Gilt yields have returned to levels last seen before September’s controversial “mini”-Budget as investors welcomed Rishi Sunak’s confirmation as the UK’s new prime minister on Tuesday.
The 30-year gilt yield fell to 3.67 per cent, extending Monday’s price rise as markets reacted with relief to Sunak’s emergence as the sole candidate for the Conservative party leadership.
The move means long-term bonds, which were at the centre of a chaotic sell-off last month that prompted emergency intervention from the Bank of England, have recovered the losses triggered by the package of tax cuts announced by former prime minister Liz Truss.
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