Bond markets have entered a new era of antagonism with governments, fund managers say, as investors sell sovereign debt in big economies such as the UK, France and the US amid a deluge of borrowing.
The UK’s heavy-borrowing budget in October has triggered sell-offs in the gilt market, pushing the 10-year yield to its highest level since 2008 and 30-year interest costs to the most this century.
France’s political crisis has driven its borrowing costs above those of Greece, as it struggles to pass a budget of belt-tightening measures. In the US, the Treasury market has been hit by concerns that president-elect Donald Trump will borrow freely and cut taxes.
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