Treasury yields have become the focus of a dispute between New York Fed President John Williams and veteran investor Peter Schiff. Williams said rising yields reflect a strong U.S. economy and outlook, supported by investment in artificial intelligence, data centers and technology. Schiff instead cited higher inflation expectations, concerns about U.S. fiscal policy, declining Federal Reserve credibility, questions about its independence and de-dollarization (reduced reliance on the U.S. dollar). He also rejected the view that rising yields are simply a global phenomenon, pointing to Switzerland’s 10-year government yield remaining below 45 basis points (one-hundredth of a percentage point), roughly its level four years ago. Japan’s 10-year yield has crossed 3% for the first time since 1996, while its government debt is about 204% of GDP. In the U.S., the 30-year Treasury yield has stayed above 5% for 56 trading days in 2026, the longest streak since 2006, and the 10-year yield reached 4.8%, its highest level since January 2025. The national debt has risen above $40.02 trillion, while Polymarket traders assign a 50% chance of a Federal Reserve rate hike in September and 65% in October. Major U.S. equity ETFs posted modest gains.