The US 10-year Treasury hitting 6% in 2027 is not as far-fetched as it sounds. AI and productivity, extraordinary fiscal deficits, and stubborn inflation could combine to keep global rates under upward pressure. But which force will ultimately dominate? What could Treasury Secretary Bessent do if yields surge? And what if inflation proves stickier than market expectations suggest? Or is all that overblown, and we land in a less dramatic place? We explore the forces that could drive each scenario. In the eurozone, the inflation shock may be changing rather than disappearing – is it, and if so, what are the implications? […]