Overview
- Ten-year gilt yields hovered near 4.59% while 30-year yields reached roughly 5.38%, reflecting heavy selling in longer-dated debt.
- The two‑ to ten‑year yield gap widened to its largest in nearly eight years as shorter maturities firmed.
- Sterling slipped toward $1.36 against the dollar, ranking among the day’s weakest major currencies.
- The Bank of England kept Bank Rate at 3.75% after a narrower-than-expected vote, bolstering short-end gilts.
- Pressure on Keir Starmer escalated over the Peter Mandelson appointment and Epstein links, with some Labour MPs calling for his resignation and strategists questioning fiscal credibility.