A rout in the gilt market deepened on Monday as traders bet that the Bank of England would have to raise interest rates four times this year to counter surging energy prices.
The 10-year gilt yield climbed 0.06 percentage points on Monday morning to 5.05 per cent, keeping borrowing costs at their highest level since 2008.
Since the conflict in the Middle East began, the ten-year yield has risen 0.8 percentage points, putting gilts on track for their worst month since the ‘mini-budget’ crisis in 2022.
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