Payden & Rygel said rising oil prices were one driver of last week's increase in
US Treasury yields. The firm added that unusually resilient US growth and
sustained AI-related capital expenditure by mega-cap firms also supported
yields. Payden & Rygel expects total tech spending to exceed $800bn in 2026 and
noted investor skepticism over the sustainability of capex-driven growth, but
said similar doubts have been raised for three consecutive years.
