Summary

• France's 10-year yield closed above 5% on Wednesday.
• The U.S. 10-year sits at 5.12%. AI builders are competing with the Treasury for money because they expect big returns.
• In France, a 5% yield is pricing risk. In the U.S., it's pricing demand.

Originally published on October 21, 2026

France's 10-year yield closed above 5% on Wednesday. That's 1.6 percentage points more than Germany pays, up from 1.5 on Tuesday.

That spread is widening, lenders are demanding more to