US Treasury yields fall after election... Corporate borrowing costs expected to remain high through 2027

US Treasury yields fell after Democrats won majorities in both chambers in the midterm elections, though the Treasury's Nov. 3 daily data—captured before results were known—still showed the 10-year at 4.95%, the 20-year at 5.35% and the 30-year at 5.32%, with the 10-year up 0.04 percentage points from 4.91% a day earlier. The post-election decline matters because it contrasts with the outlook for corporate borrowing costs, which analysts including Josh Putnam expect to stay elevated through 2027. Treasury yields are not the same as the rates companies actually pay on loans or bond issuance, and the article notes the market reaction and long-term corporate funding forecasts differ in both what they measure and their time horizon. Watch upcoming Treasury data covering the post-result period to confirm the yield move, and corporate bond issuance and loan pricing for signs of whether firms' funding costs follow.