U.S. bond yields are facing increasing competition from higher-yielding foreign bonds. UK gilts are reaching 5.81%, Japanese 30-year bonds are paying over 4%, and German bonds are at 3.76%, compared to 5.27% for comparable U.S. bonds. U.S. public debt exceeds $40 trillion and interest paid during the first ten months of the fiscal year has reached $931 billion. The 10-year Treasury yield has hit 4.74%, its highest level in over a year, driving up mortgage costs for prospective homebuyers.
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