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1.15%: Bond yields push higher
Ten-year government bond yields in the UK hit 1.15% – their highest level since the country’s vote to leave the EU. Fund managers at Barings say the hike in yields may be, in part, a result of comments by Prime Minister Theresa May which potentially undermine the independence of the Bank of England and the tenure of Governor Mark Carney. Inflation worries are also an issue because of the fall in sterling against other currencies. Carney said the Bank would ‘look through’ short-term increases in prices to protect jobs.