(Bloomberg) -- Goldman Sachs Asset Management and Pacific Investment Management say Treasuries are poised to fall as the Federal Reserve approaches the end of its bond- buying stimulus program.

The completion of the Fed’s quantitative easing plan may add interest-rate risk to U.S. debt, paving the way for possible declines in Treasuries, said Philip Moffitt, head of fixed income for Asia and the Pacific at Goldman Sachs Asset in Sydney. Investors will demand a concession to buy longer-dated debt as the Fed withdraws from a market where it bought 41% of this year’s gross issuance of Treasuries due in more than 20 years, Pimco said in a report.

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