The US 10yr looks like a high-yield bond relative to Japanese, German, and other European issues

None of these economies benefit from having a global reserve currency and many rely on exports to drive their economies. 

I described how the US dollar’s reserve currency status and our giant trade deficit keep US interest rates low. Jesse M. disagreed. First, Jesse, I try to make these things simple without being simplistic. So let me clarify: 

Having the reserve currency and a large trade deficit makes US interest rates lower than they would otherwise be. That’s not necessarily lower than rates in other countries. 

As Jesse correctly says, US sovereign rates are actually above equivalent-maturity bonds in Europe and Japan.

John Mauldin 25 February 2022

https://www.mauldineconomics.com/frontlinethoughts/the-three-act-recovery-plus-your-questions

As long as the US runs a giant trade deficit, we are going to have lower interest rates than we would otherwise

https://englundmacro.blogspot.com/2022/02/as-long-as-us-runs-giant-trade-deficit.html