Leading central banks have warned that inflation is proving stickier than expected and that they will only cut borrowing costs gradually in 2025, in a shift that hit bond markets on both sides of the Atlantic.
A day after Federal Reserve officials dialled back their rate-cutting expectations, the yield on US 10-year Treasuries, a bedrock of global finance, hit the highest since May at 4.59 per cent. The yield has jumped 0.2 percentage points in the past two days alone as investors rush to rethink their expectations for Fed policy over the next 12 months.
Long-term US Treasury yields, which move inversely to price, typically rise with interest rate and inflation expectations.
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