Global bond investors left the G-20 summit disappointed as yields surged across major economies. U.S. Treasury yields hit 4.8%, the highest of President Trump's presidency, while Japan's 10-year yield reached 3% for the first time in 30 years. European yields also climbed sharply, with France at 4.21% and Britain at 5.15%, both up roughly 0.65 percentage points this year.

All face energy-driven inflation and massive debts without U.S.-style tech growth. France's minority government struggles to pass a budget; Japan's Prime Minister uses her majority to increase spending. Treasury Secretary Scott Bessent acknowledged the world is "awash in debt" but argued growth is the only exit — a solution economists Doug Elmendorf, Karen Dynan, and Louise Sheiner say fails even with optimistic AI productivity gains.

Bessent offered only tactical measures: bond buybacks to manage yield velocity and yen support with the Bank of Japan. He dismissed near-term relief on oil prices amid U.S. strikes on Iran and mocked Canada trade war concerns. Markets saw no credible fiscal path forward.