U.S. duration is less certain given stronger forward guidance from the ECB and rising trade tensions,” wrote strategists Danny Suwanapruti and Jonathan Sequeira.

“Treasuries are now the closest to our estimate of macro ‘fair value’ since the fourth quarter 2016.”