Benchmark yields hit highest since 2008, but fall back after intervention by the Bank of England to support gilts sparked a rally across the bond markets
Benchmark Treasury yields breached 4% for the first time since 2008, but fell back after intervention by the Bank of England to support gilts sparked a broad rally across sovereign bond markets.
What’s happening What’s driving markets The 10-year Treasury yield touched 4.010% in the early hours of Wednesday, its highest in 14 years, after a batch of U.S. economic reports came in stronger than forecast on Tuesday, reinforcing expectations that the Federal Reserve will persevere with its aggressive pace of interest rate hikes as it battles rampant inflation.
Hal Cook, senior investment analyst at Hargreaves Lansdown, noted that with the exception of Japan, most developed economy central banks “have raised rates simultaneously and consistently, with this trend expected to continue.” Investors had dumped U.K. government bonds in recent days in response to what they deemed a dangerously profligate budget by new finance minister Kwasi Kwarteng.
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