Federal Reserve Governor Christopher Waller said competition for capital from artificial intelligence infrastructure investment and concerns about the U.S. fiscal position are pushing Treasury yields higher as the safety premium supporting Treasuries has largely disappeared. He said the United States could grow out of its $40 trillion debt only if structural deficits moved close to zero, compared with about 6% of GDP this fiscal year. Waller favored keeping interest rates steady at the Federal Reserve's next policy meeting if incoming data confirm easing inflation pressures. His dovish remarks helped lower Treasury yields and were followed by gains across nearly all S&P 500 sectors.