Fiscal Uncertainty, AI Debt Competition Weigh on Government Bonds -- Market Talk

1515 GMT - Uncertainty over fiscal policies is a key factor behind the recent rise in long-dated government bond yields, alongside competition from attractive alternatives of AI-related and data-center infrastructure debt, says Dean Lyulkin, CEO of Cardiff, a U.S. small-business lender. On Tuesday, 30-year U.S. Treasury yields rose to a 19-year high; 10-year German Bund yields hit their highest since 2011; while 10-year Japanese government-bond yields reached 30-year highs. With long-term yields rising in Europe and Japan as well as the U.S., "that looks like a global repricing of the cost of long-term capital," he says. Growth concerns or interest-rate outlooks have less influence on bonds currently, he says. (jessica.fleetham@wsj.com)

(END) Dow Jones Newswires

August 20, 2026 11:16 ET (15:16 GMT)