It really is remarkable to sit back and watch the US 10yr treasury rate rip like this.
As someone who ran a bond desk back in the early 2010s, it has been fascinating to watch this unfold. It’s not the rate per say that is eye opening but rather the velocity of this move higher in light of the size of the US debt burden.
The equities market always get the front page on the news, that’s just how it works. Bonds are boring, “The old people’s thing” but the global debt market has been screaming for months now and is doing so without much noise.
Bank for International Settlements (BIS), often described as the central bank for central banks, dollar credit to borrowers outside the U.S. (not counting banks) was about $14.7 trillion at the end of March 2026.
It was growing more than 7% a year, and roughly 30% of it was owed by emerging-market borrowers.
Japan and Europe also have a pile of Us treasuries, Japan specifically has found itself between a rock and a hard place with this move.
