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Anthony Gutman, co-CEO of Goldman Sachs International, says governments need lower fiscal deficits and more durable economic growth to help address rising borrowing costs. In an interview with CNBC’s “Squawk Box Europe,” as reported by CNBC on October 5, 2026, he pointed to energy costs and labor-market conditions as areas of focus, but described lower deficits and durable growth as the fundamental response.
What Gutman said governments should do
CNBC’s report attributes this statement to Gutman: “We all know what’s driving it. We’re focused on energy costs, we’re focused on the labor market. But fundamentally, what do we need to solve this problem? We need lower fiscal deficits, and we need more durable economic growth.”
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His prescription is a combination of spending restraint and stronger growth, not a claim that spending cuts alone will quickly bring yields down. Governments can change deficits through spending and revenue decisions, while economic conditions also affect the fiscal picture. Gutman acknowledged the trade-offs involved and said the existing fiscal backdrop makes the challenge harder.
He said he hoped to see “that combination of lower spending and higher growth.” The report presents this as a desired outcome, not a demonstrated result or a tested forecast of how bond markets would respond.
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The yield figures CNBC reported on October 5, 2026
CNBC cited two market snapshots from its October 5, 2026 report. They describe movements at that time, not current yields or a lasting trend.
| Market | Instrument | Reported yield | Reported daily move |
|---|---|---|---|
| United States | 10-year Treasury | 5.2581% | One basis point lower on Monday |
| France | 10-year government bond | 4.8812% | More than one basis point higher |
The U.S. Treasury and French government-bond yields refer to different markets and instruments, so the figures should not be treated as directly interchangeable. CNBC also reported that U.S. Treasury yields moved higher on Friday despite a weaker-than-anticipated September nonfarm-payrolls report. It did not provide a breakdown showing what caused that move, or establish that government spending alone drove yields higher.
Why election uncertainty matters to businesses
Gutman also warned that Europe’s election cycle was adding policy uncertainty and instability for businesses. The report does not quantify the effect or identify particular companies, policies, or elections. His point was that uncertainty around policy can complicate the environment in which businesses make decisions; it was not presented as a separate explanation for the specific yield movements above.
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The account is CNBC’s reporting of Gutman’s interview, rather than an independently accessible interview transcript. It establishes his recommendation and the dated yield observations CNBC cited. It does not show that spending cuts would by themselves reduce borrowing costs, how quickly any effect might occur, or which specific spending changes governments should make.
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