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Good morning. The bond rout deepens, IMF rebukes UK on tax cuts, more threats from Putin, and Europeans say goodbye to high-paying roles at Russia’s state-owned firms. Here’s what people are talking about.
Treasury 10-year yields extended their steepest monthly increase in almost 20 years to top 4% as elevated inflation and rapid central bank tightening drive a global bond rout. The benchmark yield rose to levels last seen in April 2010. Just a day before, the UK government’s long-term borrowing costs soared above 5% for the first time in two decades as investors braced for a flood of bond supply and aggressive rate hikes. That led investors in money markets to bet on four percentage points more of interest-rate hikes by May, which would take the Bank of England’s key rate to 6.25%, the highest since 2001.