France's 10-year borrowing rate exceeds US for first time since 2013

France's 10-year borrowing rate exceeded that of the United States on Thursday, October 22, 2026, for the first time since May 2013, a symbolic shift reflecting investor concerns over French public finances. The French OAT yield reached 5.082% versus 5.079% for US Treasuries. This crossover occurs despite the US federal deficit being larger, projected at $2 trillion (6.2% of GDP) for 2026, compared to France's 5.4%. Investors remain more worried about France's weaker growth, political instability, and uncertain fiscal outlook, while the dollar's status as a global reserve currency supports US debt demand. France's 10-year rate had already surpassed 5% on Wednesday, a level not seen since 2002. The US federal debt held by the public rose from 77% of GDP in 2016 to 101% in 2026, with gross debt exceeding $40 trillion.