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    "headline": "Fed’s Waller says US Treasury safety premium has vanished, raising neutral rate estimate",
    "dek": "Federal Reserve Governor Christopher Waller said the safety premium on US Treasuries is gone, prompting him to raise his neutral rate estimate.",
    "prose": "Federal Reserve Governor Christopher Waller said at a Reuters NEXT Newsmaker event that the safety premium for U.S. Treasury debt has largely disappeared, which has led him to raise his neutral rate estimate. [^1]\n\nWaller attributed rising Treasury yields to concerns about the U.S. fiscal situation and to competition for capital from artificial intelligence infrastructure investment. [^2]\n\nWaller said at the same event that for the United States to grow its way out of its $40 trillion debt load, structural deficits would need to be brought closer to zero percent of GDP, from about 6% in the current fiscal year. [^3]\n\nWaller said that if upcoming data confirms inflation is cooling, he is inclined to favor keeping interest rates steady at the U.S. central bank's next policy meeting. [^4]\n\nChristopher Waller raised his estimate for the neutral rate of interest, indicating that higher policy rates are required for any given rate of inflation. [^5]",
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