The yield on French 10-year bonds reached 4.99% in early October, its highest level since July 2002, after rising 70 basis points in September. The spread between French and German bonds exceeded 150 basis points, its widest in nearly 15 years, reflecting an exodus of investors from French debt. France’s budget deficit is projected to reach 5.4% of gross domestic product, well above the European Union’s 3% limit, amid student protests and growing political uncertainty. U.S. 10-year and 30-year yields stand above 5.2% and 5.6% respectively, significantly outperforming their European counterparts, which could attract global investors to U.S. Treasurys as a safe haven.
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