The average yield across the $32 trillion U.S. Treasury market has risen to 5.05%, while the average yield on global government debt is approaching 4%, the highest since 2007. Approximately 40% of S&P 500 companies’ debt comes due in the next five years, potentially triggering sticker shock when refinancing. According to Piper Sandler, higher rates represent the biggest risk to equity markets in 2026 and 2027. Meanwhile, the U.S. labor market remains resilient, with unemployment claims falling to their lowest level in three years at 197,000.
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