The most consequential development in financial markets is becoming the competition for capital. Governments are borrowing heavily, technology companies are raising extraordinary sums to finance artificial intelligence, and the infrastructure required to support that investment is placing additional demands on financing markets. All of this is occurring while long-term government bond yields are approaching levels not seen in more than two decades.

The US 10-year Treasury yield has moved above 5.3%, while the 30-year yield has approached 5.7%. UK long-dated b...