Jump In Long-Term Yields Pummels Currency Markets
Traders are cutting risk and global interest rates are ratcheting higher as investors sell long-duration instruments this morning, suggesting that a relatively calm summer in financial markets is quickly coming to a rude end. Treasury yields are climbing across the end of the curve, equity futures are retreating ahead of the North American open, and the dollar is surging against all of its major rivals as a series of idiosyncratic events unleash turbulence across fixed-income markets. 30-year UK gilt yields are holding near their highest levels since 1998 on reports suggesting that chancellor Rachel Reeves is struggling to find fiscal...