This chart is wild and emerging markets like the UK will have no other option but to just issue debt at the front end of the curve as demand for longer-dated bonds dries up. The U.S. is in a fundamentally stronger position because structural demand for debt remains. Following the GENIUS Act, the growth of dollar-backed stablecoins will create another major source of Treasury demand, further widening the gap between the U.S. and other sovereign debt markets.(James Van Straten)