UK 10-year gilt yield hits 5.527%, 30-year hits 6.047%
Both maturities reach fresh multi-decade highs as the long-dated gilt selloff deepens, according to LSEG data.
Published
The UK 10-year gilt yield rose to 5.527% on Thursday, the highest level since 2007. The 30-year gilt yield climbed to 6.047%, the highest since 1998, according to LSEG data.
The move extends a selloff that was already underway on October 7, when the 30-year gilt yield climbed more than 12 basis points to levels between 6.02% and 6.034%, itself a high last seen in 1998. The 10-year gilt yield has now pushed further past the 5.44% level it reached in late September.
The Bank of England had paused auctions of long-dated gilts, a move that briefly eased the pressure on yields. That relief has since unwound, with term-premium concerns reasserting themselves even though markets are already pricing four to five rate hikes through 2027.
The direct effect on US equities remains limited, since the pressure is tied to UK-specific inflation and supply concerns rather than a global trend. But episodes of gilt stress at these levels have previously coincided with broader selling in long-duration bonds worldwide, a pattern that could weigh on long-dated Treasurys if it spreads beyond the UK market.