David Bianco of DWS stated that U.S. long-term government bond yields and real interest rates have climbed to their highest levels in nearly 25 years, but he believes inflation is not the primary driver. He pointed out that the bigger issues are structural: the U.S. deficit exceeding 6% of GDP, rising total debt as a percentage of GDP, and the need for domestic funding for more borrowing as foreign demand becomes unreliable. Robin Brooks of the Brookings Institution and former Dutch Finance Minister Sigrid Kaag also warned that despite the dollar's safe-haven status providing policymakers with more time, the U.S. fiscal path remains dangerous.