David Zervos, counselor to Treasury Secretary Scott Bessent, said real U.S. Treasury yields are currently « really, really high » by historic standards. The 10-year and 30-year yields have hit 24-year highs. The Federal Reserve is expected to raise rates at its December meeting with over 82% probability based on fed funds futures. Massive corporate AI investments and soaring oil prices linked to the conflict with Iran are also contributing to rate pressure. Zervos, however, emphasized that this increase is not a U.S.-specific phenomenon, citing Germany, France, Italy, and Japan as countries experiencing similar moves.
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