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The U.K. 10-Year Bond Yield Climbs the Most Since 2013

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The pound surged against the dollar and U.K. bonds plunged after minutes of the Bank of England’s last policy meeting showed keeping interest rates at a record low was a “finely balanced” decision for a minority of officials.

The yield on U.K. 10-year gilts climbed the most since August 2013 as policy makers said there’s a risk inflation may pick up sooner than anticipated. Short-sterling futures fell, signaling investors were betting on higher borrowing costs.