Long-term government bond yields have climbed sharply across major economies, increasing borrowing costs for governments, households and businesses. The U.S. 10-year Treasury yield reached 5.2%, while the UK 10-year gilt yield rose to a 30-year high of 5.38% and France's 10-year government bond yield approached 4.68%. Strong U.S. economic data, persistent inflation, higher oil prices, artificial-intelligence-related investment demand and a record $40 trillion federal debt have all been cited as forces behind the rise. Federal Reserve officials have pointed to consumer spending, investment and labor-market resilience, while some investors argue that fiscal deficits and government spending are the more important drivers. Markets have priced in further Federal Reserve rate increases after the September hike, adding to pressure on longer-dated bonds and rate-sensitive sectors.