Expansionary fiscal policies and rising interest payments on government debt are pushing long-term yields higher across the European Union, with significant political and economic implications. What is occurring in France is likely a preview of coming attractions across the G-7 and potentially the United States. The dislocation is best illustrated by the blowout in Franco-German yields to 159 basis points on Oct. 21. Get Joe Brusuelas’s Market Minute commentary every morning. Subscribe now . That spread would not be out of the question in a developing market, but it is highly unusual in the world’s seventh-largest economy with a gross domestic product of $3.6 trillion.
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