On October 13, 2026, Deutsche Bank's George Saravelos argued on Bloomberg Surveillance that the biggest systemic risk for markets next year is something going wrong in the AI ecosystem. He said AI capital inflows have kept the dollar stronger than it would otherwise be while foreigners have slowed Treasury purchases, and that an unwind would steepen the curve and raise term premium as U.S. fiscal projections look worse. The market, he said, is pricing AI's inflationary consequences rather than the opposite. The discussion has settled on the rates channel: an unwind would bring substantial curve steepening and a higher term premium.