Goldman’s Gutmann: Governments Must Cut Spending as Borrowing Costs Surge

The notable point is the framing: a major bank strategist treating rising yields as a fiscal discipline problem rather than a temporary market wobble, and grouping US Treasuries with French government bonds in the same breath. That puts Western sovereigns, not crypto or private credit, at the center of the rates conversation. The open question is whether political calendars, particularly Europe's election cycle, allow the spending restraint Gutmann describes, or whether uncertainty keeps term premia elevated regardless.